Correct, I plan to file in Dec. Will be 65 in March. Plan to still work too. May get penalized for going over the limit but hopefully I live long enough to get it all back.
@@tomblevins5020have you bothered calculating how many thousands of dollars you will have been paid over those 8 years(that you can invest) before starting at 70?? As the 62 yr old continues getting paid, your more per check wont catch up until 80+ years of age. Lets just estimate 2,000 a month vs you getting 2500 a month at 70. 2000x12x8= 192,000 over 8 years. You start at 70, 2500x 12 = 30,000 per year. In 6.4 years youve got 192,000 but the 62 collects 24,000 each of those 6.4 years. Thats another 153,600 for them that you are still playing catch up. Now youre 76.4 having your 192,000 and the 62, now at 76.4 is at 345,600. If you live into your 80s youll catch up and pull away. They had the money in hand and who knows how their investments added for them. My pal started this year at 65. Im starting next year at 62. Ill have 3 years of collecting in when I get to 65. Being currently debt free, it will be investment income each month. Health is no guarantee. An at home accident or travel accident could change your health right away. While they may get less, they will get more in the long run until you catch up in your 80s. Put the your numbers side by side on paper and keep adding months/ years until you find the crossover. You might surprise yourself. Good luck and enjoy retiring.
I started taking my ss benefits at the age of 62 and it wasn’t a bad choice. I’ve worked hard for that money for 40 yrs and i wanted to make sure that i’d would get my portion of that benefit. Had I known that i would live over 67 yrs i would have taken it later. It was a good decision.
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Retire as soon as you can, no guarantees of tomorrow. You would have to be in your late seventies before you would realize any loss. Most of us won’t make it that far but a lot will, plan your future and retirement out. Hopefully your home is paid for and you have been putting money into some kind of savings account or even investments. If not you will be living month to month.
Did a spreadsheet of 62 vs 67 and I'll be 77 before I lose money, 15 years........ nope, I'm realistic and the males in my family rarely hit 80+. In 5 years between 62 and 67 I will have drawn $125,000, at $700 a month extra for 67vs62 it takes 178 months (14.88 years) to draw that money. At 62 I hope I'll be fit enough to enjoy life for 10 years anyway. My wife paid in all her life and died 58 after battling cancer for 8 years, nobody got a cent back of the lifetime she paid in. Life is too short to worry about $700 a month.
God-bless, I'm gonna be 63 soon, and don't know what to do, since I lost my wife 2 years ago, too. She was only 56,(R.I.P) and she didn't get a dime, either.
I understand your logic. However,, Social Security was never meant to be a retirement plan, and most people put in much less than thay take out. If it was, it would be 100% funded and solvent forever.
I think you missed the mark on this video Everything in retirement planning starts with how much income do you need once you no longer are working and then you figure things from there and there were no mention of that
Worst advice I have heard is waiting until you are 70 to collect. If you can work until you are 70 the best thing you can do is collect when you reach FRA and work and collect until you are 70. The amount you make extra will always exceed the amount you get when you retire at 70 then collect your social security.
I am retiring at 62. I will have a small federal employee pension. A substantial state employee pension. I also collect 100 percent VA disability which is about 4k a month. I am going to draw social security at 62. Plus I have a nice amount in IRAs.
A couple years out from full retirement. I have been paying SS for about 50 years in some form and my benefit is to be $3,050 at age 67. I will also receive $501 a month for being a vested Teamster of 10 years in a few months at age 65.
Only because the workers now have to decide where to invest, and 90% of the average workers, Don't have a Clue. There financially illiterate, but the workers who do their homework, can turn 401k's into Goldmines ! There's an Old Saying, that Dear Old Dad (R.I.P) used to say... " The Rich keep getting richer, and the Poor, keep getting poorer"
I’m a retired teacher and paid into the state teacher’s retirement system so I have a teacher’s pension-not social security. I know you can earn 4 social security quarters per year. A relative worked from ages 18-25 then was not able to work For 20 years due to health issues so he does not have a lot of quarters. He has been working the last 8 years - 6 of these 8 years full time and these past 2 years he has worked only half time. How will the amount of SS he gets be determined? Do they take the high 3 year average to determine? Does working only half time Put him at a disadvantage? He is 63. I told him to keep working until 65 or 67.
