I retired at 65 a year ago and work part time now. I waited so I could collect Medicare. Health insurance is a big factor in determining weather you should retire or not. I make more money with my part time job and social security than my full time job and I made good money working in luxury retail. No regrets. And praise God I’m healthy and feel youthful.
My wife and I make almost $800 each a month more from waiting to 67 compared to 62. Also unless one has a lot of health concerns thinking you are going to die at 73 is counterproductive. No one knows when they will die but to assume you will die at 73 is not right.
So I think everyone has their own math on this subject. If you are 62 and have a 401k and a Roth IRA and have your home paid off while collecting over 4k per month why would you wait until full retirement age ? Everyone has a different situation.
@@ngutz117 you are right everyone has their own math. I just believe maximizing SS income is good if you can do it. 67 rather than 70 is a good trade off. Also down the road if you need assisted living it’s better to have more income on paper.
Yeah, but a lot of people are dying, so that Hass to be in the equation. It can’t not be taken into consideration. It’s to try to keep you healthy you’re going into 70 instead of when you get there you’re already on death row.😅💯🥳😎👍
@@ngutz117 yes it also depends on your situation. We need the money but we’re gonna need some time off too. We’re going to have kids at home that are disabled, even during retirement.
I don’t think people really care about the total amount they get from Social Security before they die. What’s most important is the amount you are making each month or year. People need money to live on daily. Getting the most out Social Security before you die is not the goal.
If you're making the numbers you're talking about, you're back to working full time. Nobody makes that 59 thousand working part-time. It's great for the m to raise the earnings, but realistically, most people aren't going to make that, without going back to full-time work. Just saying.
The ability to make $59k by most people at FRA after retiring 5 years earlier at 62 is very much in question. I'm a huge proponent of pulling the trigger at 62, but unless you have a very specialized skill set, making $59k per year after you've essentially been out of the job market isn't going to be easy especially if you're in a job requiring physical mobility. I work in healthcare and earn a good salary, and I'm not sure yet when the best option is for pulling the trigger. One of the nurses I work with is getting ready to pull the trigger, and she can only work 3 12 hour shifts a month after retiring early if she wants to stay under the earnings limit. That's a difficult proposition to sell to a hospital, unless they're desperate, and she's probably going to have to work for a staffing agency rather than a specific hospital to work that little. I guess everyone's situation is different, so do your research and try to make the best decision you can with all of the information available. I do hope I'm able to make it work at 62 for myself.
This is true, and I admire women who do that tremendously, but they are typically young when they do it in their 30’s or 40’s, not 67 years old trying to earn 59k in todays dollars.
She can do it. My daughter is an ER nurse, and during the pandemic, decided to do travel nursing, so signed with an agency. After a couple years, is now an independent contractor and sets her own hours.
Your best video yet. Full of good information. I also retired at 62 based on the same criteria. Why wait. But my health went south with cancer so I haven’t been able to travel with my Miss Cilia sadly. I am not longer able to eat solid food anymore. So my life is upside down. My faith keeps going. I don’t think you need to apologize for your sense of humor. They don’t like it they change the channel. Anyway good job and Thank you I’ll be watching! Rob
I agree with all of this. My husband turned 62 in October and we are in the process of him retiring. Should have been on it earlier. Thank you for your inspiration. Your way of living is in no way shape or form a lower lifestyle, it’s a lifestyle of freedom. Less stuff more freedom. Sending you sweet Tammy and your wonderful families many prayers and blessings this beautiful holiday season celebrating the birth of our savior Jesus Christ.
I worked my numbers and my break even was 78 years old. Now I don't have to pull on my retirement funds and they are still growing tax free until 72 when I have to take disbursements
Tim, excellent messages in this video. I’m retired taking SS at 62. My father took his at 62 and died at 72. He said taking it early was the best decision he made. Had he waited, he would’ve lost out on on half of those 10 great years.
Everybody's situation is different. Tim is doing what works for him, and he's explaining it to others the best way he can. We all have to do our own homework, but I enjoy hearing what he has to say.
Exactly! Everyone do your homework on the numbers use ssa.gov and ssa.tools websites to look at the numbers. Be 100% out of debt / downsize out of big home you don't need to heat/air if you can, cut the 20+ yr old kids off the cell plans and car insurance and healthcare if they can get it at their jobs ... Tim tells you to do what is BEST for you.. Think the long run is my plan ....
@@mikepaukstis9892lol, it's actually the opposite. If she can AFFORD to retire EARLY, that screams very successful career. And also shows enough intelligence to realize working till the day you die, is for dummies like yourself😊😊😊😊
This is the best video you've put out since you started this channel in my opinion. Useful information & food for thought.👍 I enjoy the other types of videos as well, but this one here cuts to the quick, and makes a body take pause to really think about one's future. Thanks Tim.🇺🇲❤
Sir you’re more practical and makes more sense than these people who discourage Millennials to take Social Security at 62. Thank you for helping working people to make wise decisions in their short life span🙏🙏🙏
@@AJourneyOfYourSoul I chose retiring at 62 and start living my life while I’m still young rather than take a chance on dying at 65 66 or 70 or one year later after collecting Social Security. What a sad story that would be, life is to live not to endure! Nobody’s promised tomorrow.😎
Sounds good but I'm drawing at 63 1/2 for the extra $245 monthly from my estimates, when I turn 65 enrolling in medicare A+B +G+Rx. That extra delayed SSA will cover a portion of my premiums but the COLA will give it that extra boost when given 😄.
If you have a pension or savings, it may be better to use your savings to live off of and delay social security because you can make significantly more so you may not have to work part time. His theory may work for some but it may require working part time forever.
I think ST is doing great with working part-time for UA-cam. He found something he is really good at and I enjoy watching his videos. He has always worked and is enjoying life to the fullest. Tim & Tammy are a wonderful couple and I'm happy they are living their best life in retirement. Find your niche in life and you can do you and I can do what's best for me😁
I think you are right . I truly wish that is what I should've done. It did cross my mind. What's the old saying a bird in the hand is worth 2 in the bush
If you have savings/investments you should consider taking social security early. This will allow your investments to grow and moves your break even point out.
Many thanks! I turn 62 this year and had not considered retiring. After a few of your vids, today I visited an ACA rep and plan to let this year be it.
My take is that if you have to work to make ends meet in so called retirement, then you're not retired. Hopefully you don't have to do that well into your 70s. But if you can start taking Social Security at 62 and work part time to 67 putting some back for later years and then fully retire, go for it. For anyone out there reading this that is young, live within your means now and save enough to retire well when your time comes. Things as we know are not getting less expensive over time. Tim's in a different category. He's a UA-cam Star that can do this gig for a long time. 😊
I think you're missing some more numbers because the guy making $60,000 a year is also still paying into social security he's still paying in the federal tax possibly local tax possibly state tax and he's also paying into Medicare your number don't have that but anyway that would make your argument even better. I've been living on my pension since I was 52 and can't wait until my social security starts at 62 in February. May you and Tammy have a Merry Christmas 🎄
@@RetirementTalk43 never said I wasn't smart with my money ,, just not going to be someone who waits for old age or worry about a couple dollars more ,and what good is waiting if your to old to enjoy it 😁
Nine years ago the amount you got at 62 is totaly different. TodaY a person collecting ss at 62 loses almost 28% of full retirement age . You can not compare people born before 1954 to people of age today born 1958/59.
