What about spouse? At 62 you're also getting 60% less benefits if you waited to 70. When you die your spouse get's 60% less benefits the rest of their life if their SSA is less than your benefits. If you work and made money over the limit up to 67 you are penalized quite a bit. 70 is the old 55-60 in your father's time. 70 today, your breakeven age is lower than retirees that have a FRA of 67.
Exactly! Tomorrow is not promised to anyone. I had an older co worker that retired at 65. Well he died a few months ago. His finances were in order because he was retired military and other benefits. But now he is dead and wasnt even retired 2 full years.
@@mrsmc2612 Exactly they are lying to us and all those talking heads say we are living longer and that is big, big, fat lie! I know over a dozen friends and family members who have died before they started collecting their social security. By the time the average American retires in the PRIVATE sector their backs, legs, and knees are all busted. On the other hand, you see the POLITICIANS and the PUBLIC EMPLOYEES living longer because they actually do not do the work.
I did it at 62. I did the math and the decision was fairly easy. If it wasn’t the best thing to do for us, the government wouldn’t be trying to bribe us to wait.
@@irie256 At 62 you're also getting 60% less benefits if you waited to 70. When you die your spouse get's 60% less benefits the rest of their life if their SSA is less than your benefits. If you work and made money over the limit up to 67 you are penalized quite a bit. 70 is the old 55-60 in your father's time. 70 today, your breakeven age is lower than retirees that have a FRA of 67.
You have to look at the numbers more than just some people you know. Almost all the coworkers who retired before me are in their 70's and 80's. Run the actual statistics and see what the reality. If your family has a history of dying early then you should probably take it early. Everyone's situation is different along with their finances
Glad to hear someone say everyone’s situation is different and taking Social Security is dependent on their respective life situations, not a maximum payout nor number of payments made.
My thoughts about collecting early is if you live a long time thinking you could have collected more waiting to start later. Think if you end up in a nursing home at 80 kicking yourself in the butt. 😮 Yeah you lived long, but where?
@@wheelie642 Your chances of ending up in a nursing home are high no matter what you do, unless you have exceptionally solicitous family, and often not even then.
I agree with you! I took mine (or will be this month) early at 62. I did the analysis and if I wait until I am 70 to file, I would not break even until I was 81. According to social security, my life expectancy is 85. Given that, I am not willing to take that bet for 4 years of benefit, especially given the time value of money of those cash flows. For me, a bird in hand is worth two in the bush.
If you live to 81, you will have collected the same amount of money from the Social Security system. But what you will have lost financially is th5 years of regular income from your job. ( 5 years x $50,000/ year) added to what you get from SS. I agree that you may benefit from not having to work. But the financial advisor was trying to justify retirement only based on financial gain numbers.
@@TheHavocdogit's not 'IF' I live to 81 but 'WHAT IF' I live to 81, if I die before breaking even I won't be here to know it but if I live far beyond 81 the money difference will be needed
@@TheHavocdognot to mention The extra money going into a 401k.. hey, if someone can afford it great. I'm in my 50s and I'd go now if I could afford it but those last working years will be beneficial for my wife and I
My wife and I worked with Drew on our EKG and we’re so thankful we did .What you see is really how he is when you meet with him and his family at pearl wealth as he calls them. God bless
My husband retired last year at 62 and went from working full time to part-time. I'm a bit younger so we have health insurance through my job. It's been the best thing for us. We do have our home paid off. Both of us lost parents at younger ages(60s) so it changes our perspective on working until 65 or 67. We want some good years of working less. I plan to start drawing as soon as i can too. He gets a lot of guff from acquaintances because he went part time. We figure they are just jealous.😉
Yes two more years till 62, then I'll go work part time. Because you'll never know... Enjoy life when you still are walking 🚶♂️ and not using a daaaaammmmm walker...😂😊
Largely true. However, any saved $$ should be invested, placed in a high yield savings account, or redeemed for precious metals. My mother is a saver & puts her dollars in a safe. Keep telling her there’s better options but she just like having those fiat dollars at the ready. 😮
@@MrCem1016 Mine too. Keeps $30k in checking account "just in case." I tell her how much the goofy official CPI inflation numbers say she's losing per year and that doesn't faze her. Tell her how much she's losing according to sites like Truflation and it wrinkles her brow, but just for a moment. Since she's retired, she can never get that money back.
It depends on your situation if you have no retirement savings, or pension you might want to wait until 67 this way you can pay off the house and other debt and collect your SS at 67 plus you would get Medicare at 65 if you retire at 62 there are only so many hours you can work a week plus you would still have to pay for healthcare you won’t receive Medicare until 65
@@2119rocky Agreed. I prepared for retirement since I graduated from college. I had my 401K contribution taken out of my second paycheck. 34 years later at same company retired at 57.
FINALLY at the very end you admit that everyone's situation is different, Social Security is not a one size fits all. I took SS at FRA 4 years ago which was 66 and it was the right decision for me but in my early 60's was time to build up my investments and savings as I had no debt and I actually had a great job. I enjoyed AND I was at the highest pay for my career so it was easy to put away extra money. My wife finally goes out at 70 this year and she's been on phased retirement working 15 hours a week so she gets out of the house and she has a decent pension. I count all our blessings and hope to leave our kids a decent inheritance.
The break even age is ridiculous people, you take it when it’s available. You’re not losing money. The amount is what the amount is at the time if anything take it and invest it if you don’t want it. You’re not gonna be healthy 11 years later at the break even point
If you wait until age 67 to collect, the monthly amount you will receive will be 42.86% more than the amount you would have received at age 62. Okay, that percentage is not high enough for you. That's fine. I don't have a problem with that. But I'm very curious to know how high the percentage would have to be before you _would_ consider delaying your benefits. 50%? 60%? Alternately, flip the question around. Let's say the system changed and instead of a 30% deduction in benefits for drawing early, at age 62, it was changed to a 40% deduction. Or maybe 50%. Is your attitude still the same? You take what's available? How low would it have to go before you agreed that waiting to get the full amount was the best move? Where do you draw the line? You HAVE to consider both the increase percentage you will get by waiting, _and_ the time frame involved. Those two factor must form the entire basis for your decision. According to your logic, if you were on a game show, for example, and the host offered you $1,000 now... or $25,000 a year from now, or $30,000 or $40,000, you would not hesitate and take the $1,000 now... because that is "what's available." Well, that's not necessarily a smart move. Finally, your final thought is not true at all. Many individuals are very healthy at the break-even point.