A mans average life span is 75 years. If he were to start collecting at 62, he would receive about 400K by the time he dies. If that same man waited until 70, he would receive about 270K. I would recommend collecting immediately, and then find alternate income streams while you collect.
No amount of money is enough if you are old sick in a nursing home. Basically its being given away every month.just to be wheeled into a hallway,and every one is benefiting but you.
I hit the max 10 years in a row, usually with a month or 2 left in year. In that 10 years the max went from mid $60'sk to $80'sk, currently max is at $168,600 wages.
I get 3,200 a month and I have a huge savings I'm 66 years old then it changed to my regular social security I am doing very well I am constantly shopping for my granddaughter my son and my daughter-in-law you have to budget yourself and enjoy life life is too short enjoy your last last face in your life
why we need to know the average amount is beyond me. taking SS is an individual decision and everyone's situation is different. knowing the average does nothing.
Today you have to create your own pension...like a Roth IRA dollar cost averaging for your entire working career. Do that for 45 years and you will have "millions" at age 65. Most people don't have the discipline to do it.
I have an outside job and a Senior Citizen and have no problem. Take care of yourself Don't abuse your health. My Dad is 89 and still cares for own lawn.
My mother worked overtime the last five years before she died. Retired at age 67. Went to Heaven a month later she never seen one pension or social security 😢check . Not married at time just engage.
@@stevecampbell7620 My retirement plan was great, until family court took it all away. Behind every broke senior man barley making it is a greedy woman in his history. My ancestors never divorced and lived long happy lives, my parents generation on not so much.
Clue: most women work full time HALF as many years as men. Also...they earn less in general. Also, not everyone was a baller like you, some live in Arkansas and Mississippi and earned less each year than You did.
Good day my friends, I just need to vent a little. I recently had the pleasure to hold a conversation with a bank loan officer that did not know that a person who receives a SS check must wait 5 weeks 4 times a year before receiving their allowance . Most checks are sent the 3rd Wednesday of each month. Trust me check it out. We are to believe that the government doesn't fiddle around a little ? Vs remembering SS checks were sent on the 3rd of each month. God bless
if your not full retirement age your savings cant be disclosed you are only allowed to have 2k in the bank at any time or they will hold your check it happened to my brother
That’s simply false. Social Security retirement benefits aren’t impacted by the $2000.00 limit you referenced. That limit applies to SSI benefits. SSI is administered by Social Security but it’s a means-tested income support program, not Social Security.
Your brother is drawing SSI not SS or SSDI. "SSI is based on financial need, while SSDI is based on work history. To qualify for SSI, you must be 65 or older, blind, or have a qualifying disability, and have limited income or assets. To qualify for SSDI, you must have a disability, have worked long enough in Social Security-covered jobs, and have paid Social Security taxes."
@@morganbrickwall7902 Your explanation is spot on. Too many people misunderstand SSI and think it’s Social Security. SSI was created in 1972 to replace a state patchwork of Aid to Needy and Disabled programs throughout the United States. The payment amounts as well as eligibility criteria were very inconsistent. A person could have been determined to be disabled in California and subsequently move to Georgia and be terminated from benefits. President Nixon with the support of a Democratic Congress ended that. In fact, many Republicans supported SSI as well. Thank You.
take your cash and run as soon as you can get it...big brother makes billions if we all waited until we hit our max,, too many people die early and miss the all those checks stating at age 62. Im taking my 2400 a month, hopefully ill enjoy it for the next 15 to 20 years😁😁
Delaying till 70 won't give you the maximum benefit if you die before 70 😂
Ding ding ding!
Or even if you buy the farm at 72, 74, or 76.
People think they are immortal.
Figured that out by yourself huh?
Correct, I plan to file in Dec. Will be 65 in March. Plan to still work too. May get penalized for going over the limit but hopefully I live long enough to get it all back.
@@jaya.0069😂😂😂😂😂
I will be 65 in March, plan on retiring in June, have 2 union pensions to draw on.
Started drawing at 63, wife at 62 and no problems for the past ten years. No debt is the key.
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
Why not wait until you are 70??? Your check would be much larger
@@tomblevins5020AND YOUR RETIRED YEARS COLLECTING WILL MOST LIKELY BE LESS!