@@joyharmony5117 Wrong... you are not considering the loss to compounded inflation over that 5 year period! And that 28% loss you speak of... considering you will live to longevity, most of that (if not all) was recovered already by the early payments!
Feb 2023 62.5 I receive 2550 it was a no brainer instead of waiting until 67 FRA for 3000 a month the break even age for me is 78. So I can stay home and trade my IRAs and 401K and control my own destiny
I retired at 62 in Sept. Got my first SS deposit in Nov. Well over $2,000 per mo. My decision was made when I realized I would get hundreds more than the avg SS. Also there was not a big increase between what I get vs waiting to FRA tbe reason.... my highest earnings years had gone by.
I make $57,000 a year, I was born in ‘57 I’m 66 and 6 month, my benefit will be $2,500 per month from SSA, according to SSA I can make as much money as I want at full retirement age
So in reality with your plan, you’re never actually retiring you’re going to work in some capacity for the rest of your life. I’m wondering if you’ll feel the same about part-time work at 80 years old.
The point is, I’m pooped! I’m a very part time hairdresser and I don’t really want to work any longer. And I still can’t afford any additional Medical Insurance to my Medicare. So, I’m working more than I want to and the cost of living is still going up. This is not encouraging me at all!
Realize that one day you’ll have to quit the part time job. Collect at 62 if you’re out of debt or you’re not fit to work anymore. I’m collecting at 62, I’m worn out.
My husband used to work in the trucking industry (retired medically). He was unfortunate enough to see 3 different employees that had turned in their paperwork to retire at 65, all died within weeks of being retired. Two in the parking lot in their trucks! They worked all those years (and trucking is not a simple job) and never got to enjoy any of their hard work. That is just heartbreaking to me. No one in my family has ever lived past 80 so I will not be waiting until I'me 65-67, I may not make it. I enjoy working so I would be good with a part time job (I'm very active so it works for me. I could not sit at home and do nothing). I work in healthcare and really agree with Tim on this. You need to do the math of course before making any big decisions. Blessings to you Tim for 2024.
Regardless of what people think of your opinion on social security I get it. I still have 9 more years to go before I'm 62 but I will retire then. Its about being smart while your young & working to be able to enjoy retirement. Do we really all need to keep up with the all the latest things that become obsolete in a matter of a year? Maybe, but not so extreme. You don't need to go into debt to live a wonderful & fullfilling life. I'm so ready to break free from the prison system & micromanaging it's unbelievable!! Thank you Tim & I so agree retirement should be when your 55. (LOL). Merry Merry Christmas!!🥰🥰🙏🙏🎄🎄
Tim I’m 2 months in on crushing it , from Pa when I started watching . I’m in Palmetto in my minalist 28 ft toy hauler living day today and never looked back ! That 120$ a year ruined me !! All I need now is god , peace , and family! Mom and dad 81 now and I see them every day . I’m blessed and thankful to have found Your channel! Crush it brother!❤
I was born in 54 and wanted to start collecting at 62 but procrastinated till I was 64 while I researched my decision. I regret not starting at 62 but there were so many saying to wait to full retirement age that it took me 2 years to find the truth! Your channel will save folks from waiting as long or longer than I did. Thanks for sharing Tim. Keep crushing it!
The CARES Act made enhanced UI benefits available to a wide range of unemployed or underemployed people during the pandemic including the self-employed and gig workers. I was a 62 year old independent contractor at the time and didn't find it necessary to start drawing social security.
Point is not to work. If you retire at 62, you are stuck at that income & so you have to work to make ends meet. If u can hold on until 65, u can hopefully save a bit and get a larger SS check.
It's all about expenses in retirement. 5 million might not be enough if you spend like a drunken sailor and have huge bills like a mortgage or two, car loans and huge CC bills from extravagant spending.
Tim I agree that everybody's situations are different but you have explained this pretty throughly and some people just still dont get it. Thanks for All the videos i enjoy them.
My age is 82.10 months. Waited until 65.8 why, to make more and have done so in my case, Never smoke, never FAT, and have good health at the time. Way ahead of the retire at 62 game. It worked for me but for those with one foot in the grave at 62 cash in and go for it. Only 8 out of 100 live passed 65 worldwide. Males live to 73 in the U.S. on average I believe. It's a gamble and I won.
The age 73 average number includes all male deaths from age 1 month to 73. But there is another fact that you haven't stated. If you are alive when you hit 65 years old, then the average life span of a male actually rises to 83 years old.
This is all very interesting and alluring. Please spend some more time discussing how much you can make and still qualify for Obama care or some other type of health insurance policies. I am really considering possibly retiring at 62 but I need to have good health insurance. That I can afford of course. We all need more information about this. I have heard you have to watch you don’t make to much between 62-65 y/o in order to qualify for affordable health insurance.
My wife and I collect SS plus my 30 year state pension. Started at age 63. Our yearly gross is north of 85K per year. No debt and affordable state health insurance we are very comfortable. Very blessed,
@24:15 Yeah, agree. I'm 65 and still go camping. Alone. Why? None of my friends can do it anymore. Well, they don't want to. It's uncomfortable. And no offense to them, I'll be right behind them. So do it while you can.
I took my SS at 62... and it's a good thing I did as I collected 5 years of SS before I even reached full retirement age, which will turn out to be way more total $$ in my pocket before I reach longevity age (every recipient will be different). I also take into account that I did not lose out to compounded inflation over those years. Now, if I live to be 92, I might fall a little behind the earning curve... but what am I going to do with it anyway at that age? Enjoy your life while you can - take the money and run to the tropics... I did! 🌴😎
Social Security isn’t meant to be your only income in retirement, if it is you probably need to wait till full retirement age , if you have planned along the way and somehow didn’t touch your 401K along the way because life punched you in the mouth then you are probably in good shape to take it early or burn down your nest egg .
I absolutely agree with your viewpoint on collecting at 62! I have been watching your videos for a while. I have been contributing to the social security system for 43 years now, and I couldn't agree with you more, get our money as soon as we can..Happy Holidays to you and Tammy, and thank you so much for sharing!
I start to collect in February my first check the only problem I have now is if you make more than 32,000 you have to pay tax on it also Obamacare you have to pay more for a premium the more you make
Tim makes some great points in a direct manner, which some.folks can't accept. For me...the biggest takeaway is that i need to be setting myself up better for retirement and have a better plan than what i have now.
Yes if you plan ahead you don't need a crappy old part time job. Plan and save enough so you don't need to work at all. That's true retirement. You can then decide when you want to take SS based on your situation.