IMO most people who want SS at 62 are in that situation because they never knew how to, or wanted to, save anything AT ALL. So how would they suddenly invest their new SS income at 62? No, they will spend it like the previous 45 years. Acquaintances of mine I really care for have saved nothing over decades despite employers who offered generous 401k plans, and are so eager to take SS at 62. It almost guarantees a poverty retirement, They really need to consider working until 70 and not taking SS until 70. But it is their money, their choice.
I'm going for it - will be 63 in 2months - will continue to work full time - but want to pay my debts down - and perhaps dump some 4% return $$$... Thank you for sharing this!
Problem is you will have a lot of your social security withheld if you earn much at all -- I think it's 19k as of this year. For every dollar earned, $2 of social security is withheld. "Supposedly" (I'm not a big fan of promises) you will eventually get it back, but if you have to wait until whenever eventually actually is, there's far less point in getting your SS early in the first place. It's one thing to cut your SS payment down if you're getting the full benefit while working ... but you don't.
The numbers on the 62 yr old column dont seem to add up to me. How do you pull out 42k a year with a rate of return of 4% for 2 years and end up with more money than you started with? 550k with 4% RoR = 22k year.
Yes we do have software and that is what was used for the whiteboard calculations. Thank you so very much for all the comments and watching! The algorithm thanks you!
@@daveharness70 your number is based on monthly rate of return 0.00333 (0.04 / 12 = 0.00333). The software that he used based on annual rate of return 0.04. so your number and his number are both correct depending on how you calculate the rate of return. So it's depends on how one pulls money out from the initial amount, if you pull out 3,575 each month then use your number, but if you wait for the initial amount to cumulate for 12 months then pull 42,900 out for a year spending then use his number. Hope that make sense.
That 550,527 number is definitely wrong (maybe a couple of numbers transposed when written on the white board) because if this is the case, then the retirement account balance will just continue to go up. But the calculations after that look correct, with the correct balance (without the transposed numbers) used in the calculations.
I will take it starting in January 2025 because I can, I already have the credits, and many of my contemporary friends are dying way too young. I will be working part-time because thank God I enjoy good health at the moment. Is a no-brainer. Thank you for your advice. God bless you.
I did some "unscientific" calculations to compare taking it at age 62 and 67. I used the social security website to get the benefit amounts and assumed the same earnings in either case and also assumed I'd retire at age 62 and start taking social security immediately or wait 5 years. If I start taking it at age 62, I would come out ahead (relative to the benefits starting at age 67) up until age 78. Average life expectancy for a man in the US is 76.3 years, so seems like a no brainer to me to start collecting it at age 62. You also get more time to enjoy it.
Yes, the current life expectancy is around 76 years old. That age of 76, however, is for someone _who is born today._ That's actually not relevant. For someone who has _already reached_ the age of 62, they can now expect to live longer than age 76. The average 62-year-old male will live another 19 years. The average 62-year-old female will live another 22 years. Note that for the female, this is five full years past her break-even age of 78 years and 8 months.
People…pay off your homes BEFORE retiring! Work your tails off to become free of consumer debt…it will make your decision far easier if you have nothing but living expenses and putting away $$ for taxes, insurance, repairs on your homes. My mom passed away with a balance owed on her very modest home…she was 86 years old. Folks…please pay those homes off. Life will be far easier.
@@MarcIverson I respect your position…however, I’d prefer to have zero risk with a paid for home should my finances/investments tank. I have no regrets being free of consumer debt.
Not for us with 2.625% mortgages and already living in a retirement community when house prices were half what they were just 6 years ago. You still have to pay property taxes and home insurance.
retired at age 50 and fell right into the routine phase: biking, pickleball, swimming, hiking and service work. That's it! I plan to take SS as early as possible, because I never counted on a dime. It's all just gravy! I married and raised 5 kids who all turned into achievers as well. I don't see any of them working past age 50 unless they choose to. I planned my retirement as a teen, and it worked! It's been 10 years, and LIFE IS WONDERFUL! The last thing any of us should do is be in a position where the government is a means of support. That's a prescription for poverty, dependence and early death.
I reason I am not or did take it at 62 is because I want to earn more than 22k a year. If I wait until my full retirement age I can earn as much as I want without Social Security ding me.
The faster you get your money the better off you will be. Most people don't live till 67 and that is the plan they have. Keep you off the pay roll of retirement. We'll like you said for a very good reasons most take retirement early. And most do not have the luxury of a other funds. Thinking of age 64 to start these funds for retirement SSA collection..! Thank you for your advice Sr.
Great video, still unsure what to do myself. Retiring end of this year at 63 1/2 will have a pension of about 3100.00 per month. ( Has a guaranteed min 1 percent increase per year) Spouse is year older and took SS at 62 which only 1k month. Spouse family history no one has made it past 86 I guess I should have you look at this for me.
Money at risk in the market will not have a linear decline. The markets could go up fast or down fast over time. Also, there could be unexpected high expenses as your journey comes to a close. The most important thing to consider is time. Time is a commodity that can never be replenished. Retiaries can find part time jobs or make money on line to fill any gaps. 62-63 is best if you can do it.
Love this video Drew , finally someone willing to say it’s ok to take SS to pay for your wants , I turn 62 later this year and it will make a huge difference for the wants …
Drew is right. However, in my situation, I elected not to take SS yet because I would be limited to $22K per year. My job is fun and easy and I'm not ready to give that all up yet. I only work part time and I use my pay to fund my wants, which does a better job than $2K from SS.
I'm was focused and totally financially responsible to grow and maximize my 401k contributions since age 22. That's my bridge. My glass is half full and my focus is on living, not how fast I'm going to die. I'll be taking my SS and pension at 70.
Most important thing he said "is it for your 'Needs' or your 'Wants'. If your expences are already taken care of, best take the SS money and enjoy it while your still healthy. If you 'Need' the money, and your still able to work, best to grow the SS for a reasonable amount of time with consideration to your expected lifespan.
Well this is ok for those with $550k saved but a lot of people have far less including boomers. For those with low or no savings, the case could be made to wait at least until 65 when Medicare kicks in. Better yet, wait to take SS until Full Retirement Age (66-67). The annual growth by waiting is guaranteed 7-8% annual for each year you do not take it. That is an excellent investment return, especially considering most people including me have little or no investment success.