@@tomblevins5020have you bothered calculating how many thousands of dollars you will have been paid over those 8 years(that you can invest) before starting at 70?? As the 62 yr old continues getting paid, your more per check wont catch up until 80+ years of age. Lets just estimate 2,000 a month vs you getting 2500 a month at 70. 2000x12x8= 192,000 over 8 years. You start at 70, 2500x 12 = 30,000 per year. In 6.4 years youve got 192,000 but the 62 collects 24,000 each of those 6.4 years. Thats another 153,600 for them that you are still playing catch up. Now youre 76.4 having your 192,000 and the 62, now at 76.4 is at 345,600. If you live into your 80s youll catch up and pull away. They had the money in hand and who knows how their investments added for them. My pal started this year at 65. Im starting next year at 62. Ill have 3 years of collecting in when I get to 65. Being currently debt free, it will be investment income each month. Health is no guarantee. An at home accident or travel accident could change your health right away. While they may get less, they will get more in the long run until you catch up in your 80s. Put the your numbers side by side on paper and keep adding months/ years until you find the crossover. You might surprise yourself. Good luck and enjoy retiring.
Easy for someone with a desk job to counsel waiting for retirement, a little harder for folks with difficult manual labor jobs to do so.
Retire when you want to. Collect SS at 70. Why accept a puny check???
I started taking my ss benefits at the age of 62 and it wasn’t a bad choice. I’ve worked hard for that money for 40 yrs and i wanted to make sure that i’d would get my portion of that benefit. Had I known that i would live over 67 yrs i would have taken it later. It was a good decision.
It should take 30 seconds to say the average amount
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Retire as soon as you can, no guarantees of tomorrow. You would have to be in your late seventies before you would realize any loss. Most of us won’t make it that far but a lot will, plan your future and retirement out. Hopefully your home is paid for and you have been putting money into some kind of savings account or even investments. If not you will be living month to month.
Take it early because tomorrow may never come.🤔
My guess is they’re going to increase FICA, increase FRA to age to 70 and increase $200 a month to current beneficiaries checks.
They have to or cut back, thier going broke ,people are living too long now it's out striping the system.
Did a spreadsheet of 62 vs 67 and I'll be 77 before I lose money, 15 years........ nope, I'm realistic and the males in my family rarely hit 80+. In 5 years between 62 and 67 I will have drawn $125,000, at $700 a month extra for 67vs62 it takes 178 months (14.88 years) to draw that money. At 62 I hope I'll be fit enough to enjoy life for 10 years anyway.
My wife paid in all her life and died 58 after battling cancer for 8 years, nobody got a cent back of the lifetime she paid in. Life is too short to worry about $700 a month.
Right on!
Same for me. I'm 57 and retired from state service and My wife (currently 56) will be collecting SS as soon as possible.
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
God-bless, I'm gonna be 63 soon, and don't know what to do, since I lost my wife 2 years ago, too. She was only 56,(R.I.P) and she didn't get a dime, either.
I understand your logic. However,, Social Security was never meant to be a retirement plan, and most people put in much less than thay take out. If it was, it would be 100% funded and solvent forever.
I have a pension that has a COLA cap of 1.5% so in the last few years I’ve lost some buying power from it.
I think you missed the mark on this video
Everything in retirement planning starts with how much income do you need once you no longer are working and then you figure things from there and there were no mention of that
They ne er say to figure out what amount to live on.
"Figures Never Lie"... "And Liars, Never Figure" !
Worst advice I have heard is waiting until you are 70 to collect. If you can work until you are 70 the best thing you can do is collect when you reach FRA and work and collect until you are 70. The amount you make extra will always exceed the amount you get when you retire at 70 then collect your social security.
I am retiring at 62. I will have a small federal employee pension. A substantial state employee pension. I also collect 100 percent VA disability which is about 4k a month. I am going to draw social security at 62. Plus I have a nice amount in IRAs.
A couple years out from full retirement. I have been paying SS for about 50 years in some form and my benefit is to be $3,050 at age 67. I will also receive $501 a month for being a vested Teamster of 10 years in a few months at age 65.
If they would have pensions anymore, but they don’t every company did away with pensions, and they started a stupid 401(k) that don’t amount of crap
Only because the workers now have to decide where to invest, and 90% of the average workers, Don't have a Clue. There financially illiterate, but the workers who do their homework, can turn 401k's into Goldmines ! There's an Old Saying, that Dear Old Dad (R.I.P) used to say... " The Rich keep getting richer, and the Poor, keep getting poorer"
I’m a retired teacher and paid into the state teacher’s retirement system so I have a teacher’s
pension-not social security.
