😂is my daddy's retirement card is 100% so early but larger payments cuz of 2022 my car accident 🤣 and now I get $3500 from my dad ! So I'm giving my gold 🧱 to Martas basement her pretty face ! Fame so I can keep my SSI and thanks Shimdt 😂 reminding me of income my interview on daddy's retirement party is England 14 toooo ! 😂
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ClarieZwiehoff The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Effective personal finance management matters more than the income source, whether from a job or investments. A certified financial advisor can offer tailored guidance to reduce expenses and boost income, optimizing your financial situation.
I completely agree; I have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
In a constantly changing market, there are good opportunities to make money even if the market is unpredictable. This uncertain time may actually be a chance to adjust your investments. It's helpful to work with a professional financial advisor or broker to make sure your investments are spread out in different places, which can be good for your overall investment strategy.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on UA-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.
This is key. Many of these age 62 retirees just don't get it. They are not taking into account that if you are still working, you are taking a huge penalty, while limiting your monthly income for life.
100% agree, we are doing similar, me and my wife's SS is basically the same so I am taking mine at 62 to pay off debt and she will be taking hers at 70 to max out her benefits.
@@flyboy6258 If you have had poor paying jobs through out your life and need to work to pay the bills it is a really smart move. If you are retired by 62 and SS is a really tiny drop in the bucket there is really no reason to wait past 62.
I hear you, I'm in the same position but I think I can keep the wheels on the bus a couple more years before I retire. Not a clue as to when I should take SS though. I don't need to wring every dollar out of it but you don't like to be a chump and leave a lot of money on the table either ;)
I'm retiring in Dec at 62. Had a hip replacement at 36, 2 lower back surgeries & now my lower spine has bad arthritis to where I need a cane to walk & my little e-wheelchair for longer distances. Worked manufacturing all my life. I'm done.
62 for me. Why wait? SS started taking money from my pay check starting in 1971. I started taking it back on the first day that they would let me. The single most important thing to know is that more per month does not equal more total. You can't know for sure without first knowing the date of your death. Since the break even point for most people is around 80 years old (79 years 8 months for me) you just have to ask yourself this question: Would you rather take the money early so you can afford to retire early and enjoy the money while you are still fairly young, or would you rather have more money when you are almost 80? Instead of thinking about how much you are going to get, start thinking about how much you owe. Focus on being debt free by the time you quit working and take your money back on the first day it's available to you. You have worked hard so take the money and run and start enjoying a worry free, work free life as soon as you can. 7 years retired now and not one minute of one day have I thought that I made a mistake taking the money early and neither will you.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
Fun fact: I retired almost 8 years ago at age 62. I started taking back my Social Security money at that time. To date, I have not touched one dime of my retirment savings. How is that possible? Simple, I went into retirement debt free. No house payment, No RV payment, No Car payment, No Pickup Truck payment. My current total debt is zero dollars We are having zero problems living on just our Social Security. That's was being debt free does for you.
I’m going for age retirement at age 70, it’s not getting cheaper to live anywhere. I’m going to continue working until I can’t work. I have worked my way up from nothing, to a respectable income. I have lived in poverty before and there’s no turning back. Just my opinion. Retire if have to, only you know your situation. Just don’t blow what you have saved.
I'm waiting until 70 too. I retired 21 years ago at 45 without a huge pile of cash. I've been having fun on $600/mo total spend. Would get $2800 today, no idea what I'd do with it. I suck at investing so to me earning 8% and getting COLA seems like a good investment.
@@MrWaterbugdesign you aren't earning 8%, your payment is going up 8% a year at the cost of losing an entire year's payments. Math isn't your strong suit. fyi you can buy treasuries directly from the US govt and make 5.4% on 6 month or less notes.
You get an extra 8% per year for waiting. And the payment, as well as the extra, is protected from inflation. When you can get a govt-guaranteed 8% AFTER inflation, do it.
@@RetiredSignDude ok, you suck at math and thinking.... you don't "get an extra 8% for waiting a year" you are just too rere to do the math. Your payment goes up 8%, but you get 1 years less payments.... 30 years * 12 months per year * $X per month = 360X 29 years * 12 months per year * $(1.08)X = 375.84X you get exactly 4.4% extra, OVER YOUR ENTIRE RETIREMENT, NOT PER YEAR, if you live 30 years, less if you die sooner, more if you die later, and that is IGNORING the time value of money.