If you take SS at 62 vs 70 you break even at 79 with no investing ---if you invest 6% in both scenarios you break even at 91--money is fungible so the spending in your example and the starting balance don't need to be introduced to make your point-- I have heard many channels like this that also comment on IRA conversions and taking SS as late as possible-- Take SS as soon as you can after you stop working and don't do IRA conversions unless you have a good reason
I thought about waitning to take it at 67 but realized I would be pulling funds from my portfolio for 5 years if I did that so the math just doesn't work out to justify the opportunity costs to my portfolio.
People, please consider the time-value of money when considering your “break-even” point. If you can earn a good return, or pay down high-interest debt with it, then taking it early makes even more sense.
I retired and will collect at 62,i have no mortgage nor car payment, my husband and i decided with our sss is enough for our monthly expenses and out retirement accounts will be use as needed only
The rate of return cannot cover/offset the spending. I think there's just a couple of numbers transposed in the yr 62 balance -- $505,527, instead of $550,527.
I have had 2 TKR with the 29 years & 11 Months with the USPS as a Letter Carrier and just recently retired 6 months and now getting my Pension. I have also done 19 1/2 year in the Military and also getting a pension as well and next month Sept '24 I will apply for Social Security before I turn 62 this November '24.
I looked at the breakeven amount being more from that point on and devided it by the months i would have collected and it's peanuts to wait, especially if you invest a little bit of it and or the dollar is declining for all those years also not to mention nobody knows how long they will live, my conclusion is to collect at 62 and enjoy your last few years my brother died at 63 my sister at 37 I'm 62 in four months from now and i need the money to finish my house build a way better investment than letting the gov. Take it p.s. i am having the time of my life no more job stress no more alarm clock, just have great social connections and enjoy yahoo
I agree. I am taking mine from last year when I turned 60. Have 2 other passive incomes and work 26 hrs a week. My parents died in their 60s and I have no debts and no dependents and some money in IRA, CDs and 5 mths emergency funds, none of will be touched till I have to.
And yet tomorrow will come... for the average 62-year-old. The average 62-year-old male will live another 19 years. The average 62-year-old female will live another 22 years. (You can verify these figures with any of those Actuarial Life Tables. There's one at the SS website.) The break-even point for someone filing at 67 vs 62, is 78 years and 8 months. Thus, the average 62-year-old female will live a full five years longer than her break-even point. Hopefully you have a plan in place when and if "tomorrow does come." Your plan, of course, will apparently include your small, reduced SS check.
Good example. Some of us have large IRA balances so delaying SS and spending down the IRA will help with future RMDs. If you have a $2m IRA earning 5%, you can withdraw $100k per year without touching the principal.
Some barriers to think about are 1) Your social security is not enough to survive on. 2) You still have a mortgage to pay. 3) You will have no health insurance if you leave your job (Medicare does not kick in until 65). Social Security caps what you can make in a year so they will stop paying you if you go over that amount. $22,300.00 is the earnings limit currently. Just throwing this out there. I would love to retire but cannot afford health insurance, paying off my house, the reduction in income.
Excellent points. I'm in roughly the same position. Social security would barely cover my expenses, but those expenses could rise(healthcare costs certain to rise with age), and I would have no health insurance. I'll have to keep working, but if I tried collecting SS at the same time, the govt. would cut my check down considerably. Btw I think it's at 67 that full Medicare kicks in now.
Omg…I love this video! I just subscribe. I was gonna wait until 65 not anymore. I’m gonna collect mine at 62 next year. I’ve been contemplating and I made up my mind. Plus tomorrow is not promised so I might as well start next year. Btw…greetings from the 🇵🇭. I quit my job at age 53 after a divorced. I had my house built here in the 🇵🇭. I paid cash with everything with the help of the money I got from my divorce. At 59 1/2 I got my pension from my past employer. It’s not much but it goes further here. My social security pension will not be much either because I only worked in Seattle 🇺🇸for 25 yrs however I think I worked in 🇨🇦 for 8 years. Thanks much for this helpful infos. Where are you located in the States?
Single person here. I have a pension and health insurance from a hazardous duty job. But I also have health issues which make me question how long I will live due to the stressful work. Haven't worked since 2009 and have lived off my retirement money. If I get SS at age 63 I will get $1880 and change per month but 85% of that will be taxed because I make over 50K per yr from pension. What does someone like me do then? No one seems to address this type of person. Taking early I can pay off my house in 2 years. I wish I could work but can't do it after such a stressful career. So I've lived off my retirement since 2009. I can still save money for house fixes too. I don't live luxuriously and am cognizant of saving as much as possible for any emergency. I have health insurance until age 65 where it will switch over to Medicare when I sign up, and have my other insurance as secondary. So I am covered there. Should I take at 63, 67 or 70? I am 62 1/2 years old right now.
It makes no sense to take SS at age 62 if you have investments (especially Roths or brokerage funds) you can draw from until eligible for Medicare at 65 if you need to buy health insurance through the Marketplace. Drawing SS would raise you annual income, which would negatively impact your subsidy amount.
At 6:00 Exact precise? If we knew future returns we would all exactly know what to do. Yes claiming Social Security early and letting your portfolio grow has worked well many times in the past but we don't know the exact future for our personal timeline
Why I make good money and work a few hours a week in a job I enjoy so there is no reason to retire early. I can take time off when ever I want for traveling... 124% at 70 sounds better.... And I am debt free.... And working is good for your health....
im one of those people im taking ss at 63 not waiting ..its better than waiting till 67 i have no debt expenses about $4500/month i may work pt but who knows..i just dont want to drain my ROTH funds by the time im 70 and then rely on SS only to survive
All I know is I put in 81,000 and matching 81,000 if I invested it on my own I’d have in my calculations tracking the S&P starting in 1984 over 1,000,000 dollars today 🎉
I really liked this video. I have similar inputs and projected the same for when to take social security. Also I might l like to meet sometime in the future as I have family on both coast of Florida to discuss my options.
I appreciate the video, and it sent me off to build a spreadsheet. But you cannot pull $42,900 off of $550k age 60 and 61, with only a 1% annual net gain over inflation, and end up those two years with more than you started. Withdrawal rate is 7.8%.
I would like to take benefits at 65 in 6 months. I am also starting a small business. I have been a high earner for 30 years, and always planned to take benefits at 67. But now that I am almost 65, I would like to start benefits. Say, my small business earns 80K / year. If I exceed the earnings amount, will the SSA screw it up to take back benefits? And how exactly do they take back the excess earnings ? No one ever discusses this point. Appreciate any inputs.