I know you can earn 4 social security quarters per year. A relative worked from ages 18-25 then was not able to work
For 20 years due to health issues so he does not have a lot of quarters. He has been working the last 8 years - 6 of these 8
years full time and these past 2 years he has worked only half time.
How will the amount of SS he gets be determined? Do they take the high 3 year average to determine? Does working only half time
Put him at a disadvantage? He is 63. I told him to keep working until 65 or 67.
A mans average life span is 75 years. If he were to start collecting at 62, he would receive about 400K by the time he dies. If that same man waited until 70, he would receive about 270K. I would recommend collecting immediately, and then find alternate income streams while you collect.
No amount of money is enough if you are old sick in a nursing home. Basically its being given away every month.just to be wheeled into a hallway,and every one is benefiting but you.
iam 71 years old i get 2472 per momth. not to mention my pensions, im during quite well.
no one cares
Doing
You got less than ten years of life. You should have started at 62.
You don't look a day over 2.
$2,472??? You must have foolishly started at 62!
Got a term illness had to collect at 47 mine is about 3200, was lucky i was union also got to collect my pension
Dude who asked why so low...........because most folks have jobs that don't pay..........enough...........simple.
I hit the max 10 years in a row, usually with a month or 2 left in year. In that 10 years the max went from mid $60'sk to $80'sk, currently max is at $168,600 wages.
A WHOLE LOT of LOSERS about there!!
I get 3,200 a month and I have a huge savings I'm 66 years old then it changed to my regular social security I am doing very well I am constantly shopping for my granddaughter my son and my daughter-in-law you have to budget yourself and enjoy life life is too short enjoy your last last face in your life
No savings here at 60yo. Prob have to at least work pt as long as my health allows. 😢
why we need to know the average amount is beyond me. taking SS is an individual decision and everyone's situation is different. knowing the average does nothing.
My accountant said most people can't live on ss
Ya and they take it away taxing it
It was NEVER meant to be the sole source of retirement income
@@stevecampbell762040% MAX was its target.
The money you get early adds up you would have to live to 80 before the reduced checks started losing you money. 75% of us won't live that long.
Wait to collect until 70,then die at 78,average male ,poor decision for waiting
If you live to 70, you are strong and will live longer than the average.
@@SandfordSmythe That's a good bet!
AVERAGE lifespan at 70 is WELL PAST 86, DUMBBELL!!
@@SandfordSmythe70 is for us NON-SMOKING, NON-OBESE, NON-ALCOHOLIC NON-DRUGGIES!!!
7:46 max ss amount
Today you have to create your own pension...like a Roth IRA dollar cost averaging for your entire working career. Do that for 45 years and you will have "millions" at age 65. Most people don't have the discipline to do it.
That is what Warren Buffett preaches. His holdings average an 8% return through good and bad years.
Why some people only get 1300 a month
Some fools collect at 62. People are so stupid!
2:49 "The average Social Security check is $1693.88, as of February 2023, according to the Social Security Association".
If you sat in an ac office your entire career maybe work till 70.If you physically worked …no
I have an outside job and a Senior Citizen and have no problem. Take care of yourself Don't abuse your health. My Dad is 89 and still cares for own lawn.
@@stevecampbell7620 That's great, he'll probably make it to 100!
YOUR choice!!! The SMART thing to do is SWITCH, BY age 35!!!
@@stevecampbell7620You HAVE a Senior Citizen? As WHAT, a SLAVE?? I’ll PAY them $2 an hour to MOW my LAWN!!!
Retire when you want to. Collect SS at 70. Don't be stupid!!!
My mother worked overtime the last five years before she died. Retired at age 67.
Went to Heaven a month later she never seen one pension or social security 😢check . Not married at time just engage.
So sad to hear, hopefully you will do better, God-Bless. My poor wife, worked her whole life, died 2 years ago, only 56, she never got a dime
@@donaldvonlintig8445 sorry to hear about your wife’s passing. We are blessed to have you sharing important and advice about retirement.
KUDOS to her, because she was doing the best she knew at the time. JUST SAYING...
At 62 my basic SS is $2900 a month 😔
Is $2422 a month the maximum I can receive of SS ?
FYI: Government pensions are gone. 401K replaced pensions.
breaking NEWS 90 % of people in usa only 1 legged Stoll
Shows how well most people plan for retirement.