I’m a CPA that has my own practice, I have studied this for years, I’m waiting till I’m 70 because mainly my wife is 4 years younger (63)and I want her to get my survivor benefits if I pass before her, she has already retired and is drawing her own SS at a reduced amount, I’m still actively working with No plans to quit anytime soon, there are too many people that depend on me, I don’t need the SS now and want my benefits to max out for my wife and us when I actually start to draw SS, I’m also paying myself more so that my SS contributions are more and my low years will drop off ! Even if I only live till I’m my early 70s it will be worth it and peace of mind to know that my wife will get my survivor benefits cause more than likely she will outlive me ! Everyone is different but this is the smarter way !
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
I'm retiring in 2 days at 63 1/2. I could easily keep working, but I'm so tired of the rat race plus long lives is not common in my family, so I've decided to retire early and enjoy my life with my lovely wife.
I'm waiting until 65 because I need health benefits which I wouldn't have at 62 if I leave my fulltime job ! Can't believe you didn't discuss this in the video!! So important in the retirement equation
My FRA was 66 and I took SS the month I turned 65 just because I was Medicare eligible. If I had taken Cobra by retiring before then the cost would have exceeded what my Medicare plan cost by three times!! So, I have lived it and know exactly what you mean.
I'm collecting SS but am on my employer's retiree medical plan. Some collect SS and are on spouse's plans. I would have stayed employed if I couldn't have gotten affordable healthcare through my employer. You might want to look into that, just in case you're missing something. I didn't know about my employer's plan until a coworker mentioned it one day out of the blue.
I'm in about the same boat. I'll be 63 in a month and financially I could make retiring now work - but the savings aren't quite where I'd like them to be yet, I want to be on the plus side of $2M and another year (yes, I know, that "just one more year" thing can be a trap) should do that. And health insurance is expensive and if I don't have to cover that for 2 years that's a help as well. And the job is low stress and I like what I'm doing. By the way, this video was focused just on SS benefits, he's done other videos where he talks more about health insurance costs. They're well worth tracking down and watching.
@@xlerb2286 lol. If you are on the plus side of 2M you can pretty much do as you please unless you are living in a penthouse suite in San Fran or NYC and have massive alimony and child support payments.
I currently have used my wife’s death benefits on active duty Navy in 2014. Since I made more money on active duty I used this I started in mid-2022 after retirement. I can still make about $20K with no penalty. My personal SS is on hold until age 67 and probably age 70. Thank you for the video and bless all of you in your individual circumstances.
I started mine at FRA. I'm self employed and plan to work well into my 70's if my health allows. I'm investing all of my SS payments and hoping for a 8% average return. I see it as icing on the cake.
Social Security is the most accessible form of longevity insurance for many people. To maximize the longevity insurance aspect of social security it is very beneficial to take s.s. at age 70. This helps answer the question of what if I live longer than I planned to. This leads me to the rule that you should take S.S. late unless you need the income for current living expenses.
I was an electrician by trade and can state in no uncertain terms that waiting until age 70 was and is an untenable situation for most blue collar workers. Theory is great but reality is different.
Depends! Not everyone can or want's to work until 70. Retiring at 65 and going through all your IRA money waiting for 70 to start SS may not be a good choice as well. A lot of success in retirement depends on your lifestyle and cash flow. Getting $300-$500 a month more in SS may be small if your investments (whatever they may be) produce enough or more income than that extra SS. If you're sitting behind a desk and/or really love your job working until 70 could make sense.
There are also folks at the wealthy range who take at 62 because they have to factor in the taxes they would pay in required minimum distributions. Unless that law is changed, they would pay a lot of tax at the age of 72 if they waited until 70 to start taking social security payments. There seems to be kind of a barbell - people who really need the money take it at 62, and those who really don't might take it at 62. The rest of us are probably somewhere in the middle.
I waited til 70. Most people don't die too soon; but live too long. And your point about failing to save extra money intact til you're at your FRA or later, is well taken
True about life expectancy. When I was young I smoked and drank like a fish. I quit smoking at 31, and since I was in sales and on the road I drank a fair amount. When I retired at 57 I started drinking less and less each year, not because I thought I had a problem, I just didn't want it. I now drink 2-3 times a week and then usually only one drink. Most of my bar buddies did not quit smoking or cut back on their drinking and most of them are dead. The oldest was 72 and the youngest was 63. I just turned 81.
I just turned 69 and plan on collecting at 70 and it will be over 4300 a month. Doing my job for 34 years and love what I do. Hardly any stress at all and actually the only stress is the commute home. I get paid just over 6 figures and like the comfort of not living on a budget. I do plan on cutting back on my hours working at 70 though.
Another great video. People’s situations and values are unique to them, yet there are enough of us out there that we share some commonalities. I was lucky and able to retire early at 58.5 with a state pension that covers our expenses. I also set it up to take a lesser amount, but that amount will be around for the rest of my spouse’s life assuming she out lives me. We are the same age. She could live off just my pension. I am a retired university professor that taught human behavior for over 30 years. In broad strokes, “early” old age is from 60 to 75 and “old” old age is from 75 to death. We want to maximize our disposable income as much as possible from 60 to 75 and I don’t care as much about maximizing my lifetime total from Social Security. Therefore, are plans are to file for early social security at the end of 2024 when we both turn 62.
