I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I can make you feel better. I was diagnosed with cancer passing through Oregon. Lost everything I worked for in Florida. Ended up almost homeless because of the cost of living in a lawless city dedicated to relocating and spoiling immigrants. I took early SS because the medical social workers were clueless idiots who refused to help me. Can you imagine trying to get home from such an evil place. The rent here is more than Los Angeles. The solution to my worries came late at night when a voice told me the cancer was gone. I did nothing to deserve such a miracle; in fact I was just as sinful as anyone in a communist drug soaked ghetto targeted for foreign invasion by our anti-citizen government. Although on a HUD waiting list, I would rather work my way out of poverty since I am confident a more worthy demographic will get the housing. When I get away from a place that believes in absolute nonsense, I will get a Tesla house knock off in a cheap but warm place ( lake placid, fl). Got to shop for food at Walmart to get by. Don’t pay your medical bills; that is how I ended up without the funds to go home. I pray that you worry less and try to avoid cancer treatment.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
Plan plan plan. Get your house, car, loans, all debts paid before retiring. You'll be surprised how little you can live on then. I'm 60...just retired 3-31-22. I got covid last year and it slapped me into realilty. Life is short. We work away most of it. Many of us CAN live off ss but it's always best to have savings and other investments and yes, for me now, time is more important than money. Good luck to all of you!
I retired @62...went to places I dreamed about ... hiked, biked loved it. Am 68 now... having trouble walking, can’t get in & out of swimming pools (w/ steps)... that’s just part of my problems. Soo.... YES... am glad I retired early ! You take too much for granted when young !
Retired at 60 , l was professional cyclist, had a stroke at 62 been crinkle cut 1 year dont know if l die tomorrow. Please retire early just in case health fails you,,,
I met a black man, and he said son, all my friends retired and in three years they were gone. He said never stop moving or your gonna die…I don’t remember his name but I will never forget his words
Take vegan grade collagen w/bioten sublingual drops from amazon 2oz 2 month supply $22 bucks. Your heavily depleted, so you should notice relief in a week or so and again in following months. (When you get old stuff stops working)
I retired at 51 and am just gauging the best way to pad the nest. For those like me, waiting does not mean "not retiring", it just means waiting while you are retired.
I feel fortunate to be one of those people. Loved what I did as a career and would have kept doing it until I was dead. At 63 I noticed my senses and reaction times beginning to slow so I decided to go out winning. I do understand people wanting to quit working as soon as possible. We can't all fly helicopters around Africa and Europe for a living.
One big medical bill and she may as well die. Most people live longer working than retiring. Work gives porpoise to life. Keeps you moving, and should keep you motivated. Sleeping late, watching TV, and going out to eat, kills you.
Also, retiring at 60 receiving $2,000 a month equals $24K a year until 67.... that’s $167K she will be missing out on. Age 67 early retirement = $168,000 in your pocket. Retirement at 67 and you will have your first check of $3,000 in your pocket. By the time those numbers even out the person is in their 80’s.
Julio Lopez , no, you miss that he said it would lower to $2,000/month at 67, if she stopped working at 60. It would be much less if she started collecting SS at age 60.
I'm going to retire at age 63 it's the government that wants you to retire at full retirement so they won't have to pay you nothing cuz you will be dead
I am 62. I just started receiving social security benefits and I am thrilled. There’s no promise I’ll even be here 10 yrs from now. Everyone ‘s situation is different. This worked for me perfectly.
@@BuffyNoir140 Thank you for the kindness. Yes 62 is doable just make sure you have some kind of medical care. Medicare was supposedly going to be lowered to 60 or 62 and on april 28 it never even got suggested into the bill. Some are remaining optimistic for it to pass legislation sometime in the next 18 months. Who knows? I base my 62 on that if not then im on the hook working to 65. Id bet 9 out of 10 workers would retire if that bill passed. Anyhow thanks again for your kindness and may the Lord Jesus be at your side ...forever.
@John Dunn Why? I retired at 62 and taking SS at 65 when pension plus SS equals previous income before taxes? Also have a 401K sitting till 72 that will probably supply about $15,000 every year after 72 when I am forced to draw. So I feel I am ready, maybe she is ready, everyone is different. Maybe you aren't prepared for retirement, but others are and know where they want to be.
Buddy, you need to factor in the 120,000 she collected from 62 to 67 that she would not have gotten while still working. This is money she got immediately without the gamble. Life and health are not guaranteed.
Agreed, I’m also most 62, have been working all my life, the last 28 yrs in a factory. I’m tired and tired of working. I want to enjoy life. My mom passed in February and dad is alone, I want more time with him, my husband is 9 years older than me, I want him to be young enough for us to enjoy time together....I work hard, long hours in the heat. I want to retire
You miss out on tens of thousands if you wait until 66 or 70. Big deal you get an extra 2-300 monthly at 66. Do the math, you will never make that money back if you wait. Get it now folks I did and havent looked back yet.
Don Novicki Everyone situation is different. I did the math and don’t care. Didn’t even include SS while planning for early retirement. I just won’t need it. I have a 1.4 million 401k,over $700k Roth IRA,pretax IRA,taxable savings/investments,passive income,pension,emergency fund,etc. Retiring early and want to keep my MAGI down to qualify for zero monthly healthcare premiums until Medicare kicks in. Anyway according to my current social security statement it will be over $700/mo. more ($2800/mo.) at FRA not $300.
Exactly. At age 62, you are probably still in excellent health and can invest that extra money or use it to start a business. Waiting for full retirement age is a huge lost opportunity.
@@JaimeWarlock Majority of people who collect SS early are not investing it or saving it, they are spending it. No problem with that , as my theory is to enjoy it while you are younger and reasonably healthy.
Better to retire at 62 you will get less money but it takes 11 to 13 years to catch up to the money you make drawing early so if you wait till 67 you'll be 78 to 80 years old do you break even with the money you made go in early approximate
I am aware of having to pay taxes for this benefit. Working part time, I won't have any retirement benefits. I also, am having health problems. I am so ready to just leave.
Nice.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income. Thanks to fire movement.
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@davidforesto That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@Puneet Jajoo JR I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
@@davidforesto You are right, I am one of many who has benefited from investing with Regina Louise Collaro. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Regina made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
I tell people this all the damn time. How long does you family live? So you are gonna retire and die in 6 yrs. Check your family tree. Some have good Gene's some dont
OMG it’s NOT A. Benefit!!! It’s your Money not a Benefit! It’s a Social Security Account. The next thing the Government is going to call it a Government Benefit.
It is most certainly not an account, it is more like an instance policy hence the reason it is referred to as a benefit. There is no bank account out there with your name on it with a balance in it.
@@jimmysapien9961 No it doesn't. Whatever you give up waiting for more will never be recaptured. First, you would have to live a decade longer than the average lifespan to even have a chance at recapturing it. AND...what about all the interest you would have collected on that money if you had invested it while continuing to work anyway? Anyone who gives up $100,000 for no reason going into their last decade of life will die poorer because of it.
I collected at 62, with 3 years supplemental dependant benefit my break even is 86. I've loved the decision instead of scrambling to work for aholes bellowing "is it done yet".
My friend was a retired E-9 aircraft structures mechanic and we worked at the same aircraft overhaul facility o Big Heavies. He was repairing the nose section of a 767 aircraft that was badly damaged. You need an expert to fix that structural area. He was working on it for weeks and the supervisor and manager kept bothering him by asking when he'll be done where are you at etc.. That was just ignorant to do that to a mechanic. He kept telling them to stop bothering him. Finally he had enough and put his tools back and wrapped it up. Hailed his tools down to the entrance and then backed his pick up truck and with helped loaded it up and went bye bye. Man that was a monster set back for getting that aircraft out on time. Cost them big bucks. 😂
@@tmayorca8770 game show host managers have no respect for actual technical production workers. They view the company through the organisation chart layout, a relic of the 1920s GM structure.
I was a coal miner for 33 yrs. 2 yrs ago I was terminated form my job . being 61 I had to find another job. I did finally get ajob but it was way lower that the wages I had made in the mines. my son in law figured out that by retireing at 62 id make more money. since I had no debt it was ano brainer. last year I retired !
I hate to spell it out for you Chip, but PianoUniverse was trying to expand your knowledge of longevity. Factor in the equation of whether or not your a smoker, alcohol consumer, family health history of cancer, stroke/heart attack.etc... Ask Google or a Doctor how 33 years affected your chances of reaching your next b-day. Make today your best one ever buddy.
I'm going to take a different angle here--because you can retire on SS in many countries besides the US. But should you? Here was my take and I tried it a few times as I posted to my own subscribers. I was a physical therapy contractor and at times still am. But three times I went overseas to exit out of the workforce. Each time was four months. The first few weeks were great. Then I started sleeping later and later. Finally it got to the point where I was going to bed at 3:00 am and getting up at noon. You can only train in the gym so long and see the castles and temples so many times. Even living in Gdansk, Poland on the Baltic beach----you take that walk down the beach---again. And I had no purpose. Even though I was in the beginnings of making my own videos and setting up the channel I still had 7-8 hours of down time a day. And I don't go to clubs and bars so that left a whole lot of idleness. End point--a human feels the best when there is a purpose. I used to work with the elderly and can tell you that they have a lot of depression once their role in life is gone besides that fishing trip---again. I think I'll also have a part time gig whether it is becoming the almighty influencer or being a part time physical therapist. My mental soundness is far better with a role to play than when I was on permanent vacation. Hope that helps someone out there--Charles
I retired at 62....get $1267.00 a Month....at 67.... I would have got $1700.00 a Month....I am so glade I got out at 62....5 yrs into my retirement.....I get another $3000.00 from my Pensions.....and I have $135,000 in my Annuity.....bout a Mobile Home for $4600.00 and there is nothing wrong with my Mobile home....Live in a gated Community ...And pay $450.00 a Month with $50.00 a Month Electric.....Moved from Chicago area and now Live in Bradenton Fl...
shoulda bought a condo.. never buy a mobile..what if they close shop and move... or jack the rates up.. risky move and a big pad rent thats never paid off.
We retired, bought a double wide on our own triple lot. We couldn't be happier !! We have our SS and a nice pension to live very comfortable. We have a beautiful home on a triple lot on a River with BEAUTIFUL views ...... We're not rich but we damned sure aren't hungry either .... and nobody owns us, especially that damned ALARM CLOCK !! We come and go as we please, life is GREAT !! My ONLY regret is that we spent a LOT of money to help our UNGRATEFUL BRATS that no longer know us.
Yaaaaa........sometimes it's not about the money but your well being. How bout restructuring the way you live and be happy without. Do some small fun things and find a place that the cost of living is low. You have to find balance.
@Csab 55 is retirement age !!! If you work a day past 55 you are wasting your retirement years away!! You must save and invest now to make retirement at 55 work
Good for you Franklin!! You're like me you looked ahead because I have numerous pensions coming in right now and just like you with my military and a couple of union jobs I was able to retire at age 57 and now I can't wait till March to pull my Social Security at 62
Franklin Howard, I hear you brother. Military retirement and medical benefits, VA disability, 401k, IRA, Whole Life Policy, Social Security. I am done at 62. Getting on the Harley and not looking back.
I am right there with you. I have the VA disability, military retirement, and a 401K. At 62, my daughter will be 12 so I get around 180% of my SS. Dropping the paperwork as soon as I can and quitting my job. My 60s should be awesome, if my health holds out!