Some people have different situations. It's getting harder and harder for me to walk with these bad. Knees, so I'm gonna collect at 62. I'm not worried about anything else.collect early part time working is fine with me house paid for credit cards down not going to worry about it doctor will not operate on knees they will get infected belive me i would love to keep going but its not in the cards for me
Y'all are living a winders life! Light traveling, time with family, time with friends, eating delicious food, enjoying exercise and good health, spending quality time with each other! Sounds like a recipe for a great life👍✌️🙏💙 💜 🤗
I’m glad I convinced my daughters to work for a pension rather than SS and to max out on their 401k contributions asap. Even full SS at 67 is not enough. I retired 3 years ago at 50 and my pension is $84k a year with annual cola raises. That’s not including 401k withdrawals. I’m what you call….RETIRED!!
I work and I’m on SSI and I’m In my 40s. Do I make a ton? No but it’s just me snd I do the best I can. I have a cap and my muscles do atrophy sometimes. But I make the best of what I can do.. it’s not easy, but I do day to day,
Lots of great points in that video. Great job, dude. When we talk about income for retired folks, no conversation would be complete without reminding folks that WHERE YOU LIVE matters, too. If you're in San Diego, where a 1 bedroom crib costs 19 hundred a month, and a six pack of Michelob Ultra goes for 17 bucks? You ain't gonna live nowhere NEAR as good as you would be living.... if you were living in a place that has LOW COST OF LIVING. Places like Pace, FL, or Athens, GA, or Chattanooga, TN, or Corinth, MS, or Fairhope AL. Folks say, "I can't LIVE on 17 hundred a month!" My immediate answer is oh hell yes you CAN... if you live in a rural area in a good red state. When you are retired, you don't wanna live in an expensive area. If you are there now? You need to move. That is the stone cold truth.
@@玩具妈妈 , Yes I have been there many times. I traveled 26 states for 30 years selling aircraft parts, so I have seen hundreds of cities. What do you wanna know about it?
DING DING DING !!! He is right! Follow the guy that sells those tiny homes for $25K near Knoxville ... HE even sells the lots for you to put it on for cheap! It can be done !
There is wisdom in this old saying: If you want to make GOD laugh, tell Him your plans. I really enjoy my extra prayer time and my Rosary and Devine Chaplet devotion walks.
Tim, I understand where you are coming from. I have a friend who retired at 65 and was pretty healthy and active - she traveled overseas and was living a great life. Finally, one day she found out she had a heart issue ... unfortunately, at 71 she is gone - while on a state-side vacation. We never know when we are going to 'expire' ...
Not everyone can retire at 62 or want to. Each individuals situation is different. For you to push for everyone to take social security at 62 is just wrong. Most people who retire do not what to have to work a part-time job. And what about health insurance from age 62 to 65?
Tim is not pushing anybody into anything he's merely just explaining. Yes everybody's situations are different and everybody has to make up their own mind what they want to do. Tim has some very good valid points.
He is not forcing anyone to do anything. He is providing the information and then you need to evaluate your own situation and see if this is a viable option for you. For me? It's a no brainer! I'm out in 5 months!
Tim is simply sharing his experience and giving examples of how collecting SS at 62 works. Everyone should make their own decision. Affordable care act to obtain healthcare subsidies is the answer to healthcare. You can get an estimate before making the decision. Remember, if you begin collecting SS and change your mind because you ‘want’ to return to work, SS collection can be placed on pause (qualifying amount is frozen) but your earnings and other benefits you may get from returning to work is there for the taking. Of course you could collect SS and not pause if working side hustle is under the income threshold for collecting SS without a pause.
Tim, I think you are right for some other reasons, as well. Some people are just worn down or worn out by 62. Some people have worked very stressful jobs or lived very stressful lives and need a breath. Some people work extra hard raising children alone, or caring for sick family members, or any number of other circumstances that the " perfect people" cannot comprehend. These perfect people will continue to beat up Sarasota Tim, BUT the rest of the " worker bees" listen carefully to you. Thanks for your determination.
I hope you don’t mind if I borrow that from you. I found your comment very funny and truthful. The perfect people I love that. Thanks for commenting and being part of the community the faithful working bees.😎
Hello Tim & Tammy , I’m glad you are explaining Social Security again. I lost my job back August 2023, So I had to choose to continue working or finding another job. So I decided to collect my S # S# at age 64 . Tim we are close in age my Birthday is in Month of May. So wanted to wish you Happy birthday 🎂🎈🎊 and Happy Holidays to you and Tammy. ❤😊
Reading the comments below I agree, everyone’s situation may be different but mainly one has to do what they feel is best for them. I think a big part of the equation has nothing to do with money rather what you have experienced around you. My mom passed suddenly at 55, my dad at 72. I know or have heard of quite a few people who passed by 70. Those experiences and understanding leaves me with an easy decision, to take my money back, starting at 62. Everyone’s life experience is different. I appreciate everyone’s perspective. Special thanks Sarasota Tim! ,
A couple of things about this 1) if SSA takes any $ for exceeding the earnings limit, they will repay (over time) it once you turn 67. 2) your plan includes working. You’re not actually retired.
Mr. Tim, cannot say enough, thank you, you help me make a decision, on how to enjoy the rest of my life. Thanks and take care from an old floridacracker hahaha.
Thanks Tim, I'm taking your advice and retiring in 7 more working days. I'm 62 and 4 months. When I was 52 I had a heart attack, 53 had a stroke. I have already dodged the Reaper twice not going to give him anymore chances. I can't wait. Merry Christmas to you and Ms Tammy. Much love to everyone.
So you're going to go back to working full time at 66? Good luck. Most employers dont want to hire full-time workers at that age. . . Also you arent bringing home $250,000 cause you're still paying taxes and social security on those earnings. And you probably can't "travel" etc unless you can find short term work.
remember you have to pay Federal Social Security Tax either 50% or 80% depend on how much you make, and also some states is taxing Social Security and Pension tax also. Nothing is free, we America don't pay tax until we die, otherwise uncle same is all way on our back for TAX (god bless USA)
Tim, Plz add up the number of HOURS one sacrifices in 40-50hr week over that 5 or 11 years -vs. the number of hours per week you gain when on SS, and working only part time.
I commented in an earlier video that if I take SS at 62 I’d give up 96k over the eight years, I failed to realize I’d give up 124k if I waited. So why wait.
My goodness. This is the best video and wake up call to me. I loved this video and YES I listened to the whole thing. Great advice. Thank you so much 😊
You are confusing people by telling them they are making 50k a year. Your are not making 50k a year unless you are working a pretty significant part time job. I'm not sure you are meaning to portray these figures as stated. Anyway, just a heads up. I'm not the only listener who is wondering where you are coming from with this . I love your channel. I think maybe it needs to be specified that you must work and make as extra income to come out to 50k. Thank you
The average life expectancy for an American male may be 73 but that's counting those who die at an earlier age. If you make it to 62 and you're in good health, eating right and exercising as Tim is, odds are you're going to live well beyond 73. Tim has the typical boomer short term mentality. Live for today. That's why so many boomers have reached retirement age unprepared. They spent decades living for the moment. Hope it works out for Tim and it probably will given he is healthy enough to work and lives cheaply but it's not the right choice for everyone.