I plan on taking mine at 62. One because I don't trust my government to keep their promise to me. Two because I believe it will be means tested because it's unsustainable the way it works today. Three because I will be debt free with a couple hundred thousand dollars of liquid assets that I've already paid taxes on, and over a million in retirement investments that I will draw on later. I plan to retire early and minimize my income to get the max 0bamacare subsidy (income tested, not means tested) to afford my health insurance that will probably cost $4k a month by that time. That is the plan until Medicare kicks in later.
It’s such a blessing that my husband and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what he lacks, he’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. She has years of financial market experience.!!!!
I waited the 70 because of a 6-year younger wife, I worked until I was 68, and I wanted to have enough money to do something besides watch television for the rest of my life. Cruise 22 and 23 are already scheduled!
I actually planned out back-to-back cruises and figured out I could sail back and forth in Alaska for the season, then reposition to Australia, then rinse and repeat for about $50,000 per person (cruises, tips, fees, taxes, internet and spending money) - no house or car to keep up so no insurance and property taxes. No groceries. Get all your meals included, steward service and new friends every 14 days LOL. Its tempting.
I started SS a month before FRA. Close enough for me. Working until age 70 didn't seem worth it. Now I can work on the projects I enjoy while there are still a few brain cells left. LOL.
@@howardfriedman7077 I retired a few months before that. But waited until a new tax year to start SS. I don't have the family genetics to make waiting until 70 the best choice. For others with better genetics, waiting until 70 may be best.
Many of my friends took SS at 62. They were still working. They were making less money then in previous jobs and needed the additional income. Thanks for posting.
It's not the outcome that is important it's the strategy. There are things you can't control. Take social security when it makes sense for your situation Time stamp 0:45
Geoff, good of you to mention the Bots and their onslaught of fraudulent financial advisor recommendations. It’s a blight on these kinds of videos and sadly there isn’t much that can be done about it effectively except to just warn about them and ignore these posts.
Most of my friends who retired at 62 eventually went back to work. Not because they needed the money but because they were bored and after 6 months or a year decided to get either a part time job or a full time job just to stay busy. My thoughts is to keep working until I know I never have to work again financially speaking. If I get bored and want to get a job or donate my time then that's fine. Just so I never need the money.
I'm not going to go back to work 6 months after I retire, guaranteed. I'm going back to work the DAY I retire (well, maybe I'll take a week off ;) With one difference, I'll be working for a place that's working to make people's lives better, not to grab as much money as they can.
@@JBoy340a Only in the first year of taking SS. From what I've heard in that first year you can go back to work. Stop SS and then later on when you take SS again they won't give you SS for the first 6 months. They withhold it as a payback. Josh or others may know more details about it.
As you stated it is your planning. I took Social Security at my full retirement age even though I was still working because I had refinanced my mortgage to pay for my children’s college so when they graduated they had no debt. I used the Social Security to pay down my mortgage so I too could become debt free shortly after I did retire. Planning is very important with retirement because it is hard to correct a mistake. Keep up the good work with your channel.
I think a key factor no matter how old you are is to be debt free, including the mortgage. That is my goal. And looking at FRA. Makes it a little tight now but long term will be much better
Thanks for the ‘warning’ about those sho will take your advice and ‘’recommend’ the perfect planner. So true! My goal is to retire at 64, which is in six months, and to take Social Security as a “Bird in the hand” vs 2 in the bush. At 64 I am above the averages you described and well within my expenses, so I do not have to draw down on my other investments. Keep these videos coming, because I love the perspective and the ability to look at other perspectives!!!
@@DrSchor thank you. But I have done as many math calculations than a NASA scientist and still take advice from others. With my personal situation, I am feel confident here.
@@DrSchor Nobody appointed you as language policeman. If you don't want to use the expression, don't. But much as the decision of when to take SS is an individual one, so is the decision to use an expression that everybody knows, regardless of its continuing validity.
Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.
@@darrenphilip247 Thanks for this tip. His handle & website popped up on the first page immediately I searched Ethan’s name, I read through his resume and it seems pretty tight. So, I dropped a message & hopefully he replies soon.
@@finleysterling562 Thanks for this tip. His handle & website popped up on the first page immediately I searched Ethan’s name, I read through his resume and it seems pretty tight. So, I dropped a message & hopefully he replies soon.