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This is such a government psyop. It's purpose is to treat you like an idiot and make you feel stupid for retiring early. Here is all the advice you need. If you can afford it, retire early. End of story.
Lets see....spent my life raising 5 kids on substandard wages with lousy health insurance. I'll retire at 62 and become a politician and get rich by 64. Or become a bank robber because it's more honest and honorable than politics.
Hey Gary, sporting goods stores have the weapons in the back and ski masks up front by the check stand, and you don't even need to pay for either item. If you are arrested and incarcerated you will be fed and housed for free along with dental, optical and healthcare. No more household chores, paying taxes, and they give you free clothes and shoes. Maybe even more lovin' than your getting now. Whether you want it or not!!! Remember 3 words and you'll never be a poor person. Stick-em-up.
@@shawnstiles414 Dicks Sporting Goods just cleared out thier gun inventory they no longer sell hunting guns--it's not Politically Correct for them. Watch the ones in Conservative areas go out of business sooner or later.
I retired at 59 and had an art studio built onto my house and bought some cool motorcycles I'm loving it . Here's my tip though you can't just sit around you have to keep your mind occupied it's a big transition more than people think.
I'm barely over 42 but feel at least 62. 20+ years working in the factory has aged my body and mind. I'm tired through and through. I struggle with the thought of going to work regularly and I'm desperate to find a way out!
Exactly. So many people want to tell you, "Oh, work until you are seventy!" Easy to say when you have a desk job, or something you really enjoy; but there are a lot of folks working jobs that, for whatever reason, are a nightmare everyday. Hardcore physical jobs that actually may have been fun and challenging when they started them, but not anymore. Jobs with bosses from hell. Jobs that you love, but have taken their toll. It's also easy to say, "If you don't like your job, get another one!" But that's easier said than done when you are in your fifties or sixties. If you quit, you may as well call it retirement.
I retired at 63. Started taking SS at 64 1/2. Moved to Europe to work my last 6 years before retiring. Live quite well on 1/3 of my SS payment and the rest goes for Harley parts and to fund traveling around Europe.
@Armando Silvier I was married ONCE. Divorced in the mid 80s, no kids and never thought twice about making that mistake again. Riding next month from Serbia to Portugal (3300 km each way) for a Euro Harley rally. Think I'll take a month to go over and get back. But retirnig like this takes a lot of planning and work. I planned about 5-6 years getting ready to retire.
@Armando Silvier How can they steal their husband's pension, when it belongs to both of them? Same goes for a wife's pension. The husband gets a portion of that, too.
@M Detlef SSA uses fear and greed to hedge their bet that you will die before they have to give you a dime of your own money. Stupid? Yes. Yes you are...
100% agree, Sir. My Dad (who I have been told I am basically a clone of) died at 54, assisted suicide...assisted by either Jim Beam or Jack Daniels. I forget which. Mom divorced him when I was 3, so I never knew him. That aside... I retired as of May 31, 2014, about three months before turning 56. As you stated, I didn't/don't know how long I will live. And I certainly did not want to drop dead at my desk because I couldn't afford to retire. I can start drawing SS in about a year. But no way I will do so. Before I go any further, I will admit that I am EXTREMELY Lucky and Blessed. That said, my Conscience will not allow me to draw SS before my Full Retirement Age of 66 years and 8 months. It remains to be seen if my Ego will let me draw before age 70. My secrets for retiring early and waiting so long to draw SS? I started contributing to my IRA starting in 1980, to take advantage of compound interest. Also, I never married...never fathered any kids...well, none that I know of. In case you're wondering, yes...I am a Member of MGTOW (Men Going Their Own Way). But I won't take that any further here. Wishing you a Long, Happy and Healthy Retirement, Sir.
I retired at 54 and will be taking my SS at 62, but I also have decent retirement savings on top of it so it isn't my only source, and I have zero debt so my cost of living is pretty low. And the men in my family that I take after rarely live to 80. It's a different set of issues for each person, I could wait but it's gamble I simply don't want to take.
@@KillerNetDog Your third sentence nails it. Two of my closest friends SHOULD start drawing benefits at 62. Neither one is especially computer-literate, so I have offered to help both of them apply on-line when the time comes. Kudos for having Zero debt. I pay off my credit card balances in full every month. Some so-called Financial Experts consider that debt. Others don't. I consider it convenience (for on-line purchases, with the protection that using a debit card does not give) and either Amtrak Points or 1.5% cash back, depending on the card I use. A long time ago (I was in my 20s, so it was a REALLY Long time ago LOL ), I read: Having $5,000 in the bank versus $5,000 in credit card balances can do Wonders for one's Piece of Mind. I have another friend who was $100,000 underwater in her house. I will NEVER question her Inner Strength. I could not sleep at night. I have said to people, "You know that feeling you get on Friday afternoon, when (depending on how easy or bad one's commute is) you either leave the office or arrive home and think, "Ahh...time that belongs to me?" I have that feeling when I wake up...every morning." One of my college roommates makes more in one year than I did in my entire Career. Guessing you've surmised what I'm going to say next. He is NOT Retired. Guess I gotta work on him a little more LOL Congratulations on your Early Retirement! Your time belongs to you. Feels great, doesn't it? All best!
What feels great is having zero debt, no mortgage as house is paid off, no car payment, no credit card payment, etc. If I hadn't done that I wouldn't have been able to retire. I counseled my baby sister and her husband in this when she went back to work when her kids became teens. Her and her husband tripled down and paid off all their debt and don't use credit to buy anything anymore, if they want a new car, they save a for a little while and buy it cash.. So he now has the complete freedom to tell his boss to stuff it whenever he wants and walk out without fear of losing a house and car and everything else, and take his time finding a new job if he wants.. Being debt free is true freedom. I think it is crazy for most people to pay enough interest on various debts over their lifetime to fund a comfortable retirement. Our easy credit society has people living well beyond their means and draining off money that could be used for college or retirement, as well as adding so much stress and anxiety over making the payments that I think fuels our terrible divorce rate among other things. I still do have one credit card, I pulled it out to use it to pay for something the other day, as my checking account was a little low and I didn't know what the balance was, only to realize it expired over two years ago.. I had a good laugh..
I have asked this rhetorical question many times and nobody can answer it because it is an immutable self evident truth. And it simply put "What good does money do a dead man or woman?!" You have no way of knowing how long you have in this life to live. I hear these self proclaimed gurus talking about "full retirement age" what does that even mean when you have no way of proving people will live to that bogus number! I am 56 when I hit 62 I'm out its as simple as that.
If I live to be 82, I will draw MORE from SS by waiting until age 70 rather than drawing SS starting at 62. This is probably true for most people. The key is WHAT IS YOUR OWN FAMILY'S average life span? Your own family history is the best predictor of your own life span. Of course, anyone COULD die at any moment, but what if you don't (like most people) ?
Tom, the best way to look at that question is to realize that yes if you die, the money you might get is of no use to you, but if you live, the extra money will be significant in your later years when you really need it. If you wait till 70 it will be more than double from 62. Unless you need the money or if you are ill and do not expect to live, you should wait till 70. I’ll be 70 next year, will take it then. $3,200 per month will be more impactful to me than the $1,400 a month I would have gotten at 62. Sure, if I die I lose all the money I would have collected (but I’ll never know that) if I live, I break even at 81 and continue to collect this much larger benefit which will have a large financial impact while alive, regardless of how long I live. (Should I live just to 86, that’s a $100K.)
Agreed. Family history means little if you're hit by a bus. 57 now. Full retirement is 70 @ $2500/Mo. Not gonna happen. @65 $1950/Mo. @62 $1350/Mo. I love to work, so 62 sounds like a $1300/Mo bonus to me. Should be plenty to pay insurance until Medicare kicks in. I can make a couple thousand bucks a month selling online until then. Not hard to do if you focus, focus, focus.
@@rickb9118 you speak my thoughts I am currently working a night gig for a contractor as a sweepertruck operator, I am semiretired I make $15 an hour and I have my sideline of wholesaling NOS/Overstock merchandise where I flip a skid of goods in a slow month for $4-5k and I have my self directed IRA and my real estate portfolio which is coming along nicely.
OMG who believes living poor is a great benefit in life! Yikes, NO thank you! I deserve so much more from life and I’m not ashamed to say so. I feel bad for you!
@@Rosepetalscreations I'm a landlord and I live a more modest life than most of my tenants. Spending money doesn't always mean happiness. I've never wanted to get my nails done. It does so much damage to real nails. I've learned to cut my own hair. I have a tenant with a tanning bed in one of the bedroom. It's so damaging to skin. I often shop at GOODWILL. Last year, I got my favorite pair of shorts for $1.75. When I was putting them in the wash, I found $5 in the pocket. If you saw me coming out of GOODWILL, you would never guess that I gave my oldest daughter her home. It's a 3br 2bath ranch on a basement and 1 acre of land. Budgeting brings piece of mind when income is lowered.
@@Rosepetalscreations you need to work on your reading comprehension. She didn’t say being poor was a great thing. Instead she said LEARNING to live poor was the best lesson she’s had.
@@Rosepetalscreations You freaking moron....she meant it was the best lesson she ever had because it taught her that family and family time is much more important than having material shit....she spent time with her mother who needed her.....now you idiot.....I feel sorry for you.......bye biaaatch!!!! I will not waste my time responding to a loser like you.
You think only of money, money you'll be too old to enjoy. I've seen people follow your train of thought, only to die weeks after retiring that old and NEVER get to enjoy retirement or the money. Foolishness thinking money is the key to happiness.
There was a Union worker at a GM plant, who did not show up for work on his last day. His boss called him up to see what was the matter. He had died in his sleep! Never got one day of retirement. (Delco Products Div, ./Gm, Kettering ,OH)
When you hit a certain age, many employers "change the way they do business", lay you off and then in our youth-centered society, you are no longer employable at your former salary. What part of that do you not get?
Taking it this year @ 62. Worked 41 years.Five of my coworkers retired and died few years later. Not me. Take it before Washington changes the system....
I had a job for over 35 years that I would have done for free if I could have afforded it. I'd still be working but my career field has an age component to retirement. So, I retired at 63 and started collecting at 64 1/2. Moved to Europe 6 years before retiring and as I'm still in good health at 67 spend most of my time riding a Harley/traveling around Europe.
Since you continued to work anyway, why didn't you *_invest_* that SSN for interest rather than forfeiting $100,000 that you will *_never_* have time to recapture in future payments? Yet you posted this comment as if it was some kind of moral lesson. I hope your kids are smarter than you.
Mikey'58 Right, before full retirement age, I think for every 2 dollars over that number 1 dollar is subtracted from ss payment. So basically don’t gross more than $1100-$1200 month before full retirement age. Which should be enough to live ok along with ss and other interest earned from savings account, cd’s, bonds etc.
@@wanelly maybe his job sucks , maybe it is changing for the worse, maybe he needs the money ? So many many reasons and all our situations are different, no need to badmouth the guy
If you are 62, have a easy job you love, that pays good, then retire at 70. However, most of us have worked 40 years, our bodies are used up, and will not live to 70. Go ahead, retire at 70, assuming you live that long. The government dangles that "full retirement" nonsense in people's faces, hoping their greed will prevent them from collecting.