I agree. Later in life, I'd much rather have the peace of mind of a larger portfolio than a few hundred dollars more per month in a Social Security check.
I enjoy and watch a few of the leading financial advisors on internet, however I am learning the most from you! Writing the examples on board while explaining is so helpful to understand. Throwing a little humour in a dry subject (Omaha) was great! I was struggling with what percentage to take -and you have made me feel confident that it is indeed individual. I will look forward to more episodes, and thank you😊
The erosion rate of the dollar due to government debt really demands 62 years old. The cost of living adjustment only helps a little. Do you trust the government to control spending? The probability of getting paid at 62 is greater than at age 70.
How can you take Social Security at 62 and keep your job? I didn’t think you could. I can retire at 30 years on my work pension at 64 and 3 months. Doesn’t that mean I can’t take SSA earlier?
Drew is on the money (no pun intended). Claiming SS depends heavily on your situation. My opinion... today, most people will have to work until at least 65 and unfortunately will have to wait to collect SS, because the limit on wages is $22K. For those who have enough to retire, they will have more options.
Why are you down to zero dollars in the second scenario? If you have a ROTH IRA, there is no RMD. You can leave money in there for as long as you want. You can live on social security, pension (if you have it), and withdraw each year from your Traditional IRA (leaving the ROTH alone until you absolutely need it).
I know a super healthy 80 year old who can cycle 90 minutes at 17-18 mph. But that’s all he can do for 3-4 days a week. He literally drinks wine and stares at the wall until the next bike ride. He has no desire to travel and lives off 1700 dollars a month.
Why is the term "full retirement age" used? If the benefit potentially starts at 62 and increases at the same rate until 70, other than hitting to top payout for a surviving spouse, what relevance does that age carry?
What if? I could take social security and work a part time job. Then I would not even have to touch my savings. My concern is I have a wife 16 years younger than me ( I am 59) and a 15 year old and a ten year old. When , I retire (looking at 62) I will no longer have a life insurance policy and my saving will be all if something happens to me ( currently my saving is 710,000.
If your still making high income then taking early ss is not beneficial as the tax on it is very high. Taking early only works if you don’t work that is you actually are retired. I agree take it at full retirement age but don’t wait to get an increase in benefits that usually is very bad.
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I’m planning on 62,who the heck guarantees we’re living the of tomorrow,I’m not of this world anyway,hallelujah,Glory to God.
Amen 🙏
Me to and trust me you do not take a single penny with you when you die.
What about spouse?
At 62 you're also getting 60% less benefits if you waited to 70.
When you die your spouse get's 60% less benefits the rest of their life if their SSA is less than your benefits.
If you work and made money over the limit up to 67 you are penalized quite a bit.
70 is the old 55-60 in your father's time.
70 today, your breakeven age is lower than retirees that have a FRA of 67.
Exactly! Tomorrow is not promised to anyone. I had an older co worker that retired at 65. Well he died a few months ago. His finances were in order because he was retired military and other benefits. But now he is dead and wasnt even retired 2 full years.
@@mrsmc2612 Exactly they are lying to us and all those talking heads say we are living longer and that is big, big, fat lie! I know over a dozen friends and family members who have died before they started collecting their social security. By the time the average American retires in the PRIVATE sector their backs, legs, and knees are all busted. On the other hand, you see the POLITICIANS and the PUBLIC EMPLOYEES living longer because they actually do not do the work.
I did it at 62. I did the math and the decision was fairly easy.
If it wasn’t the best thing to do for us, the government wouldn’t be trying to bribe us to wait.
Thanks for sharing
Good for you a lot of videos ask people to wait til 70 and most men that I know have died before 70.
I took mine at 62 and don't regret it.
I'm thinking about retiring at 62...
I'm not sure of later years 65...
Let me know if it's worth it...😢😮
What year was that? I'm 63 now planning to get ss next year, I still work mostly cash .any advice please.
@@irie256 At 62 you're also getting 60% less benefits if you waited to 70.
When you die your spouse get's 60% less benefits the rest of their life if their SSA is less than your benefits.
If you work and made money over the limit up to 67 you are penalized quite a bit.
70 is the old 55-60 in your father's time.
70 today, your breakeven age is lower than retirees that have a FRA of 67.
Thank you. I know too many people who died before retirement so I’m taking it at 62.
I agree with you
exactly most men that I know have died before 68 and never collected a single penny.
You have to look at the numbers more than just some people you know. Almost all the coworkers who retired before me are in their 70's and 80's. Run the actual statistics and see what the reality. If your family has a history of dying early then you should probably take it early. Everyone's situation is different along with their finances
@ oh I did the calculations and I rather take my money early. The numbers isn’t worth waiting just to get $50 or $100 more a month. Too long.
Glad to hear someone say everyone’s situation is different and taking Social Security is dependent on their respective life situations, not a maximum payout nor number of payments made.
Exactly Bruce!
My thoughts about collecting early is if you live a long time thinking you could have collected more waiting to start later. Think if you end up in a nursing home at 80 kicking yourself in the butt. 😮 Yeah you lived long, but where?
@@wheelie642 Your chances of ending up in a nursing home are high no matter what you do, unless you have exceptionally solicitous family, and often not even then.
I’m 63 and have already worked longer than I wanted to. I’m quitting this year and will start SS in January 2025.
Awesome!
Me too.
With that kind of logic, working past 30 was longer than I wanted to work.
I agree with you! I took mine (or will be this month) early at 62. I did the analysis and if I wait until I am 70 to file, I would not break even until I was 81. According to social security, my life expectancy is 85. Given that, I am not willing to take that bet for 4 years of benefit, especially given the time value of money of those cash flows. For me, a bird in hand is worth two in the bush.
Awesome!
If you live to 81, you will have collected the same amount of money from the Social Security system. But what you will have lost financially is th5 years of regular income from your job. ( 5 years x $50,000/ year) added to what you get from SS.
I agree that you may benefit from not having to work. But the financial advisor was trying to justify retirement only based on financial gain numbers.
@@TheHavocdogby that logic, you’d make more money if you worked until you die and claimed SS at 70 as well.
@@TheHavocdogit's not 'IF' I live to 81 but 'WHAT IF' I live to 81, if I die before breaking even I won't be here to know it but if I live far beyond 81 the money difference will be needed
@@TheHavocdognot to mention The extra money going into a 401k.. hey, if someone can afford it great. I'm in my 50s and I'd go now if I could afford it but those last working years will be beneficial for my wife and I
I took mine at 62 and glad I did cause tomorrow isn’t promised.