I am filing next year, at age 70. I will collect 32% more, plus the annual COLA increases. The annual COLAs will be higher, based on my social security benefit. With inflation running rampant, at least I have a small hedge against inflation! I am able to do this, because I have multiple streams of monthly income.
Thanks for your videos, Geoff. Personally, I will retire from my job at age 65, because unfortunately our health insurance is still tied to employment until Medicare kicks in. For me, having to pay many times more for the same insurance, while at the same time not generating much income creates a giant sucking sound in my retirement savings. I will then wait until 67 to start collecting SS. In the meantime, I can begin to withdraw from my retirement accounts at a lower tax bracket for two years.
We're doing the same thing. My wife retired 4 years ago to take care of her mother, I'm still working. I have 1 more year until 65, and my wife and I will go into Medicare when I retire. Right now we are under my employer's health plan... we heard that money sucking sound as well!😂
By the way, I’ve also been looking at Medicare options. I’m going with ‘Medigap’ plan G. It trades a higher premium for a max of $227 a year out of pocket, no matter what. With the extra $360 a month I’ll make from SS by waiting the extra two years, it will about cover both my wife and me for the rest of our lives with no worries about not being able to get treatment or having it cost an arm and a leg. In other words, peace of mind.
When I see that someone has "responded" to a comment I made, but it is the spammer, I delete their post. I do this everywhere I comment. I always like your videos, Geoff.
My wife and I took it at 62 and have not looked back. We are now 71. We had factory jobs and 40 years in the heat, noise and standing on cement floors takes a toll on your body. We put money into our 401ks for 30+ years and both of our employers had pension plans. We just for the first time took some “fun” money from the 401ks this year. We are required to next year. It wasn’t necessary as our SS and pensions are more than enough for us to enjoy our retirement. Our house and my wife’s new car will be paid off in 2 years. We will be debt free then and as long as our health is good we will certainly be enjoying our “golden years”
Thank you, Mr. Schmidt, excellent update. I'm 65 and retiring shortly. We have multiple income streams, so there may not be the need to maximize every bit of SS. I will wait as long as possible, probably FRA. But I don't see the benefit of waiting until 70 if I have to run down my savings to do it. I could "expire, as you say, lol" at 69 and my kids would lose that portion of my savings. I have to weigh that against being the primary breadwinner, so the survivor benefit will be higher if I wait. Thanks, much!
Now it makes sense. When I did a chart with my available SS and it came out to hitting the same payout by the time I was 81 if I took it at 70 or 67. I'm still working at haven't started taking it yet even though I've just passed my full retirement age. I'm in good health but as Schmidt says, no one knows when we'll turn room temperature. Great Videos so Thanks for all the information Holy Schmidt,
Some random arguments for taking SS early: 1. the resultant income allows the recipient to avoid drawing from their IRA, allowing it to accumulate tax-deferred (or tax free w/ Roth IRA). 2. allows them the risk leeway to keep their IRA or other investments in equities for a higher rate of return. 3. allows them to prioritize spending during the best health/mobility period of the remainder of their lives. 4. they don't need it and will invest it, converting uncertain future revenue into presently owned wealth. 5. they have reason to believe theirs will be a shorter lifespan. 6. they want to quit working, haven't saved enough for retirement, and need the money to make expenses (worst reason IMO).
WELL SAID ...... AND YUP THE GOOD THING ABOUT YOUR EXPLANATION IS NOT ONLY ABOUT THE NUMBERS YOU CONSIDER ABOUT EVERYTHING ...... IN MY OWN VIEW IS NOT ALWAYS AVOUT MONEY LET'S BALANCE ABOUT WHAT YOU WANNA DO ABOUT YOUR LIFE ..... NOT JUST ONLY ABOUT MONEY ...... BOTTOMLINE MONEY IS NEEDED BUT MONEY IS NOT EVERYTHING 💪👍
At 60 now and mostly retired, I am definitely taking my $2200/month, $25k yr at 62. By taking it then, assuming you have other invested assets, you can keep that $25,000/yr invested rather than withdrawing it from the investments to pay for life. Compare to age 70 - After 8 years of $25k withdrawal savings per year at 5% you'll have about and extra $240k in your savings account, far outpacing your total assets if you waited till 70. Besides, when will you enjoy it more, 60's or 70's? I personally calculated my breakeven point a age 76 assuming 3% inflation.
I just hit 50 and plan to retire at 60 as well and start withdrawing ss at 62. Wife is only 6 months younger than me and she will start withdrawing at well at 62, she has never made any earned income since she is a stay at home mom, so that amount is small. Anywho, life is too short and I don’t do really care about the break even point. At the end of the day, it is only money, can’t take it with us.
That’s my plan as well. My wife will draw at 64. She’s two years older than me. I’m hold off for a while. With the downturn in the market I loaded up on some bargains to pad our dividend income.