@@stevecampbell7620 My retirement plan was great, until family court took it all away. Behind every broke senior man barley making it is a greedy woman in his history. My ancestors never divorced and lived long happy lives, my parents generation on not so much.
I this average SS benefit dollar amount before or after taxes and medicare part B deduction?
He LEAVES OUT the fact that COUPLES get TWO benefit checks each month!!!
My average SS if I have to work 10 more years is $1358.
I began collecting this year at 68 and my check is $4,100 per month. Why is the average check so low?
You made more over your 35 years.
@@greggrose6802. That’s correct.
Clue: most women work full time HALF as many years as men.
Also...they earn less in general.
Also, not everyone was a baller like you, some live in Arkansas and Mississippi and earned less each year than You did.
You’re nuts. You’re on disability. Fake claim. Yes I work for SS
He clearly explained that, watch the video agin.
Start drawing SS benefits at 70 and you died at 72 that's not right lol
CLICK BAIT - should take 5 mins or less.
Um….your number are QUITE SKEWED, you REFUSED to mention that almost ALL couples receive TWO “checks” every month!!!
Good day my friends, I just need to vent a little. I recently had the pleasure to hold a conversation with a bank loan officer that did not know that a person who receives a SS check must wait 5 weeks 4 times a year before receiving their allowance . Most checks are sent the 3rd Wednesday of each month. Trust me check it out. We are to believe that the government doesn't fiddle around a little ? Vs remembering SS checks were sent on the 3rd of each month. God bless
54 Retired on SSDI 2400 a month
How long do you think your going to live?
All I can see in my mind is KFC behind you and now I want fried chicken.
Yes...Korhorn Fried Ghicken! Lol. 🐔
Fried chicken? Eat fried chicken and you will never make it to 70.
@@websterhays8352 Or to the toilet!
NAZI!!!!
KFG
The COLA increase for Social Security for 2025 should have been 5%.
Inflation has went up a lot this past year.
Just my opinion.
November 26, 2024.
if your not full retirement age your savings cant be disclosed you are only allowed to have 2k in the bank at any time or they will hold your check it happened to my brother
That’s simply false. Social Security retirement benefits aren’t impacted by the $2000.00 limit you referenced. That limit applies to SSI benefits. SSI is administered by Social Security but it’s a means-tested income support program, not Social Security.
Nah, that's BS!
@@jaya.0069 What in particular is BS?
Your brother is drawing SSI not SS or SSDI.
"SSI is based on financial need, while SSDI is based on work history. To qualify for SSI, you must be 65 or older, blind, or have a qualifying disability, and have limited income or assets. To qualify for SSDI, you must have a disability, have worked long enough in Social Security-covered jobs, and have paid Social Security taxes."
@@morganbrickwall7902 Your explanation is spot on. Too many people misunderstand SSI and think it’s Social Security. SSI was created in 1972 to replace a state patchwork of Aid to Needy and Disabled programs throughout the United States. The payment amounts as well as eligibility criteria were very inconsistent. A person could have been determined to be disabled in California and subsequently move to Georgia and be terminated from benefits. President Nixon with the support of a Democratic Congress ended that. In fact, many Republicans supported SSI as well. Thank You.
take your cash and run as soon as you can get it...big brother makes billions if we all waited until we hit our max,, too many people die early and miss the all those checks stating at age 62. Im taking my 2400 a month, hopefully ill enjoy it for the next 15 to 20 years😁😁
NEITHER will starting at 62!!!
Waste a time .
People who bash SS can not see any further ahead than tomorrow. Them sums a beeches ur taykin muney owt me pey chek.
I am 69 I draw $2555 per month
Fuck yeah bro
Big Whoop!
That SUCKS!!!
Thanks!
This guy's yaks way too fn much!!! Get to the fn point!!!!
Blah blah blah blah blah.
Hay
Today Tomorrow WHEN??????????????
WHEN??????????? Bollshti
WHEN Stimurus Checks COME IN Bank Accounts Thenks you USA 🇺🇸 🇺🇲🇺🇲🇺🇲👍👍👍👍😭😭😭😭
I regired at 62 and im on ss and saa a d only make 600.00 a month.and cant even get and an apt.
Stop taxing SS after age 70!!
@@Jamas-hm5qj Dang James, that's not enough to buy a tent!
😅😅 6:43 @@jaya.0069