If you’re married with plenty of money in 401k. You should wait to get delayed credits. Thats my gift to my wife if I should pass, she won’t get penalized for me taking it early. Tim is nuts to push early pulling on SS. Only if in bad health or need the income to live on. Only reason to take
Tim talks about the whole picture of life remaining , God, money an quality of life like no one else. He gets what is all about and brings up the fact of so many people wanting to stay working at home. Its your decision, he helps explain your options. It may not work for everyone.
Hey Tim, another Great video, however some points to clarify. This is ALL personal choice. These scenarios all are based on which state someone is living in. Most people will not have a UA-cam side hustle. At $25/hr (way over minimum wage) at 20 hours/week (part-time), you would only make $26,000! Most people will not be able to have a side hustle bringing in even $20k a year. FYI, I'll be 68 in 3 weeks, started collecting SS at 64. A very simple calculation on average says it will take 11 years to recoup any money you don't take early, regardless of your age. Keep CRUSHING IT!
Just to add something here I've heard several people bragging about how much they have in 401 k well then they die and never used it so it goes to their heirs. People set that money up to help you. Dont leave that money sitting somewhere and your not benifitting from it otherwise its just numbers sitting on a piece of paper.
One has to assess one's health, whether or not they have a Pension, and if they have their place of residence paid off. One of my friend's is fully Retired at 55, after 32 years as a Suffolk County, NY Teacher. Another has Zero savings at age 55 in the Auto Industry.
Tim, you amaze me. You speak in this video exactly as I think. The REAL numbers are startling how low the average Americans salary is but those numbers are real. The research you do is great. This is real talk. Listen up everybody!!
Tim, great video! Want to make the video EVEN BETTER? Remember a picture is a 1000 words!! Please use an Erase White Board and Write down all these numbers and let us actually see them in writing on a white board. It would really help illustrate your points on this highly debatable topic.
If you are planning to retire PAY OFF YOUR DEBT while you still have a job. MAX YOUR RETIREMENT CONTRIBUTIONS while you still have a job. Take your SS as early as possible WHILE YOU STILL HAVE A JOB. Now when you WANT TO, retire debt free with money in your retirement fund. You can live well!
Please talk about medical on your next video remember every body get sick we need insurance that 40 your making you will spending that in 15 minutes in the hospital I’m 78 I waited until full retirement age and I’m not sorry a bit I did it my way my supplement is 300 a month nothing to worry about anything to make it short no insurance your in trouble from the start
Greetings, Tim, you are correct in so many ways, concering life.. Retired at 55 ! Got a very bad aggressive cancer at 58. Since then its been a challenge. If your not having fun at your employment, decide your future and leave.
Great points Tim and thanks for the insight. You should point out often that your plan will work best if the individual is debt free or mostly debt free by 62. I paid off my house at 55 so I am on board with your thought process.
The things that you are saying have some validity but are oversimplified. There is stress in retirement as well. There is stress by not having the purpose that you used to have. There is stress in not having the interactions that you used to have. There is stress in worrying about the cost of repairing the car that was not expected. There is stress in dealing with insurance companies refusing to pay for simple medical procedures, that your old and better insurance company would have covered. Also, just because you are working a part-time job, don't think for a minute that your employer won't expect that you start on time or do a good job in a timely manor. You say that you are in good shape financially now, but in 10 years when you can't work a part-time job, you will stress when you cant afford to go golfing, surf-boarding, or buy Christmas gifts for your family.
I guess I have one question. If you have that part time job, what happens when you don’t? I mean does that part time job have a potential to increase your social security benefits beyond someone that collects social security and does nothing else?
I got 3 yrs to 62, and I can't wait to retire, but I'm going to file at 63, to avoid the 30% they take if filing at 62. I worked 3 union Union jobs with 3 pensions and do part-time work already along with my full-time job, so I'm prepared. If I pass before, then well, I won't care. I'll be in heaven. Blessings to all who retire
I retired early, have no side hustle. Enjoy sittin on the porch with my two dogs watching Sarasota Tim videos. Now thats RETIRED
😂
I’ll keep my part time job!! 😂🤣🤪
@@DarkPlanet9who told you I unsubscribed? Are you seriously that bored??? 😂
@@DarkPlanet9oh ok. lol. Enjoy your retirement. 🎉
@@bobblanchard9041 Beats answering the alarm clock, drive into work, and putting up with all the BS.
I retired at 65 a year ago and work part time now. I waited so I could collect Medicare. Health insurance is a big factor in determining weather you should retire or not. I make more money with my part time job and social security than my full time job and I made good money working in luxury retail. No regrets. And praise God I’m healthy and feel youthful.
@@57athina you my friend have it going on! 👍😎
My wife and I make almost $800 each a month more from waiting to 67 compared to 62. Also unless one has a lot of health concerns thinking you are going to die at 73 is counterproductive. No one knows when they will die but to assume you will die at 73 is not right.
So I think everyone has their own math on this subject. If you are 62 and have a 401k and a Roth IRA and have your home paid off while collecting over 4k per month why would you wait until full retirement age ? Everyone has a different situation.
@@ngutz117 you are right everyone has their own math. I just believe maximizing SS income is good if you can do it. 67 rather than 70 is a good trade off. Also down the road if you need assisted living it’s better to have more income on paper.
@@marclevant6639 like I said everyone has a different situation. If that works for you fantastic!
Yeah, but a lot of people are dying, so that Hass to be in the equation. It can’t not be taken into consideration. It’s to try to keep you healthy you’re going into 70 instead of when you get there you’re already on death row.😅💯🥳😎👍
@@ngutz117 yes it also depends on your situation. We need the money but we’re gonna need some time off too. We’re going to have kids at home that are disabled, even during retirement.
I don’t think people really care about the total amount they get from Social Security before they die. What’s most important is the amount you are making each month or year. People need money to live on daily. Getting the most out Social Security before you die is not the goal.
If you're making the numbers you're talking about, you're back to working full time. Nobody makes that 59 thousand working part-time. It's great for the m to raise the earnings, but realistically, most people aren't going to make that, without going back to full-time work. Just saying.
The ability to make $59k by most people at FRA after retiring 5 years earlier at 62 is very much in question. I'm a huge proponent of pulling the trigger at 62, but unless you have a very specialized skill set, making $59k per year after you've essentially been out of the job market isn't going to be easy especially if you're in a job requiring physical mobility.
I work in healthcare and earn a good salary, and I'm not sure yet when the best option is for pulling the trigger. One of the nurses I work with is getting ready to pull the trigger, and she can only work 3 12 hour shifts a month after retiring early if she wants to stay under the earnings limit.
That's a difficult proposition to sell to a hospital, unless they're desperate, and she's probably going to have to work for a staffing agency rather than a specific hospital to work that little.
I guess everyone's situation is different, so do your research and try to make the best decision you can with all of the information available. I do hope I'm able to make it work at 62 for myself.
Women have worked part time for years then go full time when kids are in school
This is true, and I admire women who do that tremendously, but they are typically young when they do it in their 30’s or 40’s, not 67 years old trying to earn 59k in todays dollars.