Great video as always. Sometimes I watch your videos even though I’ve already retired and I’m was curious about the adequacy of my own logic. So far I haven’t seen where I’ve stepped in it…so to speak. I worked until I was 74 and I didn’t take my SS somewhere around age 71 or so. Doing that has really help me weather this market we’re in. With luck I’ll out live the tables, and if family history is any indicator, I should be able to last a little longer than 81.
I think it would political sucide to let ssi go away.I think they will lower benefits and raise age to get ssi.Maybe early retirment moved to 64 instead of 62.Just my thoughts nobody knows we are just guessing.Happy investing/stacking.
I won't need it but will take my ssi at 62.I will invest it in divden stocks.I love investing in divden stocks and selling OTM options.Happy investing/stacking.
@@bluecollarbullionballer4269 Very true - they are unlikely to eliminate it, but rendering it essentially useless through cutting benefits, inflation/currency debasement (which is a form of taxation), and other means is all but inevitable. But don't lose any sleep; congressional pensions will remain well-funded, lucrative, and untouched.
If possible, hubby and I want to wait until we are 67 to take SS. We are a year and a half apart so our plan is for him to quit working at 65- take Medicare but not SS. I will support us until I turn 65. I will take Medicare but not SS. Then, in 6 months he will turn 67and start his SS and we will live off of his SS for a year until I turn 67.
@snave59 It's the second time around for both of us. We have been together for like 14 years married for 6. The only way we would get divorced is if I wanted to, and I don't see that happening. The house is mine from before the marriage as is the majority of the money already saved. I would be ok- I would move down south to be with the grands lol. My hubby would figure out his own stuff but he's low maintenance. I would still quit working at 65 and take SS at 67
Because of my birthdate. I was able to file for a Restricted Benefit. My wife collected her full amount and I received half of hers under this provision. I recently turned 70 and now I am receiving my full benefit which is close to the maximum amount. The two of us will receive $76,500 annually.
Like your program. I believe that one of the driving dates, at least for me, was when I would be eligible for Medicare. Also, please consider using median and not average. When comparing things like incomes, average can greatly inflate the numbers ( in the US, the difference goes from about $45k to about $120k). Thanks again.
Unfortunately deemed fully disabled just after turning 62. Took buyout from my airline job when 61. Got 18 month severance package. Receive FRA which for me is 67, and receive Medicare. Also receive some LTD pay till 65. So, although rather still be working, SS and LTD, along with qualify for Medicare at 62, is a lifesaver. Also took lump sum pension from airline, and have 401k, and no RMD's till 73. SS and LTD cover my living expenses, since Medicare saves me over $700 a month. I am lucky in that regard, but rather be healthy.
@traybern Talking to me? I did not scam anybody. Paid for LTD all my career out of every check for the just in case, which unfortunately i needed. Just like paying insurance on anything. After you have been sliced and diced wide open four times to save your life, come back and tell us all you just bounced back and went to work. I tried going back to work 3 times. Now, send donnie a check. He will love you for it.
retired at 62 with a union pension.and started taking SS at 63.saving the SS checks.using the ACA for health care.remember everyone your health is your wealth.
67 here; retired....but not drawing on SS. I read about this stuff i n a biz class/university....and bottom-line: by my waiting 'til 70, I gain 8% PER year for NOT drawing upon it sooner. IF you don't need it, don't draw upon it. It only goes up!
I’m a Gen-X, I grew up “knowing” that SS will not be there for me when I retire. The underlining message was save for your own retirement. I have utilized a 401k for my whole adult life and am not working past 65. At least not in aerospace. I’m taking SS early because you can’t take it with you. Yeah the SS web site says they will be able to pay me 80% of what they are supposed to by 2034. Well,,, that’s 100% more than I ever really expected so no real loss thankfully
Gen-X here as well. If you haven’t started a Roth IRA I recommend you do. Max them both out every year if you can. I max my Roth plus 25% in my 401k with employer match. Do that and you’ll be fine. Anything above that is just icing. I plan on working till I’m 62 then retire to Panama. Great healthcare system down there. Gonna take SS at 67 and invest 100% of it!! God speed and good luck.
Seems like a ton of the commenters here are older folks. I'm in my mid 50s and am definitely taking it at 62, even though I don't "need" it. First of all, I'm not willing to take the "mortality gamble" and want to recoup what I paid in as soon as possible. Secondly, I want to use the money while I am younger....waiting until 70, or even 67, just seems extremely misguided, especially if you are male. Add to the fact that Social Security benefits will likely be reduced across the board during my retirement, I want to maximize the payback. Look, I understand the statistics of the mortality tables. However, statistics only give us a *hint*...they don't tell the future, and I'm not willing to take that gamble. But by far the most important reason is that I have had a long and successful career ( same megacorp since college graduation for over 30 years ), but it has been a stressful one...and I'm just about done.