I don't care when you retire. It's up to you. I do care when you try to advise others (whose situations may be very different) to follow your example & then offer bad info to justify your decision. The average lifespan in the US is NOT 70...it's almost 79 for men and 81 for women (source US News). Look at your parents, look at your own health & your other (nonSS) sources of income...and make your own decision. But use facts...not someone's uninformed opinion.
Mr. Smith, I'm 60 and I've worked since I was 13. Now I still work and on the weekends I build stonewalls on my rural Heaven, shovel snow off a 100 foot driveway, and chop down trees for firewood for, as my much younger fiancee' says, "fun!". If your body is "used up" at 60 then you, my friend, haven't been taking care of your body. I'm still rarin' to go and my fiancee' couldn't be happier.
@Barnaby ap Robert, Nice story, your fiancée have any friends? lol, jk. I'm 58 and very active like you, have a body of a 20 year old again thanks to changing my lifestyle a decade ago. Enjoy life!
"In 2022, the maximum is $3,345 per month for someone who files at full retirement age (FRA) at age 66. But $4,194 is the absolute highest benefit for those who qualify and delay claiming until age 70"
Retired at 62. Did the math and took the money early. It will be even at 78 in total payout I.e. 62 vs. 66. I’m now 72 and hoping to make it a few more years. The downside is my savings/investments will be gone by 80. Looking at people in their decrepit 80s and 90s, I don’t care much about living that long anyways.
Retire early and use SS to supplement any other income sources. You're mostly likely in better health at 60 than you are at 70 and definitely healthier at 70 than you are at 80. Use your money when you're a young retiree so you can enjoy your life otherwise the doctors, hospitals and nursing homes will get it! I'm so sick of the articles that say wait til your 70 to take SS. To do that you either use your savings (in the interim) or work til your 70. Do you really want to do that?
If you need to take at 62 to live a good life, take it. But nothing wrong with waiting until you are 70 and getting the much bigger benefit for life. And who says you can't retire at 62, enjoy your life and not collect at 62? You can if you've planned properly.
Steve Guyer Don’t know about anyone else but I’ve been living good life since I’ve been on my own at 19. Wow just waiting until you get a social security check make no sense to me. Heck I’ve already traveled to over 57 countries backpacking,exploring, and whatnot the past 30 years. Heck the past 10 years I’ve been taking off 3-4 months a year without pay enjoying life from traveling the world to just staying home with a book,gardening,playing video games,gun range,sailing,etc. I’m retiring 12 years early and it’s just an extension of my life so far just with more time to do more things. Holy crap people.
Go to the SS office and they will run you a report what your benefit will be. It will show you what you have already accrued. I retired at 55 and I know what my benefit will be. This will not change unless I would go back to work and it would figure in the 35 year estimate.It breaks it down each month from age 62 to my full retirement age of 67.
The problem with this is that corporate Amerika doesn't want to hire older workers...and I mean those over 40, which means that those workers incomes will diminish substatially at least 20 years before reaching retirement age. In addition, this guy isn't even addressing age actuarial data regarding the time for collecting SS after full retirement age is also greatly reduced. Meaning, that, in this example, "she" would have to live to the age of almost 90 to actually collect that additional $240,000....then what? You're too old to enjoy life by then...
Even financial experts will say to take it at 62, nobody is promised tomorrow and if you die it all goes back into the s.s. pool. They also say it would take about 14 years or so just to make up the difference from 62 to 67 so unless you know for a fact that you will be living into your 80's or 90's by all means take it at 67.................I'm taking mine at 62 and will already be living in the Philippines!
I retired before I was 62. At age 62 I did some math and found that it made more sense to take Social Security early and leave my investment money growing at stock market rates.
My full retirement age is 70. I am a boomer at the age 65. My so-called full retirement age is 66 but age 70 is the maximum amount. I'll need to work until 90. I'll be dead by 77 so I plan to work 13 years past death.
Your figures are only partly complete. Her social security benefit would not drop that much. The maximum earnings that can be used to calculate her benefit was $128,400 in 2019. To get to $3,000 of monthly benefits she would need to have earnings very close to the maximum for each of 35 years. If you put zeroes in for earnings for seven years her monthly factor drops from $10,096 to $8,077. But for any earnings above $5,583 per month Social Security only adds 15% of that number to the monthly benefit. Therefore her monthly benefit at 67 retiring seven years early would be about $2,695 instead of $3,000. Something that should be taken into account but not as drastic as the numbers you outline in this video.
the break even point is somewhere around 78 years old, regardless when you start collecting. good luck getting there, and if you do, will the extra money make that much of a difference? keep in mind, if you die along the way, it stops.. i know many people in their 80's and 90's. all of them collected as soon as they could... not one of them regrets collecting early..????? why does the system limit your income, if you draw early, when your benefits are already reduced? it is like you are being penalized twice. because they want you to wait. lots of us will not make it to 68. that's how the system survives. your call...
"the break even point is somewhere around 78 years old"...That's only if you don't consider the investment income you could've earned on the 4 years of ss income you could've collected between 62 and 66.
@Armando Silvier, I know I'm a couple months late to this conversation but I believe one of the forms of passive income he's referring to is dividend payments. If you have an IRA, and preferably a Roth IRA that you have your money invested in companies that pay monthly or quarterly dividends, you can receive regular dividend payments. For example, say you have $200k invested in dividend paying companies and your average dividend yield is 5%, you would receive $10k annually of dividend payments. Nice passive income that is a big boost to your annual SS income!
@@youngtimer964 People who end up struggling are probably not good at handling their money. If they were unable to work into their 60's, they may have found it necessary to begin collecting before full retirement. If on the other hand they were able to continue working, they should begin collecting SSN as easly as possible in order to pay down debts for the purpose of creating real-time dividend income. Whatever someone gives up by waiting to collect will *_never_* be recaptured and giving up $100,000 in one's final decade of life just makes no sense.
I retired a few months before I turned 61. I asked for a package and was lucky enough to get it, 53 weeks severance which takes me to 62 when I collect ss. I also had 401k and pension that I rolled into an ira. According to ssa I will get approx $1800 a month at 62. For the money to even out between retiring at 62 instead of 66 1/2 I will need to live to 84. Nothing is guaranteed in life, I may die before I turn 62 or I may live to 92. You need to figure out your own circumstances but I will take it at 62 and most of the people I know are doing the same.
David, Great way to retire. I have a large 401(a) retirement fund. Is it best to turn it into an IRA and retire at 62? I hate my suck ass job and can take my health benefits with me at 62-1/2 years old. Would love to bail on my suck ass employer and tell them to shove it. What ya think?
David, I'm in nearly the same situation are you are. I can walk out now, six months short of turning 62 but the company will give me a six month severance package. So essentially I will get paid until I turn 62. I have a monthly pension and my wife and I have a good amount of money in 401ks and IRAs. My wife is retired and is receiving her pension. I have until Monday to decide if I want to pack it in and retire or keep working. Employer is giving me the choice. Financially we are in a good place but emotionally it is still a tough decision for me. Any advice? Any regrets retiring before 61??? Need it pretty quick. Financial advisor said wait on taking SS to max it out at least until FRA. I'm tending to lean to the old "bird in hand" approach and take it at 62.
You may be eligible to collect Social Security as early as 62, but waiting until age 70 yields greater benefits for most people. But at 50 you should be worth more than a million dollars. If you follow the financial planning of people like Teresa Jensen White.
TERESA JENSEN WHITE provides her clients with specialist advice on how to manage their money. Her role involves researching the marketplace and recommending the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs, and then securing a sale.
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Leave to SSA $60,000 , and start collecting at 67 years old, it will take you another 10 years after 67 to recuperate the money you left if you retired at 62. If you do not live long enough you may never see the money again, against all odd. They made you believe that waiting is a good deal, when in reality is the other way around.
I retired May 2020 at 60 !!!!!! I turned 61 in August 2020. I just applied for benefits to start at 62- $2096 per month !! I want to conserve by my IRA so if I go before my mom- she will have my IRA and ROTH IRA to live off - so she can afford to stay in this house!! My pension ($2985/mos) will start at 65 but it won’t transfer to my mom should I go first. So I think taking SS at 62 is best for both of us even though my SS at FRA would be $3000.
There are two different points I think he was trying to make. 1 - The amount you see on your SS Statement is based on you WORKING till your FULL retirement age AND collecting the at least the SAME salary until your full retirement. 2 - That you elect to collect your benefits AT FULL RETIREMENT. If you do not work and collect the same or more salary until full retirement - then that will REDUCE the amount you receive. In addition - if you retire early (like at 62) - that will ALSO reduce the amount you will receive. The main point is this - IF you retire early - you WILL get hit TWICE - Once for reducing your total salary earned over 35 years and a second time for collecting at 62 versus 65, 66 or 67. If you retire early - you essentially do both of those things automatically because your total 35 year income will likely be averaged DOWN so you will receive less than your statement indicates. Most people fail to understand that or don't really care because they just want to retire and are willing to accept whatever they get. The idea is to DROP the early years of low earnings history (like working at Chuck-E-Cheese) from the calculations and replace then with much higher years of earnings history. Yes you will collect earlier but the amount will be based on your last 35 years or earnings minus the early retirement reduction. I do not believe the 2000 figure he used included the early retirement reduction - he was only talking abut the reduction based on earnings history based on current earnings and not the future 7 years of higher income. That requires working much longer than you would like or accepting the repercussions. I personally believe in the "bird in the hand" theory.
Social security at 62 pays about 25% of what one was earning. So 7 years of work would equal about 28 years of social security. In other words, 7 extra years of work would likely pay more than they will collect from social security for the rest of their life.
My friend turned 62 and died and didn’t get a dime from SS when I turn 62 I’m taking the money early. You never ever ever ever know when your number is up.
I had a co worker tell me he was retiring at 62,I told him iwas going till 67,he died a month later,I'm getting out at 62,even if i have to work a 20 hr week to supplement my income.
I have a labor job. Screwed up back almost 63. I can barely make it all week, pain not going to make it much longer, so ill be done soon it is what it is
They take the highest 35 years of your income. Also they factor inflation in to determine those 35 years of income. For most people, it won’t have that much affect on your SS payments, to retire early. Everyone’s situation is different. If in doubt, run the calculator at the SS website, and do your own comparison. Personally, I will trade a little money to get more free time. You can’t buy more time.
20 percent of people don't make 65 and 50 percent of the survivors don't make it to 83. So if you think you are in the small majority that live a long healthy life go for it., but if you are like the majority of people you wont see 83 take your benefits when you can reasonably afford to retire. It is a completely personal decision and ignore anyone who tries to tell you a different story. Facts ma'am just the facts.
Data that I have is from the Social Security mortality rates for age. Less than 10% of males live to 90 plus. I don't know where you get your data but if you think you have a 50/50 chance of living to 90 go for it. See if you can get a multi-million dollar life insurance policy after age 85. Also yYou need to double check the surviving spouse benefit
I prefer to get my facts from people who don't have an agenda. The government actually has an opposite agenda because they want people to delay taking benefits. I have to revise my previous statement, you have less than 10% chance to live to 92 according to actuarial tables at the Social Security site.