Yes, once you hit full retirement age (67 for me), you can collect SS and work without salary cap.
Nursing can be hard on your body and even harder in your 60’s. You deserve a good retirement.
She can do it. My daughter is an ER nurse, and during the pandemic, decided to do travel nursing, so signed with an agency. After a couple years, is now an independent contractor and sets her own hours.
My time is 62, no working until 65 when Medicare kicks in. Using Obamacare to bridge the gap. All the best to everyone.
Obama claire wants to charge me 800.00 hundred dollars a month😢
@@ginacardarellaThat’s a lot. Can you manage your income to lower the monthly premium. Out of pocket isn’t cheap either. All the best.
Same here.
Your best video yet. Full of good information. I also retired at 62 based on the same criteria. Why wait. But my health went south with cancer so I haven’t been able to travel with my Miss Cilia sadly. I am not longer able to eat solid food anymore. So my life is upside down. My faith keeps going. I don’t think you need to apologize for your sense of humor. They don’t like it they change the channel. Anyway good job and Thank you I’ll be watching! Rob
Wishing you all the best with your health.
I agree with all of this. My husband turned 62 in October and we are in the process of him retiring. Should have been on it earlier. Thank you for your inspiration. Your way of living is in no way shape or form a lower lifestyle, it’s a lifestyle of freedom. Less stuff more freedom. Sending you sweet Tammy and your wonderful families many prayers and blessings this beautiful holiday season celebrating the birth of our savior Jesus Christ.
I worked my numbers and my break even was 78 years old. Now I don't have to pull on my retirement funds and they are still growing tax free until 72 when I have to take disbursements
@@CarolMarsh-b5iHe’s just sharing the information and it’s their money to do as they please. Don’t be a hater 😢.
Tim, excellent messages in this video. I’m retired taking SS at 62.
My father took his at 62 and died at 72. He said taking it early was the best decision he made. Had he waited, he would’ve lost out on on half of those 10 great years.
Everybody's situation is different. Tim is doing what works for him, and he's explaining it to others the best way he can. We all have to do our own homework, but I enjoy hearing what he has to say.
Wow your the first "story teller" I.ve met on UA-cam... if you can well let's hear one!
@@mikepaukstis9892 I actually just posted a brand new one, and I hope you like it.
Exactly! Everyone do your homework on the numbers use ssa.gov and ssa.tools websites to look at the numbers. Be 100% out of debt / downsize out of big home you don't need to heat/air if you can, cut the 20+ yr old kids off the cell plans and car insurance and healthcare if they can get it at their jobs ... Tim tells you to do what is BEST for you.. Think the long run is my plan ....
@@lindabeltran264 Absolutely! What works for him will not necessarily work for you.
In Our home we retire at 62. Debt free. Work part time and make almost same amount we did while working full time. No brainer to retire at 62 for us!
Your videos, along with my husband retiring, helped convince me to retire completely from real estate at 62. BEST DECISION EVER.
You must have not been that good at real estate!
@@mikepaukstis9892 what is the point in even saying that???
@@bevd.7024 agreed.
I have worked real estate for 42 years, now collecting SS and working when ai want
@@mikepaukstis9892lol, it's actually the opposite. If she can AFFORD to retire EARLY, that screams very successful career.
And also shows enough intelligence to realize working till the day you die, is for dummies like yourself😊😊😊😊
This is the best video you've put out since you started this channel in my opinion. Useful information & food for thought.👍 I enjoy the other types of videos as well, but this one here cuts to the quick, and makes a body take pause to really think about one's future. Thanks Tim.🇺🇲❤
Sir you’re more practical and makes more sense than these people who discourage Millennials to take Social Security at 62. Thank you for helping working people to make wise decisions in their short life span🙏🙏🙏
I would rather wait until FRA and be 100% retired, than “retire” early at 62 and have to work part time for the rest of my life.
@@AJourneyOfYourSoul I chose retiring at 62 and start living my life while I’m still young rather than take a chance on dying at 65 66 or 70 or one year later after collecting Social Security. What a sad story that would be, life is to live not to endure! Nobody’s promised tomorrow.😎
Sounds good but I'm drawing at 63 1/2 for the extra $245 monthly from my estimates, when I turn 65 enrolling in medicare A+B +G+Rx. That extra delayed SSA will cover a portion of my premiums but the COLA will give it that extra boost when given 😄.
I'm planning on waiting until 65 to offset Medicare costs. If I hear noise that SS is changing I'll start collecting now.
If you have a pension or savings, it may be better to use your savings to live off of and delay social security because you can make significantly more so you may not have to work part time. His theory may work for some but it may require working part time forever.
I think ST is doing great with working part-time for UA-cam. He found something he is really good at and I enjoy watching his videos. He has always worked and is enjoying life to the fullest. Tim & Tammy are a wonderful couple and I'm happy they are living their best life in retirement. Find your niche in life and you can do you and I can do what's best for me😁
I think you are right . I truly wish that is what I should've done. It did cross my mind. What's the old saying a bird in the hand is worth 2 in the bush
If you have savings/investments you should consider taking social security early. This will allow your investments to grow and moves your break even point out.
Many thanks! I turn 62 this year and had not considered retiring. After a few of your vids, today I visited an ACA rep and plan to let this year be it.
My take is that if you have to work to make ends meet in so called retirement, then you're not retired. Hopefully you don't have to do that well into your 70s. But if you can start taking Social Security at 62 and work part time to 67 putting some back for later years and then fully retire, go for it. For anyone out there reading this that is young, live within your means now and save enough to retire well when your time comes. Things as we know are not getting less expensive over time. Tim's in a different category. He's a UA-cam Star that can do this gig for a long time. 😊
I think you're missing some more numbers because the guy making $60,000 a year is also still paying into social security he's still paying in the federal tax possibly local tax possibly state tax and he's also paying into Medicare your number don't have that but anyway that would make your argument even better. I've been living on my pension since I was 52 and can't wait until my social security starts at 62 in February. May you and Tammy have a Merry Christmas 🎄
100% agree just remember folks tomorrow is not guaranteed enjoy life while you can
@@RetirementTalk43 never said I wasn't smart with my money ,, just not going to be someone who waits for old age or worry about a couple dollars more ,and what good is waiting if your to old to enjoy it 😁
@@Chris-L-sr Right on!
Do you worry at all on how you would take care of yourself if you reach 85 or 90 and need more help with everything?
@@RetirementTalk43Let the government take care of us at 90.
I have 172 working days left WAHOO!! Keep up the good work brother!
Husband has 14.5 days left! Looking forward to it!
I started at 62. My check has risen 29 percent In 9 years. I am now drawing $2655!!
Nine years ago the amount you got at 62 is totaly different. TodaY a person collecting ss at 62 loses almost 28% of full retirement age . You can not compare people born before 1954 to people of age today born 1958/59.
@@joyharmony5117 Wrong... you are not considering the loss to compounded inflation over that 5 year period! And that 28% loss you speak of... considering you will live to longevity, most of that (if not all) was recovered already by the early payments!