One thing to keep in mind is if your spouse will be collecting on 1/2 of their partners Social Security. If either of you may not make it to your 70's it might make sense to start taking your SS at 62. This is because when either of you pass the 1/2 payment drops. At the same time the tax rate increases because the remaining partner will be filing single instead of married.
Cost of living increases are based on your benefit amount, so if you wait til 70 to maximize your benefit, you’ll receive a larger increase than if you filed earlier.
I’m one who is penalized because I collect a tiny STRS pension and Social security. The penalty I think is bigger that my STRS pension. I hope the legislation passes to eliminate the WEP. I shouldn’t be penalized because I was a lower wage earner even though I contributed at least 40 years to SS. I made a choice to work in jobs where I could be home when my kids were home. My wage was higher but full time hours at my job weren’t available. I contributed to both I should receive the full value of both. I don’t get why they think I’m double dipping. 😊 thanks for letting me vent.
Geoff, can you make a video explaining how to maximize SS when your spouse is going to receive half of your benefit? In this video, you mentioned the spouse taking their benefit at 62, then switching to the spousal amount when their spouse retires (this might work for my wife/us, but I want to make sure we don't "settle for less" by doing this). Do they receive less because they started withdrawing early? Or will they still receive half of their spouse's full retirement age benefit? And does it stop at half of full retirement age, or can the spouse receive half of their spouses benefit at age 70? It's all very confusing, and I'm sure there are several factors and scenarios at work. THANK YOU!
Michael I am not an expert, but am in a situation maybe similar to you, where my wife’s SS benefit will be less than half of my benefit. It is very confusing but my understanding after doing research is that their spousal benefit is reduced if they claim before their FRA (not by a lot, though), and doesn’t increase if they wait until after their FRA to claim. If you delay your benefit past your FRA theirs does not increase, either. I believe it maxes out at 1/2 your FRA benefit. You need to claim your benefit in order for them to get the spousal benefit. The difference though is the survivor benefit they get if you pre-decease them is your full benefit for the rest of their life, which would be higher if you wait until 70. I am hoping that Geoff can confirm or else correct this here somewhere. A comment above mentioned delaying as a very good and inexpensive income longevity insurance, which IMO is right on.
Remember this folks, your moving now and spending more money than you will be at age 78 and up. My parents are 86 and 90 and save money living on 1700 dollars ss a month, so do it asap, not wait
I am 65 and will delay until 70 and will receive the 8% annual delay credits. My wife will take hers at 62, delay her spousal benefit until 67 and she will receive my higher survivor benefit if I go before her. Best longevity insurance available with the annual CPI increases.
Fortunately, because I retired from the US military with 26 years of service, I receive monthly retirement (and 100% VA disability compensation), so I’ll likely wait until 67 or 70 to collect social security (I’m 53 now). My wife is a fed govt employee and will retire in about 6-8 years, so she’ll have a decent pension and her TSP (which should be worth 3/4 of a million dollars by the time she retires). Likewise, she’ll probably wait until 67 or 70 to collect social security, too.
Interesting point about claiming SS at FRA. That's not something often suggested. Many people want to wait till 70 to get what they hope will be the most money from the Government. My father passed at 83 but spent his last 10 years in poor health. I'm debating weather it's worth waiting or not. My Chiropractor died suddenly about 2 and a half years ago at 58 and I thought he was in better shape than me!
@@johngill2853 I said MANY not MOST! if you follow retirement based channels like this one, you would know that often the host along with many viewers intend to wait until 70 before filing for SS!
Hello, Thanks for putting out these videos, they're awesome and very much appreciated.. I'm getting ready to retire I'm going to take my SS at 62. I believe in taking it as soon as possible for multiple reasons. I believe you'll have much more fun at a younger age and be more energetic and more apt to take on those bucket list items you've always wanted to do.. And just be able to do the things you want to do instead of having to work a 40-hour job. I do have a few questions and I've gotten a couple different answers from different people. I understand there is a cap on the amount of income you can earn when you take SS at 62 $21,400 and it changes year to year. My question is on active and passive income. (1) I have rental properties I've owned for 20 to 30 plus years that are residential rentals, and they are leased yearly. None of them are rented out as commercially also none of them are part of the personal property I live in. This would be considered passive income Is that correct? Also Is there a cap on the amount of money you can make from your rental income and still keep it as passive? (2) I have one inherited IRA I have to take a yearly disbursement on it based on my parents age. Is this is also considered passive income? (3) I'm 61 possibly going to retire at the end of this year and start taking my SS at 62. So I will be retired one year before I start taking my social security. I would like to stay on at my work as a consultant and possibly have them pay for my health care as part of my compensation. Is this considered active income which I believe it is or is it passive income? (The amount they would pay for my health insurance) This information would be greatly appreciated. Any other input you would have also would also be appreciated.. Thanks for your videos please keep them coming very informative.... Thx ,✌️
Clarity on the best time to take ss is impossible without knowing if the government will cut benefits 25% as some say is possible in 2030. Several years of receiving benefits before cuts would be very tempting.