My wife and I worked with Drew on our EKG and we’re so thankful we did .What you see is really how he is when you meet with him and his family at pearl wealth as he calls them. God bless
Thank you so much!!
I took SS at age 65 . I’m 68 now and I have no regrets !!!
My husband retired last year at 62 and went from working full time to part-time. I'm a bit younger so we have health insurance through my job. It's been the best thing for us. We do have our home paid off. Both of us lost parents at younger ages(60s) so it changes our perspective on working until 65 or 67. We want some good years of working less. I plan to start drawing as soon as i can too. He gets a lot of guff from acquaintances because he went part time. We figure they are just jealous.😉
Thanks for sharing!
I'm a heavy equipment mechanic I Age 60 it's hard on the body. I plan on doing the same 😊
Yes two more years till 62, then I'll go work part time. Because you'll never know... Enjoy life when you still are walking 🚶♂️ and not using a daaaaammmmm walker...😂😊
A dollar today is worth more than a dollar tomorrow.
Exactly!
Not really
Largely true. However, any saved $$ should be invested, placed in a high yield savings account, or redeemed for precious metals. My mother is a saver & puts her dollars in a safe. Keep telling her there’s better options but she just like having those fiat dollars at the ready. 😮
@@MrCem1016 Mine too. Keeps $30k in checking account "just in case." I tell her how much the goofy official CPI inflation numbers say she's losing per year and that doesn't faze her. Tell her how much she's losing according to sites like Truflation and it wrinkles her brow, but just for a moment. Since she's retired, she can never get that money back.
Much more, especially since the official CPI numbers are nonsense.
Yes, take SS at 62!!!! Makes total sense financially.
Thanks for watching!
It makes sense to you. It’s not a good advice for everybody.
@@KMarik Yes it was to me. VERY good choice. Thanks
It depends on your situation if you have no retirement savings, or pension you might want to wait until 67 this way you can pay off the house and other debt and collect your SS at 67 plus you would get Medicare at 65 if you retire at 62 there are only so many hours you can work a week plus you would still have to pay for healthcare you won’t receive Medicare until 65
@@2119rocky Agreed. I prepared for retirement since I graduated from college. I had my 401K contribution taken out of my second paycheck. 34 years later at same company retired at 57.
I would retire at 62. no one know how long we are going to live. But everyone is different. Thank you drew I appreciate your video
Thank you for watching!!
I say take at,. why wait until your 65. or 70's or even work past 62, god forbid you get hurt on your job.
Start with how long your parents lived and then decide.
@@gracieguido1056 Regardless whether you retire or not, you can still withdraw your SS while still working. I'm not sure I can afford to quit working.
FINALLY at the very end you admit that everyone's situation is different, Social Security is not a one size fits all. I took SS at FRA 4 years ago which was 66 and it was the right decision for me but in my early 60's was time to build up my investments and savings as I had no debt and I actually had a great job. I enjoyed AND I was at the highest pay for my career so it was easy to put away extra money. My wife finally goes out at 70 this year and she's been on phased retirement working 15 hours a week so she gets out of the house and she has a decent pension. I count all our blessings and hope to leave our kids a decent inheritance.
Thank you so much for sharing! Great comment!
could have swore he said it 'depends' at :36 in - but yeah - you just need to be educated on it and then decide for yourself
The break even age is ridiculous people, you take it when it’s available. You’re not losing money. The amount is what the amount is at the time if anything take it and invest it if you don’t want it. You’re not gonna be healthy 11 years later at the break even point
True statement
If you wait until age 67 to collect, the monthly amount you will receive will be 42.86% more than the amount you would have received at age 62.
Okay, that percentage is not high enough for you. That's fine. I don't have a problem with that.
But I'm very curious to know how high the percentage would have to be before you _would_ consider delaying your benefits. 50%? 60%?
Alternately, flip the question around. Let's say the system changed and instead of a 30% deduction in benefits for drawing early, at age 62, it was changed to a 40% deduction. Or maybe 50%. Is your attitude still the same? You take what's available? How low would it have to go before you agreed that waiting to get the full amount was the best move?
Where do you draw the line?
You HAVE to consider both the increase percentage you will get by waiting, _and_ the time frame involved. Those two factor must form the entire basis for your decision.
According to your logic, if you were on a game show, for example, and the host offered you $1,000 now... or $25,000 a year from now, or $30,000 or $40,000, you would not hesitate and take the $1,000 now... because that is "what's available." Well, that's not necessarily a smart move.
Finally, your final thought is not true at all. Many individuals are very healthy at the break-even point.
Your logic is flawed@@MrEdwardCollins
@@gtb5216 You spelled flawless wrong.
IMO most people who want SS at 62 are in that situation because they never knew how to, or wanted to, save anything AT ALL. So how would they suddenly invest their new SS income at 62? No, they will spend it like the previous 45 years. Acquaintances of mine I really care for have saved nothing over decades despite employers who offered generous 401k plans, and are so eager to take SS at 62. It almost guarantees a poverty retirement, They really need to consider working until 70 and not taking SS until 70. But it is their money, their choice.
I'm going for it - will be 63 in 2months - will continue to work full time - but want to pay my debts down - and perhaps dump some 4% return $$$... Thank you for sharing this!
You can do it!
Problem is you will have a lot of your social security withheld if you earn much at all -- I think it's 19k as of this year. For every dollar earned, $2 of social security is withheld. "Supposedly" (I'm not a big fan of promises) you will eventually get it back, but if you have to wait until whenever eventually actually is, there's far less point in getting your SS early in the first place. It's one thing to cut your SS payment down if you're getting the full benefit while working ... but you don't.
The numbers on the 62 yr old column dont seem to add up to me. How do you pull out 42k a year with a rate of return of 4% for 2 years and end up with more money than you started with? 550k with 4% RoR = 22k year.
That was my first thought as well. I would love to see the math on that...
I think $550,527 should be $505,527....or something closer to that.....
Yes we do have software and that is what was used for the whiteboard calculations. Thank you so very much for all the comments and watching! The algorithm thanks you!
@@daveharness70 your number is based on monthly rate of return 0.00333 (0.04 / 12 = 0.00333). The software that he used based on annual rate of return 0.04. so your number and his number are both correct depending on how you calculate the rate of return. So it's depends on how one pulls money out from the initial amount, if you pull out 3,575 each month then use your number, but if you wait for the initial amount to cumulate for 12 months then pull 42,900 out for a year spending then use his number. Hope that make sense.