I had cancer 3 years ago. Life is not guaranteed. My ex just died a month ago at age 70. I am glad he had 15 years of SS and disability payments because he worked hard for it. I plan on taking his benefits just as soon as SS can process it. I will cut my hours from 43 a week to 20 and if I can keep my same job, I will get more money from the 2 then I do now. If I'm fortunate enough to live to 70, I will switch to my benefits. You just have to do the math and figure out what is more important to you. Quality time with my pets and Granddaughters while I'm still young enough to take them on "adventures "means more to me then extra money.
I live in the Philippines, so there is no way in hell I'm waiting one day past 62 to start collecting. I'm already living like a king with my military pension and with social security benefits, life will be even sweeter....60 years old now, 2 more years can't come fast enough....
The break-even point is between 79 and 80 years old and some calculations even state its 83. This is the point where delaying to age 70 actually pays off. That's 9-13 years after 70. Some things to think about. 1. Although Social Security payments are COLA adjusted, the rate is never the true rate of inflation as the government always underestimates it to put a positive spin on things. If you take it early, the funds you do get early are going to be worth more. 2. No one knows when they are going to die. Even if longevity runs in your family, you could be in a car accident and die, or contract a disease and die. Over 1 million people in the US died from COVID. 3. By taking SS early, you would be spending the money while you are younger and healthier. What's the advantage of waiting and not being able to walk a mile when you're over 80? There are other considerations though. If your spouse would benefit by waiting, you need to work for health insurance, or you want to keep working, then it may be beneficial to wait. The real question is: Why would anyone delay receiving SS early?
I'm 62 years old I've had cancer very badly my parents never made it to 65 , my doctor said I'm high risk for the cancer to come back should I still wait till I'm 65,
Work until 70? you have got to be kidding me. I feel awful with stiff joints, aching back just getting out of bed in the morning at 62. Could not imagine have to get up and go to work until 70. I turned 62 five months ago in April and had already put in for my SS in February, got my first deposit in June. I knew exactly what I was going to get as I was registered on the SS website and it was in black and white what my monthly payment was going to be. No way was I going to wait for a larger payment down the road. I purchased something I always wanted, An RV to go camping with the Grand kids when they are still small and don't have their own lives yet. My SS pays the monthly payment with plenty left over, My situation is different than quite a few though, I receive my Air Force and VA disability pensions each month along with the SS.
I called the SSI dept the other day and though this is not my case, it may be for many others. (Teachers and government workers). If you retire early with a federally funded pension plan, the SSI will penalize you greatly on your SSI when you claim it. On the other hand, Having a privately funded pension makes you exempt from this nightmare.
I turned 60 in Oct. 2020 and doing my research now to decide if I should start taking my SS benefit at 62 instead of waiting until I'm 67, or start at some age in between 62 and 67. I have three half brothers who died at 63, 65 and 69, and a 52 y/o friend who died of Covid-19 in April 2021. She worked for the IRS since age 18 and was looking forward to retirement in 2022 after 35 years with the agency. Life is not a continuing promise, but death certainly is.
I just watched this ... got scared ... and went to social security website. Payments are based on highest 35 years of earnings. So as long as you have earned for at least 35 years ... those zeros from stop working to collecting don’t alter your payouts. You don’t get penalized. If you continue to work your payout will increase ... but then each individual has to decide for themselves. Do I want to continue to work or do I want to relax? Correct?
Imagine telling someone there's an amount they'll miss out on if they retire "too early" when there's no guarantee they'll live long enough to see it in the first place.....
Love your podcast. I just feel compelled to say that most people can’t wait to retire because work basically sucks. Sometimes, it’s a bit annoying to see shows that feature people like doctors and lawyers who talk about how much they love their job and how they will never retire. Of course they’ll never retire! They have a great professions, but most of us just simply don’t. We just work for a living and can’t wait for it to end.
Most doctors don't love their job these days. And only a naive moron would choose to put themselves through the 11 to 15 years (not to mention the hundreds of thousands of dollars in costs) it takes to become a physician in today's health care environment.
coming up on 65 soon, my financial guy says if do SS now, it will take 13 years for it to balance out if I wait till FRA. Tomorrow isnt guaranteed let alone 78, blessed to have great health insurance and dont have to worry about that end of it
Either I’m missing something or this “expert” is dumb. First, they index all of your wages to inflation and then pick out the 35 highest years in order to figure your benefits. So, if a person already has 35 years of earnings at roughly the same wages (adjusted for inflation) their benefit will not be affected by stopping work at 60. Second, the indexing stops at age 60 so there’s really no point in giving the government more taxes if you have your 35 years in. So, can you just set up a channel and call yourself an advisor?
I'm a firm believer of retiring early if your finances permits; I've seen individual who work and save all their lives; only to be homebound/bedbound on their 60s, due to debilitating health conditions. Life is short; there is life to live outside our materialistic society. At age 42, and God willing at age 45, I plan to leave behind the rat race, 8-5 job, and be free in life. God Bless all!.
If you can't work in your field anymore at 60, collecting at 62 works . Breakeven is age 78 compared to full benefit age 66. Having dependent minors at age 62 increases the monthly benefit. Not everyone can continue to work in stressful abusive jobs. Delaying the nestegg spend down has its own benefit.
According to the website if you work for 35yrs you are eligible for SS. They calculate the highest income for a certain amount of years. Doesn't have to be consecutive. Just the highest.
Everything depends on individual circumstance. In my case, 62 vs full retirement age, I won't lose a penny until 80 and I have a military pension. So my choice was obvious. I retired outside the USA at 51 and took SS at 62 :-)
How to approach early retirement comfortably? Define Your Retirement. ... Evaluate Your HeaIth - Now. ... Decide How Much You Want (or Need) to Work. ... Determine When to pick up Social Security. ... Create a Retirement Budget. ... Find New Ways to Cut Your Expenses (Start Saving More) and it's also required to start up an lnvestment... ASAP
As the speaker mentioned near the end of the video, you can do this calculation yourself right on the social security website. Having a few years of zero or very low income prior to when you start collecting benefits, has a minimal effect on the payout. Especially if your latest years of income were higher.
Must be a sponsored ad by Uncle Sam!!! Give me a guaranteed 100 years of healthy life that I can run, swim, ride my bike, I will wait until 66 years and 8 months. If you cannot do that be quite.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@rachealhubert74 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
Move to Africa
Have you thought about moving abroad where things are so much cheaper ? I’m 58 and that is what I am doing .
I can make you feel better. I was diagnosed with cancer passing through Oregon. Lost everything I worked for in Florida. Ended up almost homeless because of the cost of living in a lawless city dedicated to relocating and spoiling immigrants. I took early SS because the medical social workers were clueless idiots who refused to help me. Can you imagine trying to get home from such an evil place. The rent here is more than Los Angeles. The solution to my worries came late at night when a voice told me the cancer was gone. I did nothing to deserve such a miracle; in fact I was just as sinful as anyone in a communist drug soaked ghetto targeted for foreign invasion by our anti-citizen government. Although on a HUD waiting list, I would rather work my way out of poverty since I am confident a more worthy demographic will get the housing. When I get away from a place that believes in absolute nonsense, I will get a Tesla house knock off in a cheap but warm place ( lake placid, fl). Got to shop for food at Walmart to get by. Don’t pay your medical bills; that is how I ended up without the funds to go home. I pray that you worry less and try to avoid cancer treatment.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
Plan plan plan. Get your house, car, loans, all debts paid before retiring. You'll be surprised how little you can live on then. I'm 60...just retired 3-31-22. I got covid last year and it slapped me into realilty. Life is short. We work away most of it. Many of us CAN live off ss but it's always best to have savings and other investments and yes, for me now, time is more important than money. Good luck to all of you!
I retired @62...went to places I dreamed about ... hiked, biked loved it. Am 68 now... having trouble walking, can’t get in & out of swimming pools (w/ steps)... that’s just part of my problems.
Soo.... YES... am glad I retired early ! You take too much for granted when young !
Retired at 60 , l was professional cyclist, had a stroke at 62 been crinkle cut 1 year dont know if l die tomorrow. Please retire early just in case health fails you,,,
Retire 65 20 years in military 27 years in MTA been everyone owned house
I met a black man, and he said son, all my friends retired and in three years they were gone. He said never stop moving or your gonna die…I don’t remember his name but I will never forget his words
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Not everyone wants to work till they carry you out feet first.
Warren Katz I certainly don’t!
Tomorrow is promised to no one!!
Remember we can trade time for money but can't trade money for times.
I retired at 51 and am just gauging the best way to pad the nest.
For those like me, waiting does not mean "not retiring", it just means waiting while you are retired.
I feel fortunate to be one of those people. Loved what I did as a career and would have kept doing it until I was dead. At 63 I noticed my senses and reaction times beginning to slow so I decided to go out winning. I do understand people wanting to quit working as soon as possible. We can't all fly helicopters around Africa and Europe for a living.
she retires at 60 and lost 250,000 wow, but what about if she retires at 67 and dies at 68.
mmm she lost 8 years of doing whatever she wants to do
One big medical bill and she may as well die. Most people live longer working than retiring. Work gives porpoise to life. Keeps you moving, and should keep you motivated. Sleeping late, watching TV, and going out to eat, kills you.
Also, retiring at 60 receiving $2,000 a month equals $24K a year until 67.... that’s $167K she will be missing out on. Age 67 early retirement = $168,000 in your pocket. Retirement at 67 and you will have your first check of $3,000 in your pocket. By the time those numbers even out the person is in their 80’s.
Julio Lopez , no, you miss that he said it would lower to $2,000/month at 67, if she stopped working at 60. It would be much less if she started collecting SS at age 60.
You can't collect SS at age 60. You must be at least 62.
I'm going to retire at age 63 it's the government that wants you to retire at full retirement so they won't have to pay you nothing cuz you will be dead
I am 62. I just started receiving social security benefits and I am thrilled. There’s no promise I’ll even be here 10 yrs from now. Everyone ‘s situation is different. This worked for me perfectly.
Yep my dad retiring at 62.6 month later find out he got Cancer
@@timw.9466 Pancreas
@@timw.9466 Please be well. I am close to 62, my job laid me off last year. My FRA is 66 10 months. Don’t think I am gonna wait another 5 years.
@@BuffyNoir140 Thank you for the kindness.
Yes 62 is doable just make sure you have some kind of medical care.
Medicare was supposedly going to be lowered to 60 or 62 and on april 28 it never even got suggested into the bill.
Some are remaining optimistic for it to pass legislation sometime in the next 18 months.
Who knows? I base my 62 on that if not then im on the hook working to 65. Id bet 9 out of 10 workers would retire if that bill passed.
Anyhow thanks again for your kindness and may the Lord Jesus be at your side ...forever.
@John Dunn Why? I retired at 62 and taking SS at 65 when pension plus SS equals previous income before taxes? Also have a 401K sitting till 72 that will probably supply about $15,000 every year after 72 when I am forced to draw. So I feel I am ready, maybe she is ready, everyone is different. Maybe you aren't prepared for retirement, but others are and know where they want to be.
Buddy, you need to factor in the 120,000 she collected from 62 to 67 that she would not have gotten while still working.
This is money she got immediately without the gamble. Life and health are not guaranteed.
There is a point in life when time is more valuable than money.
🇺🇸☦️
This is so true
Agreed, I’m also most 62, have been working all my life, the last 28 yrs in a factory. I’m tired and tired of working. I want to enjoy life. My mom passed in February and dad is alone, I want more time with him, my husband is 9 years older than me, I want him to be young enough for us to enjoy time together....I work hard, long hours in the heat. I want to retire
Rhonda Waller
I wish & hope that for you!🙏
For me that was 18 years old.