67 and still working, I don't care about break even, I just don't want to be short on money when I do retire, so going to keep working to 70 and beyond.
If you get to 65 and haven’t yet taken Social Security, isn’t the correct lifespan to consider in your decision the remaining life expectancy starting at age 65? Isn’t the lifespan estimate at 62 no longer relevant?
Taking SS may trigger higher IRMAA levels for certain individuals...thereby reducing the actual "take-home" portion of the SS distribution. Provided one is in such an income bracket, and he/she lives long enough, this problem is inevitable, yet the can can sometimes be kicked down the road.
For a well-funded retirement fund (say > $2mil) grabbing retirement early is a definite win. Leaving my money in retirement account (drawing early SS) allows these funds to grow (beyond the 8% SS yearly increase). To me this is a no brainer… if sufficient funds in the retirement fund, let it work, grab SS early to allow you funds to grow. A simple opportunity cost analysis will show this, while I get less from SS I maximize my end of life estate value. Don’t be confused between getting most from govt versus protecting you estate investments.
I had no other choice but to get my disability at 62 my Bones are deteriorating and my knees both were ate up and I had have both knees replacement. I was medical disabled
Love your content! Question: When I retire at 63 then take Social Security at 70, how does that 7-year difference affect my benefit? I will be receiving a pension, but I don't think the pension pays into Social Security...? All the SS Calculators don't seem to help with this scenario. I did find one that I have to download a .msi for. Thank you, and happy holidays to you and yours!
How do you factor in getting a pension starting at age 55? Does it make more sense to start collecting SS early at 62 or FRA at 67? I believe there may be income thresolds and/or tax implications.
I waited until 68.5 at which time my wife who was a stay at home mom without benefits of her own reached her full retirement age. Under the rules her benefit would not increase by waiting. Also her survivor benefits will be larger by my delaying past full retirement age.
If you like this video, check out my video, "7 Good Reasons to File for Social Security at Age 62!" ua-cam.com/video/eOJnzLuyvIY/v-deo.html
😂is my daddy's retirement card is 100% so early but larger payments cuz of 2022 my car accident 🤣 and now I get $3500 from my dad ! So I'm giving my gold 🧱 to Martas basement her pretty face ! Fame so I can keep my SSI and thanks Shimdt 😂 reminding me of income my interview on daddy's retirement party is England 14 toooo ! 😂
Yeah that was a good one too.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ClarieZwiehoff That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
My advisor is *MARGARET MOLLI ALVEY*
You can look her up online
@@ClarieZwiehoff The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Effective personal finance management matters more than the income source, whether from a job or investments. A certified financial advisor can offer tailored guidance to reduce expenses and boost income, optimizing your financial situation.
I completely agree; I have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Rebecca Noblett Roberts is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
In a constantly changing market, there are good opportunities to make money even if the market is unpredictable. This uncertain time may actually be a chance to adjust your investments. It's helpful to work with a professional financial advisor or broker to make sure your investments are spread out in different places, which can be good for your overall investment strategy.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on UA-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Could you recommend one?
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.
Agree.
Yep. Having enough money to always be comfortable is a great target.
This is key. Many of these age 62 retirees just don't get it. They are not taking into account that if you are still working, you are taking a huge penalty, while limiting your monthly income for life.
@@genoaoak yes. People need to understand the impact of Full Retirement Age.
100% agree, we are doing similar, me and my wife's SS is basically the same so I am taking mine at 62 to pay off debt and she will be taking hers at 70 to max out her benefits.
Every one's situation is different; I delayed to 70 and happy I did so. Social Security was the cheapest income longevity insurance available to me :)
I'm doing the same. Will begin SS in August at age 70. No regrets. You are in rare company. Only 5% of people do this.
I’m currently collecting survivor benefit and a pension. I will delay collecting my benefit until age 70
@@flyboy6258 If you have had poor paying jobs through out your life and need to work to pay the bills it is a really smart move. If you are retired by 62 and SS is a really tiny drop in the bucket there is really no reason to wait past 62.
I always planned that way but the numbers are not good for me. Delaying to age 70 means starting behind and needing live past age 84 to make sense.