That 550,527 number is definitely wrong (maybe a couple of numbers transposed when written on the white board) because if this is the case, then the retirement account balance will just continue to go up. But the calculations after that look correct, with the correct balance (without the transposed numbers) used in the calculations.
I will take it starting in January 2025 because I can, I already have the credits, and many of my contemporary friends are dying way too young.
I will be working part-time because thank God I enjoy good health at the moment. Is a no-brainer. Thank you for your advice. God bless you.
I did some "unscientific" calculations to compare taking it at age 62 and 67. I used the social security website to get the benefit amounts and assumed the same earnings in either case and also assumed I'd retire at age 62 and start taking social security immediately or wait 5 years. If I start taking it at age 62, I would come out ahead (relative to the benefits starting at age 67) up until age 78. Average life expectancy for a man in the US is 76.3 years, so seems like a no brainer to me to start collecting it at age 62. You also get more time to enjoy it.
Awesome Math!
If a man is 65 then his life expectancy is 82. The 76 you mention is from birth.
Yes, the current life expectancy is around 76 years old. That age of 76, however, is for someone _who is born today._ That's actually not relevant. For someone who has _already reached_ the age of 62, they can now expect to live longer than age 76.
The average 62-year-old male will live another 19 years. The average 62-year-old female will live another 22 years.
Note that for the female, this is five full years past her break-even age of 78 years and 8 months.
I ran the math and I would break even at 78.
Took SS with a pension at 62. Debt free.
Live within your means. No regrets.
In your scenario if you assume SS is invested at 6% the breakeven is 91--
Love this video! Thanks for doing this. You’re awesome, Drew! Glad to have you as my financial advisor.
Thank you so much for watching!!
People…pay off your homes BEFORE retiring! Work your tails off to become free of consumer debt…it will make your decision far easier if you have nothing but living expenses and putting away $$ for taxes, insurance, repairs on your homes. My mom passed away with a balance owed on her very modest home…she was 86 years old. Folks…please pay those homes off. Life will be far easier.
Good advice!
Depends. If you have a low interest rate mortgage but are earning on average more than that rate, you're better off having that low-interest mortgage.
@@MarcIverson I respect your position…however, I’d prefer to have zero risk with a paid for home should my finances/investments tank. I have no
regrets being free of consumer debt.
Not for us with 2.625% mortgages and already living in a retirement community when house prices were half what they were just 6 years ago. You still have to pay property taxes and home insurance.
@@MarcIverson Yeah…because nothing screams “security” like having a monthly mortgage payment. 🙄
retired at age 50 and fell right into the routine phase: biking, pickleball, swimming, hiking and service work. That's it!
I plan to take SS as early as possible, because I never counted on a dime. It's all just gravy! I married and raised 5 kids who all turned into achievers as well. I don't see any of them working past age 50 unless they choose to.
I planned my retirement as a teen, and it worked! It's been 10 years, and LIFE IS WONDERFUL!
The last thing any of us should do is be in a position where the government is a means of support.
That's a prescription for poverty, dependence and early death.
I reason I am not or did take it at 62 is because I want to earn more than 22k a year. If I wait until my full retirement age I can earn as much as I want without Social Security ding me.
Exactly!
But you would get it back ss would recalculate at your fra
The faster you get your money the better off you will be. Most people don't live till 67 and that is the plan they have. Keep you off the pay roll of retirement. We'll like you said for a very good reasons most take retirement early. And most do not have the luxury of a other funds. Thinking of age 64 to start these funds for retirement SSA collection..! Thank you for your advice Sr.
Thank you so much for watching!
I retired at age 62. I did not want to retire. The young folks or the new hires stressed the heck out of me.
Great video, still unsure what to do myself. Retiring end of this year at 63 1/2 will have a pension of about 3100.00 per month. ( Has a guaranteed min 1 percent increase per year) Spouse is year older and took SS at 62 which only 1k month. Spouse family history no one has made it past 86 I guess I should have you look at this for me.
Let’s do it Sue!
Im 57, and could get $3500 a month now with free health insurance, trying to decide now.
I took it at 63, excellent decision I made…🙌
Nice!
I took mine at 69 1/2. That was the best for me. Do your own calculations based on your own situation.
Yes!
Money at risk in the market will not have a linear decline. The markets could go up fast or down fast over time. Also, there could be unexpected high expenses as your journey comes to a close. The most important thing to consider is time. Time is a commodity that can never be replenished. Retiaries can find part time jobs or make money on line to fill any gaps. 62-63 is best if you can do it.
Thank goodness for the VA. I really truly wish we'd finally join the rest of the first world and offer that same care for everyone.
Thank you for your service!
Yes, it's time for us to grow up as a nation and act like the first-world nation we supposedly are.
Love this video Drew , finally someone willing to say it’s ok to take SS to pay for your wants , I turn 62 later this year and it will make a huge difference for the wants …
Same with me
Drew is right. However, in my situation, I elected not to take SS yet because I would be limited to $22K per year. My job is fun and easy and I'm not ready to give that all up yet. I only work part time and I use my pay to fund my wants, which does a better job than $2K from SS.
Yes Mitch!!
Thanks for the info, Drew. Your videos are priceless! I struggle with the question and you just made taking SS @62 more realistic!
Glad it was helpful!!
How much is your health insurance going to cost per month until you turn 65 and become eligible for Medicare?
Mine would be zero, I’m a New York municipal employee.@@calvinreichelderfer7989
My Dad took his SS at 62 years old. He’s 80 now in great shape so it’s basically supplemental pay. Hector
I'm was focused and totally financially responsible to grow and maximize my 401k contributions since age 22. That's my bridge. My glass is half full and my focus is on living, not how fast I'm going to die. I'll be taking my SS and pension at 70.
Amen, me to.
Most important thing he said "is it for your 'Needs' or your 'Wants'. If your expences are already taken care of, best take the SS money and enjoy it while your still healthy. If you 'Need' the money, and your still able to work, best to grow the SS for a reasonable amount of time with consideration to your expected lifespan.
Great comment!
Well this is ok for those with $550k saved but a lot of people have far less including boomers. For those with low or no savings, the case could be made to wait at least until 65 when Medicare kicks in. Better yet, wait to take SS until Full Retirement Age (66-67). The annual growth by waiting is guaranteed 7-8% annual for each year you do not take it. That is an excellent investment return, especially considering most people including me have little or no investment success.