Feb 2023 62.5 I receive 2550 it was a no brainer instead of waiting until 67 FRA for 3000 a month the break even age for me is 78. So I can stay home and trade my IRAs and 401K and control my own destiny
No brainer since you are getting $2,550.
The more you get, the more the additional funds waiting doesn’t make sense.
I retired at 62 in Sept. Got my first SS deposit in Nov. Well over $2,000 per mo. My decision was made when I realized I would get hundreds more than the avg SS. Also there was not a big increase between what I get vs waiting to FRA tbe reason.... my highest earnings years had gone by.
I make $57,000 a year, I was born in ‘57 I’m 66 and 6 month, my benefit will be $2,500 per month from SSA, according to SSA I can make as much money as I want at full retirement age
@@2legit2Kwit Love it !
So in reality with your plan, you’re never actually retiring you’re going to work in some capacity for the rest of your life. I’m wondering if you’ll feel the same about part-time work at 80 years old.
Exactly 👍
The point is, I’m pooped! I’m a very part time hairdresser and I don’t really want to work any longer. And I still can’t afford any additional Medical Insurance to my Medicare. So, I’m working more than I want to and the cost of living is still going up. This is not encouraging me at all!
Realize that one day you’ll have to quit the part time job. Collect at 62 if you’re out of debt or you’re not fit to work anymore.
I’m collecting at 62, I’m worn out.
My husband used to work in the trucking industry (retired medically). He was unfortunate enough to see 3 different employees that had turned in their paperwork to retire at 65, all died within weeks of being retired. Two in the parking lot in their trucks! They worked all those years (and trucking is not a simple job) and never got to enjoy any of their hard work. That is just heartbreaking to me. No one in my family has ever lived past 80 so I will not be waiting until I'me 65-67, I may not make it. I enjoy working so I would be good with a part time job (I'm very active so it works for me. I could not sit at home and do nothing). I work in healthcare and really agree with Tim on this. You need to do the math of course before making any big decisions. Blessings to you Tim for 2024.
Regardless of what people think of your opinion on social security I get it. I still have 9 more years to go before I'm 62 but I will retire then. Its about being smart while your young & working to be able to enjoy retirement. Do we really all need to keep up with the all the latest things that become obsolete in a matter of a year? Maybe, but not so extreme. You don't need to go into debt to live a wonderful & fullfilling life. I'm so ready to break free from the prison system & micromanaging it's unbelievable!! Thank you Tim & I so agree retirement should be when your 55. (LOL). Merry Merry Christmas!!🥰🥰🙏🙏🎄🎄
Maximize your retirement contributions and pay off your debt while working. We live well on SS. No debt, and a retirement fund backup.
Same here I got 8 years 7 months till I'm 62..debt free house and car paid off..I'm ready😊
If you have to work at all while taking SS you are not retired. If you are not debt free, do not stop working your job
Tim I’m 2 months in on crushing it , from Pa when I started watching . I’m in Palmetto in my minalist 28 ft toy hauler living day today and never looked back ! That 120$ a year ruined me !! All I need now is god , peace , and family! Mom and dad 81 now and I see them every day . I’m blessed and thankful to have found Your channel! Crush it brother!❤
I was born in 54 and wanted to start collecting at 62 but procrastinated till I was 64 while I researched my decision. I regret not starting at 62 but there were so many saying to wait to full retirement age that it took me 2 years to find the truth! Your channel will save folks from waiting as long or longer than I did. Thanks for sharing Tim. Keep crushing it!
The CARES Act made enhanced UI benefits available to a wide range of unemployed or underemployed people during the pandemic including the self-employed and gig workers. I was a 62 year old independent contractor at the time and didn't find it necessary to start drawing social security.
Point is not to work. If you retire at 62, you are stuck at that income & so you have to work to make ends meet. If u can hold on until 65, u can hopefully save a bit and get a larger SS check.
It's all about expenses in retirement. 5 million might not be enough if you spend like a drunken sailor and have huge bills like a mortgage or two, car loans and huge CC bills from extravagant spending.
Retired at 62 also. Health took a downturn last 5 years. Life can change in a heartbeat.
Might not even got the five years, if you stayed working.
Tim I agree that everybody's situations are different but you have explained this pretty throughly and some people just still dont get it. Thanks for All the videos i enjoy them.
That’s one of the biggest things that amazes me I try to explain it like you’re a kid and some people still don’t get it. 😎
My age is 82.10 months. Waited until 65.8 why, to make more and have done so in my case, Never smoke, never FAT, and have good health at the time. Way ahead of the retire at 62 game. It worked for me but for those with one foot in the grave at 62 cash in and go for it. Only 8 out of 100 live passed 65 worldwide. Males live to 73 in the U.S. on average I believe. It's
a gamble and I won.
Salud, Good Sir ! Stay away from excess Sugar and make it until 100.
The age 73 average number includes all male deaths from age 1 month to 73.
But there is another fact that you haven't stated.
If you are alive when you hit 65 years old, then the average life span of a male actually rises to 83 years old.
This is generally very bad advice. Don’t do this. Seek out someone trained in retirement finance before making this decision.
This is real advice from someone living the best life! Not from a paid broker or advisor. Many don't live long enough to get full S.S.
This is all very interesting and alluring. Please spend some more time discussing how much you can make and still qualify for Obama care or some other type of health insurance policies. I am really considering possibly retiring at 62 but I need to have good health insurance. That I can afford of course. We all need more information about this. I have heard you have to watch you don’t make to much between 62-65 y/o in order to qualify for affordable health insurance.
My wife and I collect SS plus my 30 year state pension. Started at age 63. Our yearly gross is north of 85K per year. No debt and affordable state health insurance we are very comfortable. Very blessed,
But would you have started taking SS at 63 if you didn’t have the pension and had to work part time to get by like Tim does?
@@whjerts With no debt yes. Insurance is the bigger deal.
Thanks American tax payers.
@@william-fla-321 State retirement is funded by NC residents to which I funded out of MY PAYCHECK 6% per month for 30 years.
@@william-fla-321Nothing like a Govt pension
@24:15 Yeah, agree. I'm 65 and still go camping. Alone. Why? None of my friends can do it anymore. Well, they don't want to. It's uncomfortable. And no offense to them, I'll be right behind them. So do it while you can.
Hey, Tim I don’t know if anyone has mentioned to put those slides in before the storm comes. Best wishes!
I took my SS at 62... and it's a good thing I did as I collected 5 years of SS before I even reached full retirement age, which will turn out to be way more total $$ in my pocket before I reach longevity age (every recipient will be different). I also take into account that I did not lose out to compounded inflation over those years. Now, if I live to be 92, I might fall a little behind the earning curve... but what am I going to do with it anyway at that age? Enjoy your life while you can - take the money and run to the tropics... I did! 🌴😎
Most people in decent health will live way past 73. Probably to 84+.
Social Security isn’t meant to be your only income in retirement, if it is you probably need to wait till full retirement age , if you have planned along the way and somehow didn’t touch your 401K along the way because life punched you in the mouth then you are probably in good shape to take it early or burn down your nest egg .