You know that’s so true especially as we get older🌞
I retired at 62, I do NOT regret it say all!
Roxanne Holt-Abernathy me too No regrets
You miss out on tens of thousands if you wait until 66 or 70. Big deal you get an extra 2-300 monthly at 66. Do the math, you will never make that money back if you wait. Get it now folks I did and havent looked back yet.
I just turned 65 in Feb. So now I have Medicare. Whoooohoooo.
Roxanne Holt-Abernathy Me too! Im not stupid!
Don Novicki
Everyone situation is different.
I did the math and don’t care. Didn’t even include SS while planning for early retirement. I just won’t need it. I have a 1.4 million 401k,over $700k Roth IRA,pretax IRA,taxable savings/investments,passive income,pension,emergency fund,etc.
Retiring early and want to keep my MAGI down to qualify for zero monthly healthcare premiums until Medicare kicks in.
Anyway according to my current social security statement it will be over $700/mo. more ($2800/mo.) at FRA not $300.
I figure by retiring at 62, I will make much more than the person who dies waiting to retire at 72.
Exactly. At age 62, you are probably still in excellent health and can invest that extra money or use it to start a business. Waiting for full retirement age is a huge lost opportunity.
Exactly, retire late and get to collect nothing. That is what they want.
@@JaimeWarlock Majority of people who collect SS early are not investing it or saving it, they are spending it. No problem with that , as my theory is to enjoy it while you are younger and reasonably healthy.
Better to retire at 62 you will get less money but it takes 11 to 13 years to catch up to the money you make drawing early so if you wait till 67 you'll be 78 to 80 years old do you break even with the money you made go in early approximate
I am aware of having to pay taxes for this benefit. Working part time, I won't have any retirement benefits. I also, am having health problems. I am so ready to just leave.
Nice.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
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@@davidforesto You are right, I am one of many who has benefited from investing with Regina Louise Collaro. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Regina made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
Scam thread! Please be aware!
I am retiring at 58 and will snag my ssi at 62. My Mom retired at 62 and died at 64. I am going to enjoy my life versus the extra cashola. No regrets.
Good for you! You won’t regret it.
enjoy life 62 💯💯💯 😁👍😚❤🙏🏼
Yeah same here. Who needs the aggravation..👍
Amen sister!
I tell people this all the damn time. How long does you family live? So you are gonna retire and die in 6 yrs. Check your family tree. Some have good Gene's some dont
OMG it’s NOT A. Benefit!!! It’s your Money not a Benefit! It’s a Social Security Account.
The next thing the Government is going to call it a Government Benefit.
DON SCHIFFER F...King government. I’ve been paying in since 1974. It’s OUR money, government a-holes!
Scott Gebow what the hell are you saying to me? I’ve been paying in since 1972.
Well, that’s only two years more than me, Don.
I applied recently to SS, and that's what it says now applied for benefits.
It is most certainly not an account, it is more like an instance policy hence the reason it is referred to as a benefit. There is no bank account out there with your name on it with a balance in it.
Bird in the hand is worth two in the bush. Collect as soon as you can.
It just depends on your situation
@@jimmysapien9961
No it doesn't. Whatever you give up waiting for more will never be recaptured. First, you would have to live a decade longer than the average lifespan to even have a chance at recapturing it. AND...what about all the interest you would have collected on that money if you had invested it while continuing to work anyway? Anyone who gives up $100,000 for no reason going into their last decade of life will die poorer because of it.
or two in the grave for that matter!
I collected at 62, with 3 years supplemental dependant benefit my break even is 86. I've loved the decision instead of scrambling to work for aholes bellowing "is it done yet".
My friend was a retired E-9 aircraft structures mechanic and we worked at the same aircraft overhaul facility o Big Heavies. He was repairing the nose section of a 767 aircraft that was badly damaged. You need an expert to fix that structural area. He was working on it for weeks and the supervisor and manager kept bothering him by asking when he'll be done where are you at etc.. That was just ignorant to do that to a mechanic. He kept telling them to stop bothering him. Finally he had enough and put his tools back and wrapped it up. Hailed his tools down to the entrance and then backed his pick up truck and with helped loaded it up and went bye bye. Man that was a monster set back for getting that aircraft out on time. Cost them big bucks. 😂
@@tmayorca8770 game show host managers have no respect for actual technical production workers. They view the company through the organisation chart layout, a relic of the 1920s GM structure.
Is it done yet 😆😆😆
I was a coal miner for 33 yrs. 2 yrs ago I was terminated form my job . being 61 I had to find another job. I did finally get ajob but it was way lower that the wages I had made in the mines. my son in law figured out that by retireing at 62 id make more money. since I had no debt it was ano brainer. last year I retired !
It you were a coal miner you should collect at 62.
I did!
I hate to spell it out for you Chip, but PianoUniverse was trying to expand your knowledge of longevity. Factor in the equation of whether or not your a smoker, alcohol consumer, family health history of cancer, stroke/heart attack.etc... Ask Google or a Doctor how 33 years affected your chances of reaching your next b-day. Make today your best one ever buddy.
@Lee Browning ..from what I have seen they are back to work in full force .
Very good for you sir.
If your family has a history of dying by their mid 70's, then I'd rather retire at 62 and live instead of holding off until I'm 70.
I would rather walk around with $50 in my pocket instead of $100 in my pocket while i sit in my wheelchair.
Agree ver much!
M Detlef gambling with your time? Dumb Ass!
😁😁😁👍👍👍😋😋😋
I hope you’re not looking for part time work at 74.
@M Detlef Yes. Young and broke!
As Steve Miller said. " Take The Money And Run"
I like that Dude
Righto! I saw the Steve Miller Band in 1977 at the San Diego Sports Arena. Now I’m watching social security videos. Sad.
@@zackiinu7194 Nah brother Steve'd be proud, you got choices and can do plenty. Don't be hard on yourself. Take life as you can and rock it.
Lol💎
The way every thing is going, ... nothing left....nobody working...I don't know
I'm going to take a different angle here--because you can retire on SS in many countries besides the US. But should you? Here was my take and I tried it a few times as I posted to my own subscribers. I was a physical therapy contractor and at times still am. But three times I went overseas to exit out of the workforce. Each time was four months. The first few weeks were great. Then I started sleeping later and later. Finally it got to the point where I was going to bed at 3:00 am and getting up at noon. You can only train in the gym so long and see the castles and temples so many times. Even living in Gdansk, Poland on the Baltic beach----you take that walk down the beach---again. And I had no purpose. Even though I was in the beginnings of making my own videos and setting up the channel I still had 7-8 hours of down time a day. And I don't go to clubs and bars so that left a whole lot of idleness. End point--a human feels the best when there is a purpose. I used to work with the elderly and can tell you that they have a lot of depression once their role in life is gone besides that fishing trip---again. I think I'll also have a part time gig whether it is becoming the almighty influencer or being a part time physical therapist. My mental soundness is far better with a role to play than when I was on permanent vacation. Hope that helps someone out there--Charles
I retired at 62....get $1267.00 a Month....at 67.... I would have got $1700.00 a Month....I am so glade I got out at 62....5 yrs into my retirement.....I get another $3000.00 from my Pensions.....and I have $135,000 in my Annuity.....bout a Mobile Home for $4600.00 and there is nothing wrong with my Mobile home....Live in a gated Community ...And pay $450.00 a Month with $50.00 a Month Electric.....Moved from Chicago area and now Live in Bradenton Fl...
shoulda bought a condo.. never buy a mobile..what if they close shop and move... or jack the rates up.. risky move and a big pad rent thats never paid off.
It is probably a 55+ gated mobile home park. Most of those get Grant's and cant be just shut down they have a level of protection due to the age set.
Happiness is in the eye of the beholder. Enjoy your retirement!
I Think you're winning. Good for you
We retired, bought a double wide on our own triple lot. We couldn't be happier !! We have our SS and a nice pension to live very comfortable. We have a beautiful home on a triple lot on a River with BEAUTIFUL views ...... We're not rich but we damned sure aren't hungry either .... and nobody owns us, especially that damned ALARM CLOCK !! We come and go as we please, life is GREAT !! My ONLY regret is that we spent a LOT of money to help our UNGRATEFUL BRATS that no longer know us.
Yaaaaa........sometimes it's not about the money but your well being. How bout restructuring the way you live and be happy without. Do some small fun things and find a place that the cost of living is low. You have to find balance.
Agree. Living a simple life is actually very good for your health.
I'm retiring at 55.and I'm gonna live like a millionaire.All I need is God all the way
@Csab 55 is retirement age !!! If you work a day past 55 you are wasting your retirement years away!! You must save and invest now to make retirement at 55 work
Military retirement, Federal Pension , VA Disability, 401k and Social Security ..... 62 year old im dropping paperwork at midnight ....
Good for you Franklin!! You're like me you looked ahead because I have numerous pensions coming in right now and just like you with my military and a couple of union jobs I was able to retire at age 57 and now I can't wait till March to pull my
Social Security at 62
Franklin Howard, I hear you brother. Military retirement and medical benefits, VA disability, 401k, IRA, Whole Life Policy, Social Security. I am done at 62. Getting on the Harley and not looking back.
I am right there with you. I have the VA disability, military retirement, and a 401K. At 62, my daughter will be 12 so I get around 180% of my SS. Dropping the paperwork as soon as I can and quitting my job. My 60s should be awesome, if my health holds out!
Investing make up the top notch hemisphere of the wealth. That's the more reason one should save and invest to secure profit and ensure success
80% of traders lose money trading. Me I’m gonna be a millionaire in bitcoin trading an expert like Expert Robertson was all I needed. Really guys I’m a living testimony of the crypto market I switched off stock market wished I knew about forex earlier. I invested $4,000 made a profit of $21,000 in just 14days
also most people remain poor out of ignorance
Most people remain poor only because friends and relatives discouraged and advised them against investing in the Forex market while the wise ones kept investing and growing higher financialy
If you’ve looked into forex trading online and feel it’s a potential opportunity to make money , you may be wondering about the best way to get your feet wet and learn how to get started in bitcoin and forex investment
Hey please can one also invest from the UK ?
This is such a government psyop. It's purpose is to treat you like an idiot and make you feel stupid for retiring early. Here is all the advice you need. If you can afford it, retire early. End of story.
No shit. The bs never stops.
This is the best answer I've ever heard regarding this controversy
PETER JOHN BRANDAL Agree 100 % !
ABSOLUTELY!! I know exactly what I will get at age 62 and I will be done!!
I gave you all 👍 because that's what I'm doing. Period.
Lets see....spent my life raising 5 kids on substandard wages with lousy health insurance.
I'll retire at 62 and become a politician and get rich by 64.
Or become a bank robber because it's more honest and honorable than politics.
You are right Gary, a chicken thief has more honor than a politician!!
Hey Gary, sporting goods stores have the weapons in the back and ski masks up front by the check stand, and you don't even need to pay for either item. If you are arrested and incarcerated you will be fed and housed for free along with dental, optical and healthcare. No more household chores, paying taxes, and they give you free clothes and shoes. Maybe even more lovin' than your getting now. Whether you want it or not!!! Remember 3 words and you'll never be a poor person. Stick-em-up.