Yes!
If you take SS at 62 vs 70 you break even at 79 with no investing ---if you invest 6% in both scenarios you break even at 91--money is fungible so the spending in your example and the starting balance don't need to be introduced to make your point-- I have heard many channels like this that also comment on IRA conversions and taking SS as late as possible-- Take SS as soon as you can after you stop working and don't do IRA conversions unless you have a good reason
I did take my retirement early. I’m glad I did.😊At 64 I just did it cause I wanted to
I thought about waitning to take it at 67 but realized I would be pulling funds from my portfolio for 5 years if I did that so the math just doesn't work out to justify the opportunity costs to my portfolio.
Awesome job doing the math!
People, please consider the time-value of money when considering your “break-even” point. If you can earn a good return, or pay down high-interest debt with it, then taking it early makes even more sense.
True
I retired and will collect at 62,i have no mortgage nor car payment, my husband
and i decided with our sss is enough for our monthly expenses and out retirement accounts will be use as needed only
Thanks for sharing!
The math on the age 62 side seems off. Maybe you can explain how their investment went up from age 60 to 62.
The 4% return offset the inflation adjusted spending for 2 years. I haven't done the math, but that probably would not be the case at age 63.
Yes!
The rate of return cannot cover/offset the spending. I think there's just a couple of numbers transposed in the yr 62 balance -- $505,527, instead of $550,527.
My wife & I took my benefit @ 62 & enjoy the added income. I'm not waiting to "catch up ". We have a prosperous retirement.
Awesome!
I retired at 61 from the govt and started drawing from SS at 62. I am diabetic and you never know what can happen..
True!
I have watched a lot of videos and this is the best one by far, thank you.
Glad you enjoyed it!
I have had 2 TKR with the 29 years & 11 Months with the USPS as a Letter Carrier and just recently retired 6 months and now getting my Pension. I have also done 19 1/2 year in the Military and also getting a pension as well and next month Sept '24 I will apply for Social Security before I turn 62 this November '24.
Awesome!
Wow. When did you start working
I looked at the breakeven amount being more from that point on and devided it by the months i would have collected and it's peanuts to wait, especially if you invest a little bit of it and or the dollar is declining for all those years also not to mention nobody knows how long they will live, my conclusion is to collect at 62 and enjoy your last few years my brother died at 63 my sister at 37 I'm 62 in four months from now and i need the money to finish my house build a way better investment than letting the gov. Take it p.s. i am having the time of my life no more job stress no more alarm clock, just have great social connections and enjoy yahoo
Thanks for sharing!!
I’m still working but am going to use my Social Security to become debt free, save money and then retire and live off it
I agree. I am taking mine from last year when I turned 60. Have 2 other passive incomes and work 26 hrs a week. My parents died in their 60s and I have no debts and no dependents and some money in IRA, CDs and 5 mths emergency funds, none of will be touched till I have to.
Awesome!
I plan on it ,tomorrow is not guaranteed
Boom
And yet tomorrow will come... for the average 62-year-old.
The average 62-year-old male will live another 19 years. The average 62-year-old female will live another 22 years. (You can verify these figures with any of those Actuarial Life Tables. There's one at the SS website.)
The break-even point for someone filing at 67 vs 62, is 78 years and 8 months. Thus, the average 62-year-old female will live a full five years longer than her break-even point.
Hopefully you have a plan in place when and if "tomorrow does come." Your plan, of course, will apparently include your small, reduced SS check.
My pension fronts me my ss starting at 60 so I get a full 7 years head start, break even point is something I’ll never see.
Good example. Some of us have large IRA balances so delaying SS and spending down the IRA will help with future RMDs. If you have a $2m IRA earning 5%, you can withdraw $100k per year without touching the principal.
Yes!
Some barriers to think about are 1) Your social security is not enough to survive on. 2) You still have a mortgage to pay. 3) You will have no health insurance if you leave your job (Medicare does not kick in until 65). Social Security caps what you can make in a year so they will stop paying you if you go over that amount. $22,300.00 is the earnings limit currently. Just throwing this out there. I would love to retire but cannot afford health insurance, paying off my house, the reduction in income.
Thanks for sharing!
Yeah, unless you can pay for your OWN healthcare? You CAN'T retire early 😢@@yourfinancialekg
Excellent points. I'm in roughly the same position. Social security would barely cover my expenses, but those expenses could rise(healthcare costs certain to rise with age), and I would have no health insurance. I'll have to keep working, but if I tried collecting SS at the same time, the govt. would cut my check down considerably. Btw I think it's at 67 that full Medicare kicks in now.
$22,300 = Medicaid
@@duckling4393 I don't think you will qualify for it if you are getting SS and working.
Excellent conservative approach- Thanks!
Glad you liked it!
Omg…I love this video! I just subscribe. I was gonna wait until 65 not anymore. I’m gonna collect mine at 62 next year. I’ve been contemplating and I made up my mind. Plus tomorrow is not promised so I might as well start next year.
Btw…greetings from the 🇵🇭. I quit my job at age 53 after a divorced. I had my house built here in the 🇵🇭. I paid cash with everything with the help of the money I got from my divorce. At 59 1/2 I got my pension from my past employer. It’s not much but it goes further here. My social security pension will not be much either because I only worked in Seattle 🇺🇸for 25 yrs however I think I worked in 🇨🇦 for 8 years. Thanks much for this helpful infos. Where are you located in the States?
Thank you so much for watching and subscribing! Our firm is located in Tampa.
it's so refreshing to have an example with a realistic budget!
Yes!
Single person here. I have a pension and health insurance from a hazardous duty job. But I also have health issues which make me question how long I will live due to the stressful work. Haven't worked since 2009 and have lived off my retirement money. If I get SS at age 63 I will get $1880 and change per month but 85% of that will be taxed because I make over 50K per yr from pension. What does someone like me do then? No one seems to address this type of person. Taking early I can pay off my house in 2 years. I wish I could work but can't do it after such a stressful career. So I've lived off my retirement since 2009. I can still save money for house fixes too. I don't live luxuriously and am cognizant of saving as much as possible for any emergency. I have health insurance until age 65 where it will switch over to Medicare when I sign up, and have my other insurance as secondary. So I am covered there. Should I take at 63, 67 or 70? I am 62 1/2 years old right now.
I'm making 80+ grand a year now at a job I absolutely love. If I take SS now 1/2 of anything over 20k gets taken by the government.