This is the kinda talk that reeled this fish in.
I absolutely agree with your viewpoint on collecting at 62! I have been watching your videos for a while. I have been contributing to the social security system for 43 years now, and I couldn't agree with you more, get our money as soon as we can..Happy Holidays to you and Tammy, and thank you so much for sharing!
I start to collect in February my first check the only problem I have now is if you make more than 32,000 you have to pay tax on it also Obamacare you have to pay more for a premium the more you make
Premium are low for 2 people at $33,000 but the out of the pocket doubles if you make $1 to much. It could be $34,000 I don’t remember.
A question for you is the 33,000 earned money or is that earned money along with the Social Security that you make
Tim makes some great points in a direct manner, which some.folks can't accept. For me...the biggest takeaway is that i need to be setting myself up better for retirement and have a better plan than what i have now.
Yes if you plan ahead you don't need a crappy old part time job. Plan and save enough so you don't need to work at all. That's true retirement. You can then decide when you want to take SS based on your situation.
Some people have different situations. It's getting harder and harder for me to walk with these bad. Knees, so I'm gonna collect at 62. I'm not worried about anything else.collect early part time working is fine with me house paid for credit cards down not going to worry about it doctor will not operate on knees they will get infected belive me i would love to keep going but its not in the cards for me
From one Dennis to another. I’d like to work longer too but my hips have other plans. All the best.
Y'all are living a winders life! Light traveling, time with family, time with friends, eating delicious food, enjoying exercise and good health, spending quality time with each other! Sounds like a recipe for a great life👍✌️🙏💙 💜 🤗
I’m glad I convinced my daughters to work for a pension rather than SS and to max out on their 401k contributions asap. Even full SS at 67 is not enough. I retired 3 years ago at 50 and my pension is $84k a year with annual cola raises. That’s not including 401k withdrawals. I’m what you call….RETIRED!!
Nothing pays better than government to its workers. Thank you American tax payers !!! 😂
I work and I’m on SSI and I’m
In my 40s. Do I make a ton? No but it’s just me snd I do the best I can. I have a cap and my muscles do atrophy sometimes. But I make the best of what I can do.. it’s not easy, but I do day to day,
Tim , your making sense for alot of us!!! Your quality of life is above par.. Merry Christmas!
Lots of great points in that video. Great job, dude. When we talk about income for retired folks, no conversation would be complete without reminding folks that WHERE YOU LIVE matters, too. If you're in San Diego, where a 1 bedroom crib costs 19 hundred a month, and a six pack of Michelob Ultra goes for 17 bucks? You ain't gonna live nowhere NEAR as good as you would be living.... if you were living in a place that has LOW COST OF LIVING. Places like Pace, FL, or Athens, GA, or Chattanooga, TN, or Corinth, MS, or Fairhope AL. Folks say, "I can't LIVE on 17 hundred a month!" My immediate answer is oh hell yes you CAN... if you live in a rural area in a good red state. When you are retired, you don't wanna live in an expensive area. If you are there now? You need to move. That is the stone cold truth.
@@玩具妈妈 , Yes I have been there many times. I traveled 26 states for 30 years selling aircraft parts, so I have seen hundreds of cities. What do you wanna know about it?
DING DING DING !!! He is right! Follow the guy that sells those tiny homes for $25K near Knoxville ... HE even sells the lots for you to put it on for cheap! It can be done !
@@hoosier_daddy65 How is the health care?
My only worry is I am still trying to pay off my house
There is wisdom in this old saying:
If you want to make GOD laugh, tell Him your plans.
I really enjoy my extra prayer time and my Rosary and Devine Chaplet devotion walks.
Tim, I understand where you are coming from. I have a friend who retired at 65 and was pretty healthy and active - she traveled overseas and was living a great life. Finally, one day she found out she had a heart issue ... unfortunately, at 71 she is gone - while on a state-side vacation. We never know when we are going to 'expire' ...
Not everyone can retire at 62 or want to. Each individuals situation is different. For you to push for everyone to take social security at 62 is just wrong. Most people who retire do not what to have to work a part-time job. And what about health insurance from age 62 to 65?
Each person has to decide the best time to retire. Obamacare can possibly bridge the gap between Medicare.
Tim is not pushing anybody into anything he's merely just explaining. Yes everybody's situations are different and everybody has to make up their own mind what they want to do. Tim has some very good valid points.
He is not forcing anyone to do anything. He is providing the information and then you need to evaluate your own situation and see if this is a viable option for you. For me? It's a no brainer! I'm out in 5 months!
Every person has to make their own assessment of their situation.
Tim is simply sharing his experience and giving examples of how collecting SS at 62 works.
Everyone should make their own decision. Affordable care act to obtain healthcare subsidies is the answer to healthcare. You can get an estimate before making the decision.
Remember, if you begin collecting SS and change your mind because you ‘want’ to return to work, SS collection can be placed on pause (qualifying amount is frozen) but your earnings and other benefits you may get from returning to work is there for the taking. Of course you could collect SS and not pause if working side hustle is under the income threshold for collecting SS without a pause.
Tim, I think you are right for some other reasons, as well.
Some people are just worn down or worn out by 62. Some people have worked very stressful jobs or lived very stressful lives and need a breath. Some people work extra hard raising children alone, or caring for sick family members, or any number of other circumstances that the " perfect people" cannot comprehend.
These perfect people will continue to beat up Sarasota Tim, BUT the rest of the " worker bees" listen carefully to you. Thanks for your determination.
I hope you don’t mind if I borrow that from you. I found your comment very funny and truthful. The perfect people I love that. Thanks for commenting and being part of the community the faithful working bees.😎
Hello Tim & Tammy , I’m glad you are explaining Social Security again. I lost my job back August 2023, So I had to choose to continue working or finding another job. So I decided to collect my S # S# at age 64 . Tim we are close in age my Birthday is in Month of May. So wanted to wish you Happy birthday 🎂🎈🎊 and Happy Holidays to you and Tammy. ❤😊
Reading the comments below I agree, everyone’s situation may be different but mainly one has to do what they feel is best for them. I think a big part of the equation has nothing to do with money rather what you have experienced around you. My mom passed suddenly at 55, my dad at 72. I know or have heard of quite a few people who passed by 70. Those experiences and understanding leaves me with an easy decision, to take my money back, starting at 62. Everyone’s life experience is different. I appreciate everyone’s perspective. Special thanks Sarasota Tim! ,
A couple of things about this
1) if SSA takes any $ for exceeding the earnings limit, they will repay (over time) it once you turn 67.
2) your plan includes working. You’re not actually retired.
Sarasota Tim went from handing out free samples at the local supermarkets to a full-fledged retirement planner. That is amazing.🤣
Mr. Tim, cannot say enough, thank you, you help me make a decision, on how to enjoy the rest of my life. Thanks and take care from an old floridacracker hahaha.