@@shawnstiles414 Dicks Sporting Goods just cleared out thier gun inventory they no longer sell hunting guns--it's not Politically Correct for them. Watch the ones in Conservative areas go out of business sooner or later.
@@shawnstiles414 that's funny
I retired at 59 and had an art studio built onto my house and bought some cool motorcycles I'm loving it . Here's my tip though you can't just sit around you have to keep your mind occupied it's a big transition more than people think.
If you're 62, but your body feels 82, well, you know what you gotta do.
What about 65
I'm barely over 42 but feel at least 62.
20+ years working in the factory has aged my body and mind.
I'm tired through and through.
I struggle with the thought of going to work regularly and I'm desperate to find a way out!
Exactly. So many people want to tell you, "Oh, work until you are seventy!" Easy to say when you have a desk job, or something you really enjoy; but there are a lot of folks working jobs that, for whatever reason, are a nightmare everyday. Hardcore physical jobs that actually may have been fun and challenging when they started them, but not anymore. Jobs with bosses from hell. Jobs that you love, but have taken their toll. It's also easy to say, "If you don't like your job, get another one!" But that's easier said than done when you are in your fifties or sixties. If you quit, you may as well call it retirement.
@@alansach8437 The nail right on the head Alan I’m out at 62
@@jacobwilliams1319 File for SS at 70. Begin RMD's at 72
I RETIRED AT 62 , USE MY SS TO BUY HOT ROD PARTS
Nobody will remember grandpa's prius, but a hot rod....
LOL! Sounds like you've got it figured out. Good rodding!
I retired at 63. Started taking SS at 64 1/2. Moved to Europe to work my last 6 years before retiring. Live quite well on 1/3 of my SS payment and the rest goes for Harley parts and to fund traveling around Europe.
@Armando Silvier I was married ONCE. Divorced in the mid 80s, no kids and never thought twice about making that mistake again. Riding next month from Serbia to Portugal (3300 km each way) for a Euro Harley rally. Think I'll take a month to go over and get back.
But retirnig like this takes a lot of planning and work. I planned about 5-6 years getting ready to retire.
@Armando Silvier How can they steal their husband's pension, when it belongs to both of them? Same goes for a wife's pension. The husband gets a portion of that, too.
I’m planning to retire at 59 and I’m not waiting for full SS since I don’t know how long I’m going to live.
@M Detlef SSA uses fear and greed to hedge their bet that you will die before they have to give you a dime of your own money. Stupid? Yes. Yes you are...
100% agree, Sir. My Dad (who I have been told I am basically a clone of) died at 54, assisted suicide...assisted by either Jim Beam or Jack Daniels. I forget which. Mom divorced him when I was 3, so I never knew him.
That aside...
I retired as of May 31, 2014, about three months before turning 56. As you stated, I didn't/don't know how long I will live. And I certainly did not want to drop dead at my desk because I couldn't afford to retire.
I can start drawing SS in about a year. But no way I will do so.
Before I go any further, I will admit that I am EXTREMELY Lucky and Blessed. That said, my Conscience will not allow me to draw SS before my Full Retirement Age of 66 years and 8 months. It remains to be seen if my Ego will let me draw before age 70.
My secrets for retiring early and waiting so long to draw SS? I started contributing to my IRA starting in 1980, to take advantage of compound interest. Also, I never married...never fathered any kids...well, none that I know of. In case you're wondering, yes...I am a Member of MGTOW (Men Going Their Own Way). But I won't take that any further here.
Wishing you a Long, Happy and Healthy Retirement, Sir.
I retired at 54 and will be taking my SS at 62, but I also have decent retirement savings on top of it so it isn't my only source, and I have zero debt so my cost of living is pretty low. And the men in my family that I take after rarely live to 80. It's a different set of issues for each person, I could wait but it's gamble I simply don't want to take.
@@KillerNetDog Your third sentence nails it. Two of my closest friends SHOULD start drawing benefits at 62. Neither one is especially computer-literate, so I have offered to help both of them apply on-line when the time comes.
Kudos for having Zero debt. I pay off my credit card balances in full every month. Some so-called Financial Experts consider that debt. Others don't. I consider it convenience (for on-line purchases, with the protection that using a debit card does not give) and either Amtrak Points or 1.5% cash back, depending on the card I use.
A long time ago (I was in my 20s, so it was a REALLY Long time ago LOL ), I read: Having $5,000 in the bank versus $5,000 in credit card balances can do Wonders for one's Piece of Mind. I have another friend who was $100,000 underwater in her house. I will NEVER question her Inner Strength. I could not sleep at night.
I have said to people, "You know that feeling you get on Friday afternoon, when (depending on how easy or bad one's commute is) you either leave the office or arrive home and think, "Ahh...time that belongs to me?" I have that feeling when I wake up...every morning." One of my college roommates makes more in one year than I did in my entire Career. Guessing you've surmised what I'm going to say next. He is NOT Retired. Guess I gotta work on him a little more LOL
Congratulations on your Early Retirement! Your time belongs to you. Feels great, doesn't it?
All best!
What feels great is having zero debt, no mortgage as house is paid off, no car payment, no credit card payment, etc. If I hadn't done that I wouldn't have been able to retire.
I counseled my baby sister and her husband in this when she went back to work when her kids became teens. Her and her husband tripled down and paid off all their debt and don't use credit to buy anything anymore, if they want a new car, they save a for a little while and buy it cash.. So he now has the complete freedom to tell his boss to stuff it whenever he wants and walk out without fear of losing a house and car and everything else, and take his time finding a new job if he wants.. Being debt free is true freedom.
I think it is crazy for most people to pay enough interest on various debts over their lifetime to fund a comfortable retirement. Our easy credit society has people living well beyond their means and draining off money that could be used for college or retirement, as well as adding so much stress and anxiety over making the payments that I think fuels our terrible divorce rate among other things.
I still do have one credit card, I pulled it out to use it to pay for something the other day, as my checking account was a little low and I didn't know what the balance was, only to realize it expired over two years ago.. I had a good laugh..
I have asked this rhetorical question many times and nobody can answer it because it is an immutable self evident truth. And it simply put "What good does money do a dead man or woman?!" You have no way of knowing how long you have in this life to live. I hear these self proclaimed gurus talking about "full retirement age" what does that even mean when you have no way of proving people will live to that bogus number! I am 56 when I hit 62 I'm out its as simple as that.
If I live to be 82, I will draw MORE from SS by waiting until age 70
rather than drawing SS starting at 62.
This is probably true for most people.
The key is WHAT IS YOUR OWN FAMILY'S average life span?
Your own family history is the best predictor of your own life span.
Of course, anyone COULD die at any moment, but what if you don't (like most people) ?
Tom, the best way to look at that question is to realize that yes if you die, the money you might get is of no use to you, but if you live, the extra money will be significant in your later years when you really need it. If you wait till 70 it will be more than double from 62. Unless you need the money or if you are ill and do not expect to live, you should wait till 70. I’ll be 70 next year, will take it then. $3,200 per month will be more impactful to me than the $1,400 a month I would have gotten at 62. Sure, if I die I lose all the money I would have collected (but I’ll never know that) if I live, I break even at 81 and continue to collect this much larger benefit which will have a large financial impact while alive, regardless of how long I live. (Should I live just to 86, that’s a $100K.)
Agreed. Family history means little if you're hit by a bus. 57 now. Full retirement is 70 @ $2500/Mo. Not gonna happen. @65 $1950/Mo. @62 $1350/Mo. I love to work, so 62 sounds like a $1300/Mo bonus to me. Should be plenty to pay insurance until Medicare kicks in. I can make a couple thousand bucks a month selling online until then. Not hard to do if you focus, focus, focus.
@@rickb9118 you speak my thoughts I am currently working a night gig for a contractor as a sweepertruck operator, I am semiretired I make $15 an hour
and I have my sideline of wholesaling NOS/Overstock merchandise where I
flip a skid of goods in a slow month for $4-5k and I have my self directed IRA
and my real estate portfolio which is coming along nicely.
Rick B: sounds good Rick. Remember, your reportable income is limited if you take at 62. Unlimited after 66. Good luck to you.
I didn't retire, I stopped working to take care of my mother with dementia. I learned to live poor and it was the best lesson I've ever had.
OMG who believes living poor is a great benefit in life! Yikes, NO thank you! I deserve so much more from life and I’m not ashamed to say so. I feel bad for you!
@@Rosepetalscreations I'm a landlord and I live a more modest life than most of my tenants. Spending money doesn't always mean happiness.
I've never wanted to get my nails done. It does so much damage to real nails. I've learned to cut my own hair. I have a tenant with a tanning bed in one of the bedroom. It's so damaging to skin.
I often shop at GOODWILL. Last year, I got my favorite pair of shorts for $1.75. When I was putting them in the wash, I found $5 in the pocket.
If you saw me coming out of GOODWILL, you would never guess that I gave my oldest daughter her home. It's a 3br 2bath ranch on a basement and 1 acre of land.
Budgeting brings piece of mind when income is lowered.
Twice a child once adult I did the same thing Proud of you I thinking about it now at 62
@@Rosepetalscreations you need to work on your reading comprehension. She didn’t say being poor was a great thing. Instead she said LEARNING to live poor was the best lesson she’s had.
@@Rosepetalscreations You freaking moron....she meant it was the best lesson she ever had because it taught her that family and family time is much more important than having material shit....she spent time with her mother who needed her.....now you idiot.....I feel sorry for you.......bye biaaatch!!!! I will not waste my time responding to a loser like you.
My wife is 58 y/o has early stage breast cancer. I think it’s in her best interest to take it at 62 y/o even though we don’t need it.
Praying for you both!
You think only of money, money you'll be too old to enjoy. I've seen people follow your train of thought, only to die weeks after retiring that old and NEVER get to enjoy retirement or the money. Foolishness thinking money is the key to happiness.
There was a Union worker at a GM plant, who did not show up for work on his last day. His boss called him up to see what was the matter. He had died in his sleep! Never got one day of retirement. (Delco Products Div,
./Gm, Kettering ,OH)
jaddy540😳 that’s sad a a frozen fuck!
Retire at 62! Great video! Take it early and enjoy the Outdoors! Our channel can help you with that!
When you hit a certain age, many employers "change the way they do business", lay you off and then in our youth-centered society, you are no longer employable at your former salary. What part of that do you not get?
Very true
Taking it this year @ 62.
Worked 41 years.Five of my coworkers retired and died few years later. Not me.
Take it before Washington changes the system....
Maybe they died because they retired. Some don't stay active after retirement, or they drink all day.
Get out of the rat ace ASAP!
I did about a year ago I feel so good .
@@sengyang6780 I have six more years to get out at 55..
Yeah but you'll be collecting less SS for retiring early.
@@daveb2280 What do you do for medical insurance?
Dave B 49 is very young to retire your going to have to do something to fill your days in ...I know this from experience
I waited till full retirement (66 years) I am still working full time at 68. All I can say is thank God for all he has blessed me with in this life.
andres salinas you better start living, work is the biggest waste of time, unless you love it.…then it’s not a waste of time.
@@maeu59, I respect YOUR opinion
I had a job for over 35 years that I would have done for free if I could have afforded it. I'd still be working but my career field has an age component to retirement. So, I retired at 63 and started collecting at 64 1/2. Moved to Europe 6 years before retiring and as I'm still in good health at 67 spend most of my time riding a Harley/traveling around Europe.