It makes no sense to take SS at age 62 if you have investments (especially Roths or brokerage funds) you can draw from until eligible for Medicare at 65 if you need to buy health insurance through the Marketplace. Drawing SS would raise you annual income, which would negatively impact your subsidy amount.
At 6:00
Exact precise? If we knew future returns we would all exactly know what to do.
Yes claiming Social Security early and letting your portfolio grow has worked well many times in the past but we don't know the exact future for our personal timeline
Don't you have a crystal ball too? Good point John!
If you have another source of income take it at 62. ❤️🌵. Great video
Yes! Thank you!
Drew I'm 63 and I being thinking of taking my ss soon my thing is what about health insurance
This is for people that have saved thousands of dollars.
I don’t have any savings.
Little money on 401K
So I’m going to work until 67
Maybe.
Why I make good money and work a few hours a week in a job I enjoy so there is no reason to retire early. I can take time off when ever I want for traveling... 124% at 70 sounds better.... And I am debt free.... And working is good for your health....
Thanks for sharing!
You do not work a hard physical job. Some can not keep working past 62
Stress and frustration aren’t good for my health. Kissing the job goodbye this year.
Time is not a given… memento mori.
@@alejandrobustamante7964 But working gives a person purpose as well...
im one of those people im taking ss at 63 not waiting ..its better than waiting till 67 i have no debt expenses about $4500/month i may work pt but who knows..i just dont want to drain my ROTH funds by the time im 70 and then rely on SS only to survive
Good point!
All I know is I put in 81,000 and matching 81,000 if I invested it on my own I’d have in my calculations tracking the S&P starting in 1984 over 1,000,000 dollars today 🎉
Thanks for the video 👍😀
No problem 👍
I really liked this video. I have similar inputs and projected the same for when to take social security. Also I might l like to meet sometime in the future as I have family on both coast of Florida to discuss my options.
Would love to help! We can do zoom as well. Reach out to me at drew@pearlwealthgroup.com
I appreciate the video, and it sent me off to build a spreadsheet. But you cannot pull $42,900 off of $550k age 60 and 61, with only a 1% annual net gain over inflation, and end up those two years with more than you started. Withdrawal rate is 7.8%.
Thanks!
dont wait take it now
Great Information and Great video ! Thanks
Glad you enjoyed it!
I would like to take benefits at 65 in 6 months. I am also starting a small business. I have been a high earner for 30 years, and always planned to take benefits at 67.
But now that I am almost 65, I would like to start benefits.
Say, my small business earns 80K / year. If I exceed the earnings amount, will the SSA screw it up to take back benefits? And how exactly do they take back the excess earnings ?
No one ever discusses this point.
Appreciate any inputs.
I agree. Later in life, I'd much rather have the peace of mind of a larger portfolio than a few hundred dollars more per month in a Social Security check.
If my husband and i waited till 67 to collect 85% of our SS would be taxable with our other income.
We took it at 62 and none of our SS is taxable.
Awesome!
No guarantees on SSI after this election. Take the $ ASAP!!! Tomorrow is not guaranteed!!!
True
Great video, thank you!
Glad you liked it!
That was Awesome !! Great explanation. Omaha omaha 😂 love it.
Rock on!
I enjoy and watch a few of the leading financial advisors on internet, however I am learning the most from you! Writing the examples on board while explaining is so helpful to understand. Throwing a little humour in a dry subject (Omaha) was great! I was struggling with what percentage to take -and you have made me feel confident that it is indeed individual. I will look forward to more episodes, and thank you😊
Wow i have 10.000 and will get 910 from ss . Guess i wont retire next year 😪.
The erosion rate of the dollar due to government debt really demands 62 years old. The cost of living adjustment only helps a little.
Do you trust the government to control spending? The probability of getting paid at 62 is greater than at age 70.
Thanks for commenting!
My wife retired @63 she doesn’t get 2060 a month it’s only 1474.00 a month were you getting over 2000 on your board.?
How can you take Social Security at 62 and keep your job? I didn’t think you could. I can retire at 30 years on my work pension at 64 and 3 months. Doesn’t that mean I can’t take SSA earlier?
Drew is on the money (no pun intended). Claiming SS depends heavily on your situation. My opinion... today, most people will have to work until at least 65 and unfortunately will have to wait to collect SS, because the limit on wages is $22K. For those who have enough to retire, they will have more options.
Thanks for watching!
Thank you, very informative. I like u said God bless in d end.
Glad it was helpful!
Why are you down to zero dollars in the second scenario? If you have a ROTH IRA, there is no RMD. You can leave money in there for as long as you want. You can live on social security, pension (if you have it), and withdraw each year from your Traditional IRA (leaving the ROTH alone until you absolutely need it).
Thank you so much ❤
You're welcome 😊
I know a super healthy 80 year old who can cycle 90 minutes at 17-18 mph. But that’s all he can do for 3-4 days a week. He literally drinks wine and stares at the wall until the next bike ride. He has no desire to travel and lives off 1700 dollars a month.
Wow
My dad died at 49. Paid in. NEVER COLLECTED!
What about taking it at 62 and reinvesting it in real estate rental properties?
Count in dental care costs, too. Implants and crowns get expensive!
No doubt. Grandma just got an estimate for 10k worth of dental...crazy!
What about taxes? I retired at 62 on a pension. I pay tax on my pension and also on my social security. An average of $800 a month.
Taxes are something important to consider
Why is the term "full retirement age" used? If the benefit potentially starts at 62 and increases at the same rate until 70, other than hitting to top payout for a surviving spouse, what relevance does that age carry?
That is just the term for receiving 100% of your Social Security benefit
Thank you
You're welcome
Im taking my ssdi at 59 because of declining health. What am looking at for future thats the question?😮😢😢
What if? I could take social security and work a part time job. Then I would not even have to touch my savings. My concern is I have a wife 16 years younger than me ( I am 59) and a 15 year old and a ten year old. When , I retire (looking at 62) I will no longer have a life insurance policy and my saving will be all if something happens to me ( currently my saving is 710,000.
That is a big concern to think about!
If your still making high income then taking early ss is not beneficial as the tax on it is very high. Taking early only works if you don’t work that is you actually are retired. I agree take it at full retirement age but don’t wait to get an increase in benefits that usually is very bad.
Thanks for commenting!
Retire before you expire. Get what you can while you still have your health and time. Life comes at you fast and death even faster.
What if you are still working and self-employed?
Better to take ss early to subsidize your living expenses or save it if you don't need it.