Thanks Tim, I'm taking your advice and retiring in 7 more working days. I'm 62 and 4 months. When I was 52 I had a heart attack, 53 had a stroke. I have already dodged the Reaper twice not going to give him anymore chances. I can't wait. Merry Christmas to you and Ms Tammy. Much love to everyone.
You have to work part time forever. As you get older that will be harder.
So you're going to go back to working full time at 66? Good luck. Most employers dont want to hire full-time workers at that age. . . Also you arent bringing home $250,000 cause you're still paying taxes and social security on those earnings. And you probably can't "travel" etc unless you can find short term work.
remember you have to pay Federal Social Security Tax either 50% or 80% depend on how much you make, and also some states is taxing Social Security and Pension tax also. Nothing is free, we America don't pay tax until we die, otherwise uncle same is all way on our back for TAX (god bless USA)
Tim, Plz add up the number of HOURS one sacrifices in 40-50hr week over that 5 or 11 years -vs. the number of hours per week you gain when on SS, and working only part time.
I commented in an earlier video that if I take SS at 62 I’d give up 96k over the eight years, I failed to realize I’d give up 124k if I waited. So why wait.
My goodness. This is the best video and wake up call to me. I loved this video and YES I listened to the whole thing. Great advice. Thank you so much 😊
You are confusing people by telling them they are making 50k a year. Your are not making 50k a year unless you are working a pretty significant part time job. I'm not sure you are meaning to portray these figures as stated. Anyway, just a heads up. I'm not the only listener who is wondering where you are coming from with this . I love your channel. I think maybe it needs to be specified that you must work and make as extra income to come out to 50k. Thank you
Best video ever Tim ! Thank you for all your goodness and heartfelt for people your are the best… Now let’s crush it !!
Google says $1,275,00 a month is the average payment at 62. That’s $15,300
Happy Sunday, 62 and I am running out the door 😇
The average life expectancy for an American male may be 73 but that's counting those who die at an earlier age. If you make it to 62 and you're in good health, eating right and exercising as Tim is, odds are you're going to live well beyond 73. Tim has the typical boomer short term mentality. Live for today. That's why so many boomers have reached retirement age unprepared. They spent decades living for the moment. Hope it works out for Tim and it probably will given he is healthy enough to work and lives cheaply but it's not the right choice for everyone.
If you’re married with plenty of money in 401k. You should wait to get delayed credits. Thats my gift to my wife if I should pass, she won’t get penalized for me taking it early. Tim is nuts to push early pulling on SS. Only if in bad health or need the income to live on.
Only reason to take
Tim talks about the whole picture of life remaining , God, money an quality of life like no one else. He gets what is all about and brings up the fact of so many people wanting to stay working at home. Its your decision, he helps explain your options. It may not work for everyone.
I’m almost 62 just a little more than a year .I’m going to Retire and do the side hustle thing too just like Tim is kinda sorta
Hey Tim, another Great video, however some points to clarify. This is ALL personal choice. These scenarios all are based on which state someone is living in. Most people will not have a UA-cam side hustle. At $25/hr (way over minimum wage) at 20 hours/week (part-time), you would only make $26,000! Most people will not be able to have a side hustle bringing in even $20k a year. FYI, I'll be 68 in 3 weeks, started collecting SS at 64. A very simple calculation on average says it will take 11 years to recoup any money you don't take early, regardless of your age. Keep CRUSHING IT!
Just to add something here I've heard several people bragging about how much they have in 401 k well then they die and never used it so it goes to their heirs. People set that money up to help you. Dont leave that money sitting somewhere and your not benifitting from it otherwise its just numbers sitting on a piece of paper.
We are not promised tomorrow!! Job 14:5
#2. . ). Happy birthday, Tim🎉❤🎂💯 keep crushing it I need to go to the gym to. How do you do it?
One has to assess one's health, whether or not they have a Pension, and if they have their place of residence paid off. One of my friend's is fully Retired at 55, after 32 years as a Suffolk County, NY Teacher. Another has Zero savings at age 55 in the Auto Industry.
Government pays the best !!!
Tim, from what I understand any income penalty from making too much, once you reach full retirement age, they start paying that penalty back to you.
Tim I like your videos but it’s hard to follow you on this ….
@@DarkPlanet9
😂😂 that was funny pretty much sums it up to. 😎
Tim, you amaze me. You speak in this video exactly as I think. The REAL numbers are startling how low the average Americans salary is but those numbers are real. The research you do is great. This is real talk. Listen up everybody!!
Tim, great video! Want to make the video EVEN BETTER? Remember a picture is a 1000 words!! Please use an Erase White Board and Write down all these numbers and let us actually see them in writing on a white board. It would really help illustrate your points on this highly debatable topic.
If you are planning to retire PAY OFF YOUR DEBT while you still have a job. MAX YOUR RETIREMENT CONTRIBUTIONS while you still have a job.
Take your SS as early as possible WHILE YOU STILL HAVE A JOB.
Now when you WANT TO, retire debt free with money in your retirement fund. You can live well!
Please talk about medical on your next video remember every body get sick we need insurance that 40 your making you will spending that in 15 minutes in the hospital I’m 78 I waited until full retirement age and I’m not sorry a bit I did it my way my supplement is 300 a month nothing to worry about anything to make it short no insurance your in trouble from the start
Greetings, Tim, you are correct in so many ways, concering life..
Retired at 55 ! Got a very bad aggressive cancer at 58. Since then its been a challenge.
If your not having fun at your employment, decide your future and leave.
Great points Tim and thanks for the insight. You should point out often that your plan will work best if the individual is debt free or mostly debt free by 62. I paid off my house at 55 so I am on board with your thought process.
I luv u Tim …. Great advice
The things that you are saying have some validity but are oversimplified.
There is stress in retirement as well. There is stress by not having the purpose that you used to have. There is stress in not having the interactions that you used to have. There is stress in worrying about the cost of repairing the car that was not expected. There is stress in dealing with insurance companies refusing to pay for simple medical procedures, that your old and better insurance company would have covered.
Also, just because you are working a part-time job, don't think for a minute that your employer won't expect that you start on time or do a good job in a timely manor.
You say that you are in good shape financially now, but in 10 years when you can't work a part-time job, you will stress when you cant afford to go golfing, surf-boarding, or buy Christmas gifts for your family.
Totally agree with Tim to stay away from Dr’s and prescription drugs, if you can.
Well you need to see a doctor to do blood work and stay in decent health. You cannot just stay away! Wrong message.
@@boomer7436 I don’t need a doctor to stay in decent health!
Those pills make people live way longer. They work.
It is the people who need the pills, but don’t take them, that die early.
I guess I have one question. If you have that part time job, what happens when you don’t? I mean does that part time job have a potential to increase your social security benefits beyond someone that collects social security and does nothing else?
It will go up very , very slightly. Your SS is based on the average of 35 years.
I got 3 yrs to 62, and I can't wait to retire, but I'm going to file at 63, to avoid the 30% they take if filing at 62. I worked 3 union Union jobs with 3 pensions and do part-time work already along with my full-time job, so I'm prepared. If I pass before, then well, I won't care. I'll be in heaven. Blessings to all who retire