Since you continued to work anyway, why didn't you *_invest_* that SSN for interest rather than forfeiting $100,000 that you will *_never_* have time to recapture in future payments? Yet you posted this comment as if it was some kind of moral lesson. I hope your kids are smarter than you.
You’re lucky God likes you.
Retire at 62, and work 16-24 hours a week at a cake job like Security guard etc to supplement income.
dmg12345678 as long as you dont make too much and lose half you ss benefit.
Mikey'58 Right, before full retirement age, I think for every 2 dollars over that number 1 dollar is subtracted from ss payment. So basically don’t gross more than $1100-$1200 month before full retirement age. Which should be enough to live ok along with ss and other interest earned from savings account, cd’s, bonds etc.
dmg12345678: why would one do that??? Retire to work another stupid, low wage job? Your thought process has a virus!
@@wanelly maybe his job sucks , maybe it is changing for the worse, maybe he needs the money ? So many many reasons and all our situations are different, no need to badmouth the guy
If you are 62, have a easy job you love, that pays good, then retire at 70. However, most of us have worked 40 years, our bodies are used up, and will not live to 70. Go ahead, retire at 70, assuming you live that long. The government dangles that "full retirement" nonsense in people's faces, hoping their greed will prevent them from collecting.
I don't care when you retire. It's up to you. I do care when you try to advise others (whose situations may be very different) to follow your example & then offer bad info to justify your decision. The average lifespan in the US is NOT 70...it's almost 79 for men and 81 for women (source US News). Look at your parents, look at your own health & your other (nonSS) sources of income...and make your own decision. But use facts...not someone's uninformed opinion.
Mr. Smith, I'm 60 and I've worked since I was 13. Now I still work and on the weekends I build stonewalls on my rural Heaven, shovel snow off a 100 foot driveway, and chop down trees for firewood for, as my much younger fiancee' says, "fun!". If your body is "used up" at 60 then you, my friend, haven't been taking care of your body. I'm still rarin' to go and my fiancee' couldn't be happier.
@Barnaby ap Robert, Nice story, your fiancée have any friends? lol, jk. I'm 58 and very active like you, have a body of a 20 year old again thanks to changing my lifestyle a decade ago. Enjoy life!
@Armando Silvier You sir are a conspiracy nut. Believe what you like. It matters not to me.
3 thousand bucks is above the maximum amount SS pays at full retirement age
It's not
"In 2022, the maximum is $3,345 per month for someone who files at full retirement age (FRA) at age 66. But $4,194 is the absolute highest benefit for those who qualify and delay claiming until age 70"
Retired at 62. Did the math and took the money early. It will be even at 78 in total payout I.e. 62 vs. 66. I’m now 72 and hoping to make it a few more years. The downside is my savings/investments will be gone by 80. Looking at people in their decrepit 80s and 90s, I don’t care much about living that long anyways.
Your check will be 64% less if you collect at 62 vs. 70. It is stupid to collect at 62.
Unless you die at age 63
If you work until age 70 and then start to collect SS your odds of reaching the break-even point are pretty high.
Retire early and use SS to supplement any other income sources. You're mostly likely in better health at 60 than you are at 70 and definitely healthier at 70 than you are at 80. Use your money when you're a young retiree so you can enjoy your life otherwise the doctors, hospitals and nursing homes will get it! I'm so sick of the articles that say wait til your 70 to take SS. To do that you either use your savings (in the interim) or work til your 70. Do you really want to do that?
No shit. Im eligible in 2 years to retire at 57 and Im doing it. Not gonna wait around til I cant do anything fun.
Ya, I don't have anything better to do right now, and won't have enough to even survive until I reach 70, so have no choice lol!
If you need to take at 62 to live a good life, take it. But nothing wrong with waiting until you are 70 and getting the much bigger benefit for life. And who says you can't retire at 62, enjoy your life and not collect at 62? You can if you've planned properly.
John DeF
You didn’t do anything fun the past 30-40 years?
From what I’m reading many of you messed up.
Steve Guyer
Don’t know about anyone else but I’ve been living good life since I’ve been on my own at 19.
Wow just waiting until you get a social security check make no sense to me.
Heck I’ve already traveled to over 57 countries backpacking,exploring, and whatnot the past 30 years.
Heck the past 10 years I’ve been taking off 3-4 months a year without pay enjoying life from traveling the world to just staying home with a book,gardening,playing video games,gun range,sailing,etc.
I’m retiring 12 years early and it’s just an extension of my life so far just with more time to do more things.
Holy crap people.
Go to the SS office and they will run you a report what your benefit will be. It will show you what you have already accrued. I retired at 55 and I know what my benefit will be. This will not change unless I would go back to work and it would figure in the 35 year estimate.It breaks it down each month from age 62 to my full retirement age of 67.
The problem with this is that corporate Amerika doesn't want to hire older workers...and I mean those over 40, which means that those workers incomes will diminish substatially at least 20 years before reaching retirement age. In addition, this guy isn't even addressing age actuarial data regarding the time for collecting SS after full retirement age is also greatly reduced. Meaning, that, in this example, "she" would have to live to the age of almost 90 to actually collect that additional $240,000....then what? You're too old to enjoy life by then...
I retired at 62 and I’m so happy , no regrets, I’m getting my SS check and, they let me work partirme without affecting my check from retire.
Up to 18000 then they start taking
Even financial experts will say to take it at 62, nobody is promised tomorrow and if you die it all goes back into the s.s. pool. They also say it would take about 14 years or so just to make up the difference from 62 to 67 so unless you know for a fact that you will be living into your 80's or 90's by all means take it at 67.................I'm taking mine at 62 and will already be living in the Philippines!
I retired before I was 62. At age 62 I did some math and found that it made more sense to take Social Security early and leave my investment money growing at stock market rates.
Hell, retire earliest you can I did....I just this year retired from the Social Security Administration Job, I know what Im talking about
Can you expand on that comment?
I retired @56, will collect @62. Living Life!
My full retirement age is 70. I am a boomer at the age 65. My so-called full retirement age is 66 but age 70 is the maximum amount. I'll need to work until 90. I'll be dead by 77 so I plan to work 13 years past death.
Funny
Your figures are only partly complete. Her social security benefit would not drop that much. The maximum earnings that can be used to calculate her benefit was $128,400 in 2019. To get to $3,000 of monthly benefits she would need to have earnings very close to the maximum for each of 35 years. If you put zeroes in for earnings for seven years her monthly factor drops from $10,096 to $8,077. But for any earnings above $5,583 per month Social Security only adds 15% of that number to the monthly benefit. Therefore her monthly benefit at 67 retiring seven years early would be about $2,695 instead of $3,000. Something that should be taken into account but not as drastic as the numbers you outline in this video.
the break even point is somewhere around 78 years old, regardless when you start collecting. good luck getting there, and if you do, will the extra money make that much of a difference? keep in mind, if you die along the way, it stops.. i know many people in their 80's and 90's. all of them collected as soon as they could... not one of them regrets collecting early..????? why does the system limit your income, if you draw early, when your benefits are already reduced? it is like you are being penalized twice. because they want you to wait. lots of us will not make it to 68. that's how the system survives. your call...
"the break even point is somewhere around 78 years old"...That's only if you don't consider the investment income you could've earned on the 4 years of ss income you could've collected between 62 and 66.
@surveyguyor just don't bitch when your social security check barely covers your Medicare premium.
@Armando Silvier, I know I'm a couple months late to this conversation but I believe one of the forms of passive income he's referring to is dividend payments. If you have an IRA, and preferably a Roth IRA that you have your money invested in companies that pay monthly or quarterly dividends, you can receive regular dividend payments. For example, say you have $200k invested in dividend paying companies and your average dividend yield is 5%, you would receive $10k annually of dividend payments. Nice passive income that is a big boost to your annual SS income!
I actually do know some in their 80’s that took it early and have major regret. They are barely scraping by on the lower payment.
@@youngtimer964
People who end up struggling are probably not good at handling their money. If they were unable to work into their 60's, they may have found it necessary to begin collecting before full retirement. If on the other hand they were able to continue working, they should begin collecting SSN as easly as possible in order to pay down debts for the purpose of creating real-time dividend income. Whatever someone gives up by waiting to collect will *_never_* be recaptured and giving up $100,000 in one's final decade of life just makes no sense.
the ins is killing me as i want to retire at 62!...thank you for this video!
I retired a few months before I turned 61. I asked for a package and was lucky enough to get it, 53 weeks severance which takes me to 62 when I collect ss. I also had 401k and pension that I rolled into an ira. According to ssa I will get approx $1800 a month at 62. For the money to even out between retiring at 62 instead of 66 1/2 I will need to live to 84. Nothing is guaranteed in life, I may die before I turn 62 or I may live to 92. You need to figure out your own circumstances but I
will take it at 62 and most of the people I know are doing the same.
David,
Great way to retire. I have a large 401(a) retirement fund. Is it best to turn it into an IRA and retire at 62? I hate my suck ass job and can take my health benefits with me at 62-1/2 years old. Would love to bail on my suck ass employer and tell them to shove it. What ya think?
David, I'm in nearly the same situation are you are. I can walk out now, six months short of turning 62 but the company will give me a six month severance package. So essentially I will get paid until I turn 62. I have a monthly pension and my wife and I have a good amount of money in 401ks and IRAs. My wife is retired and is receiving her pension. I have until Monday to decide if I want to pack it in and retire or keep working. Employer is giving me the choice. Financially we are in a good place but emotionally it is still a tough decision for me. Any advice? Any regrets retiring before 61??? Need it pretty quick. Financial advisor said wait on taking SS to max it out at least until FRA. I'm tending to lean to the old "bird in hand" approach and take it at 62.
@@pbwiz1404 good for you!! Only two sure things are death and taxes.
when is the best time to take social security????
You may be eligible to collect Social Security as early as 62, but waiting until age 70 yields greater benefits for most people. But at 50 you should be worth more than a million dollars. If you follow the financial planning of people like Teresa Jensen White.
TERESA JENSEN WHITE is an investment advisor and broker who works at MONEY MANAGERS INC. She has been in the industry for 36 years.
TERESA JENSEN WHITE provides her clients with specialist advice on how to manage their money. Her role involves researching the marketplace and recommending the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs, and then securing a sale.
My advisor; "TERESA JENSEN WHITE". In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
more like a good option... than sitting and waiting for soc sec.
Leave to SSA $60,000 , and start collecting at 67 years old, it will take you another 10 years after 67 to recuperate the money you left if you retired at 62. If you do not live long enough you may never see the money again, against all odd. They made you believe that waiting is a good deal, when in reality is the other way around.
Bam! Excellent comment and you are right! I'm 62 and waiting on my approval.
I retired May 2020 at 60 !!!!!! I turned 61 in August 2020. I just applied for benefits to start at 62- $2096 per month !! I want to conserve by my IRA so if I go before my mom- she will have my IRA and ROTH IRA to live off - so she can afford to stay in this house!! My pension ($2985/mos) will start at 65 but it won’t transfer to my mom should I go first. So I think taking SS at 62 is best for both of us even though my SS at FRA would be $3000.
Social security isnt a benefit. Your getting your own money back and if I had my choice I'd take it all at once.
They go back 10 years. Using the (3) most highest
Yes but she getting 2000 month for 7 years witch is 168,000 .oo , so she won't be loosing no unit after 14 years of retirement...
This is the best catch right here! He didnt mention that did he .
There are two different points I think he was trying to make. 1 - The amount you see on your SS Statement is based on you WORKING till your FULL retirement age AND collecting the at least the SAME salary until your full retirement. 2 - That you elect to collect your benefits AT FULL RETIREMENT. If you do not work and collect the same or more salary until full retirement - then that will REDUCE the amount you receive. In addition - if you retire early (like at 62) - that will ALSO reduce the amount you will receive. The main point is this - IF you retire early - you WILL get hit TWICE - Once for reducing your total salary earned over 35 years and a second time for collecting at 62 versus 65, 66 or 67. If you retire early - you essentially do both of those things automatically because your total 35 year income will likely be averaged DOWN so you will receive less than your statement indicates. Most people fail to understand that or don't really care because they just want to retire and are willing to accept whatever they get. The idea is to DROP the early years of low earnings history (like working at Chuck-E-Cheese) from the calculations and replace then with much higher years of earnings history. Yes you will collect earlier but the amount will be based on your last 35 years or earnings minus the early retirement reduction. I do not believe the 2000 figure he used included the early retirement reduction - he was only talking abut the reduction based on earnings history based on current earnings and not the future 7 years of higher income. That requires working much longer than you would like or accepting the repercussions. I personally believe in the "bird in the hand" theory.
Thanks
Ty Chapman + Spot on. Seems like many early 62 SS withdrawal naysayers seem ignore this point.
Social security at 62 pays about 25% of what one was earning. So 7 years of work would equal about 28 years of social security. In other words, 7 extra years of work would likely pay more than they will collect from social security for the rest of their life.
My friend turned 62 and died and didn’t get a dime from SS when I turn 62 I’m taking the money early. You never ever ever ever know when your number is up.
Tradesman here im retiring at 55 :)
I had a co worker tell me he was retiring at 62,I told him iwas going till 67,he died a month later,I'm getting out at 62,even if i have to work a 20 hr week to supplement my income.
Do not quit a good job, then work part time as a minimum wage flunky.
The website for Social Security DOES SHOW HOW MUCH YOU WOULD EARN AT 62 AND LATER.
I have a labor job. Screwed up back almost 63. I can barely make it all week, pain not going to make it much longer, so ill be done soon it is what it is
They take the highest 35 years of your income. Also they factor inflation in to determine those 35 years of income. For most people, it won’t have that much affect on your SS payments, to retire early. Everyone’s situation is different. If in doubt, run the calculator at the SS website, and do your own comparison. Personally, I will trade a little money to get more free time. You can’t buy more time.
So True. Time is more important to me. I work so I can live, not live to work. 🤣
In others words retire early collect early at 62
20 percent of people don't make 65 and 50 percent of the survivors don't make it to 83. So if you think you are in the small majority that live a long healthy life go for it., but if you are like the majority of people you wont see 83 take your benefits when you can reasonably afford to retire. It is a completely personal decision and ignore anyone who tries to tell you a different story. Facts ma'am just the facts.
Data that I have is from the Social Security mortality rates for age. Less than 10% of males live to 90 plus. I don't know where you get your data but if you think you have a 50/50 chance of living to 90 go for it. See if you can get a multi-million dollar life insurance policy after age 85. Also yYou need to double check the surviving spouse benefit
I prefer to get my facts from people who don't have an agenda. The government actually has an opposite agenda because they want people to delay taking benefits. I have to revise my previous statement, you have less than 10% chance to live to 92 according to actuarial tables at the Social Security site.
So you think being in the 80% group is a small chance!
I had cancer 3 years ago. Life is not guaranteed. My ex just died a month ago at age 70. I am glad he had 15 years of SS and disability payments because he worked hard for it.
I plan on taking his benefits just as soon as SS can process it. I will cut my hours from 43 a week to 20 and if I can keep my same job, I will get more money from the 2 then I do now. If I'm fortunate enough to live to 70, I will switch to my benefits.
You just have to do the math and figure out what is more important to you. Quality time with my pets and Granddaughters while I'm still young enough to take them on "adventures "means more to me then extra money.
I live in the Philippines, so there is no way in hell I'm waiting one day past 62 to start collecting. I'm already living like a king with my military pension and with social security benefits, life will be even sweeter....60 years old now, 2 more years can't come fast enough....
The break-even point is between 79 and 80 years old and some calculations even state its 83. This is the point where delaying to age 70 actually pays off. That's 9-13 years after 70. Some things to think about. 1. Although Social Security payments are COLA adjusted, the rate is never the true rate of inflation as the government always underestimates it to put a positive spin on things. If you take it early, the funds you do get early are going to be worth more. 2. No one knows when they are going to die. Even if longevity runs in your family, you could be in a car accident and die, or contract a disease and die. Over 1 million people in the US died from COVID. 3. By taking SS early, you would be spending the money while you are younger and healthier. What's the advantage of waiting and not being able to walk a mile when you're over 80? There are other considerations though. If your spouse would benefit by waiting, you need to work for health insurance, or you want to keep working, then it may be beneficial to wait. The real question is: Why would anyone delay receiving SS early?
I retired early and I am doing great traveling and eating what I want life to short enjoy yourself.
Joe Balli - The eating whatever you want part is what interests me!!!
@@sharonh2991 you know lol
I'm 62 years old I've had cancer very badly my parents never made it to 65 , my doctor said I'm high risk for the cancer to come back should I still wait till I'm 65,
Work until 70? you have got to be kidding me. I feel awful with stiff joints, aching back just getting out of bed in the morning at 62. Could not imagine have to get up and go to work until 70.
I turned 62 five months ago in April and had already put in for my SS in February, got my first deposit in June.
I knew exactly what I was going to get as I was registered on the SS website and it was in black and white what my monthly payment was going to be. No way was I going to wait for a larger payment down the road.
I purchased something I always wanted, An RV to go camping with the Grand kids when they are still small and don't have their own lives yet. My SS pays the monthly payment with plenty left over, My situation is different than quite a few though, I receive my Air Force and VA disability pensions each month along with the SS.
I called the SSI dept the other day and though this is not my case, it may be for many others. (Teachers and government workers).
If you retire early with a federally funded pension plan, the SSI will penalize you greatly on your SSI when you claim it.
On the other hand,
Having a privately funded pension makes you exempt from this nightmare.
Yep. It's the "double-dipping" rule and it's crap.
I turned 60 in Oct. 2020 and doing my research now to decide if I should start taking my SS benefit at 62 instead of waiting until I'm 67, or start at some age in between 62 and 67. I have three half brothers who died at 63, 65 and 69, and a 52 y/o friend who died of Covid-19 in April 2021. She worked for the IRS since age 18 and was looking forward to retirement in 2022 after 35 years with the agency. Life is not a continuing promise, but death certainly is.
I believe you have your answer. Same boat brothers passed 54 56 and wife at 56. Retired at 53 and will be collecting it at 62.
I have listened to many people talk about this....and you are the ONLY one who said not to do it.
If you have a pension, 401K also then retire at 62 and never look back. It’s only part of the pie.
I just watched this ... got scared ... and went to social security website. Payments are based on highest 35 years of earnings. So as long as you have earned for at least 35 years ... those zeros from stop working to collecting don’t alter your payouts. You don’t get penalized. If you continue to work your payout will increase ... but then each individual has to decide for themselves. Do I want to continue to work or do I want to relax? Correct?
Imagine telling someone there's an amount they'll miss out on if they retire "too early" when there's no guarantee they'll live long enough to see it in the first place.....
I want a large check not a small check. Most of us should wait until we are 70. Federal welfare is one nice thing about getting older.
For me it's federal supplemental retirement income.
My 401k alone is 1.9 million and I am debt free so I am fine with $3200/mp. at FRA.
Love your podcast. I just feel compelled to say that most people can’t wait to retire because work basically sucks. Sometimes, it’s a bit annoying to see shows that feature people like doctors and lawyers who talk about how much they love their job and how they will never retire. Of course they’ll never retire! They have a great professions, but most of us just simply don’t. We just work for a living and can’t wait for it to end.
Your average Dr. Dies at age 56
Maybe the average doctor needs better doctors? :-0)
Amen to that. I will retire at 62 if I live that long. 6 years and counting.
Maybe they would live longer if they quit taking their own advice....stay healthy
Most doctors don't love their job these days. And only a naive moron would choose to put themselves through the 11 to 15 years (not to mention the hundreds of thousands of dollars in costs) it takes to become a physician in today's health care environment.
coming up on 65 soon, my financial guy says if do SS now, it will take 13 years for it to balance out if I wait till FRA. Tomorrow isnt guaranteed let alone 78, blessed to have great health insurance and dont have to worry about that end of it
Either I’m missing something or this “expert” is dumb. First, they index all of your wages to inflation and then pick out the 35 highest years in order to figure your benefits. So, if a person already has 35 years of earnings at roughly the same wages (adjusted for inflation) their benefit will not be affected by stopping work at 60. Second, the indexing stops at age 60 so there’s really no point in giving the government more taxes if you have your 35 years in. So, can you just set up a channel and call yourself an advisor?
I'm a firm believer of retiring early if your finances permits; I've seen individual who work and save all their lives; only to be homebound/bedbound on their 60s, due to debilitating health conditions. Life is short; there is life to live outside our materialistic society. At age 42, and God willing at age 45, I plan to leave behind the rat race, 8-5 job, and be free in life. God Bless all!.
If you can't work in your field anymore at 60, collecting at 62 works . Breakeven is age 78 compared to full benefit age 66. Having dependent minors at age 62 increases the monthly benefit. Not everyone can continue to work in stressful abusive jobs. Delaying the nestegg spend down has its own benefit.
According to the SSA the life expectancy of a 65 year old today is 20 years. It is crazy not to wait until 70 to collect SS. Don't be stupid.
@@edrodgers4581 stupid is thinking everyone gets to work in their field beyond age 60.
@@roadtrip2943 What is your point Road?
According to the website if you work for 35yrs you are eligible for SS. They calculate the highest income for a certain amount of years. Doesn't have to be consecutive. Just the highest.
Everything depends on individual circumstance. In my case, 62 vs full retirement age, I won't lose a penny until 80 and I have a military pension. So my choice was obvious. I retired outside the USA at 51 and took SS at 62 :-)
That would be hard to do. I went through Manila once in 2006 on the way to Baguio. But other than that I've never been.
How to approach early retirement comfortably?
Define Your Retirement. ...
Evaluate Your HeaIth - Now. ...
Decide How Much You Want (or Need) to Work. ...
Determine When to pick up Social Security. ...
Create a Retirement Budget. ...
Find New Ways to Cut Your Expenses (Start Saving More) and it's also required to start up an lnvestment... ASAP
As the speaker mentioned near the end of the video, you can do this calculation yourself right on the social security website. Having a few years of zero or very low income prior to when you start collecting benefits, has a minimal effect on the payout. Especially if your latest years of income were higher.
good video because some people just don't know where to start to get info.
Don't use ss as part of your retirement plan
Must be a sponsored ad by Uncle Sam!!! Give me a guaranteed 100 years of healthy life that I can run, swim, ride my bike, I will wait until 66 years and 8 months. If you cannot do that be quite.