@@whatsup3270with higher COLAs the break even age is usually about age 78 and 4 or 5 months. I’ve never heard of it taking until age 84.
I am 5 years away from 67 and I am done. If I have to, I will work PT to supplement.
I'm working till 70 also, i feel great no health issues 62 now, feeling like can easily go till 70 plus thank you Jessus 🙏😊❤.
I'm 62 and I'm feeling both the years and the mileage.
I definitely understand what you are saying but that should determine your retirement date and not the day you collect social security
I hear you, I'm in the same position but I think I can keep the wheels on the bus a couple more years before I retire. Not a clue as to when I should take SS though. I don't need to wring every dollar out of it but you don't like to be a chump and leave a lot of money on the table either ;)
I'm retiring in Dec at 62. Had a hip replacement at 36, 2 lower back surgeries & now my lower spine has bad arthritis to where I need a cane to walk & my little e-wheelchair for longer distances. Worked manufacturing all my life. I'm done.
62 for me. Why wait? SS started taking money from my pay check starting in 1971. I started taking it back on the first day that they would let me. The single most important thing to know is that more per month does not equal more total. You can't know for sure without first knowing the date of your death. Since the break even point for most people is around 80 years old (79 years 8 months for me) you just have to ask yourself this question: Would you rather take the money early so you can afford to retire early and enjoy the money while you are still fairly young, or would you rather have more money when you are almost 80? Instead of thinking about how much you are going to get, start thinking about how much you owe. Focus on being debt free by the time you quit working and take your money back on the first day it's available to you. You have worked hard so take the money and run and start enjoying a worry free, work free life as soon as you can. 7 years retired now and not one minute of one day have I thought that I made a mistake taking the money early and neither will you.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@ThomasChai05 Is it possible to get in contact with someone like that?
I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
Fun fact: I retired almost 8 years ago at age 62. I started taking back my Social Security money at that time. To date, I have not touched one dime of my retirment savings. How is that possible? Simple, I went into retirement debt free. No house payment, No RV payment, No Car payment, No Pickup Truck payment. My current total debt is zero dollars We are having zero problems living on just our Social Security. That's was being debt free does for you.
Geoff Schmidt is the only man on youtube that gives realistic numbers, not pie in the sky fantasy numbers like the rest. I really love him for that.
I’m going for age retirement at age 70, it’s not getting cheaper to live anywhere. I’m going to continue working until I can’t work. I have worked my way up from nothing, to a respectable income. I have lived in poverty before and there’s no turning back. Just my opinion. Retire if have to, only you know your situation. Just don’t blow what you have saved.
I'm waiting until 70 too. I retired 21 years ago at 45 without a huge pile of cash. I've been having fun on $600/mo total spend. Would get $2800 today, no idea what I'd do with it. I suck at investing so to me earning 8% and getting COLA seems like a good investment.
@@MrWaterbugdesign you aren't earning 8%, your payment is going up 8% a year at the cost of losing an entire year's payments. Math isn't your strong suit. fyi you can buy treasuries directly from the US govt and make 5.4% on 6 month or less notes.
You get an extra 8% per year for waiting. And the payment, as well as the extra, is protected from inflation. When you can get a govt-guaranteed 8% AFTER inflation, do it.
@@RetiredSignDude ok, you suck at math and thinking.... you don't "get an extra 8% for waiting a year" you are just too rere to do the math. Your payment goes up 8%, but you get 1 years less payments.... 30 years * 12 months per year * $X per month = 360X 29 years * 12 months per year * $(1.08)X = 375.84X you get exactly 4.4% extra, OVER YOUR ENTIRE RETIREMENT, NOT PER YEAR, if you live 30 years, less if you die sooner, more if you die later, and that is IGNORING the time value of money.
I’m a CPA that has my own practice, I have studied this for years, I’m waiting till I’m 70 because mainly my wife is 4 years younger (63)and I want her to get my survivor benefits if I pass before her, she has already retired and is drawing her own SS at a reduced amount, I’m still actively working with No plans to quit anytime soon, there are too many people that depend on me, I don’t need the SS now and want my benefits to max out for my wife and us when I actually start to draw SS, I’m also paying myself more so that my SS contributions are more and my low years will drop off ! Even if I only live till I’m my early 70s it will be worth it and peace of mind to know that my wife will get my survivor benefits cause more than likely she will outlive me ! Everyone is different but this is the smarter way !
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
I took social security at 64; I was ready and I believe it was exactly right.
I hope that you will go over the proposed changes to SS law, and what you expect their impacts to be.
I'm retiring in 2 days at 63 1/2.
I could easily keep working, but I'm so tired of the rat race plus long lives is not common in my family, so I've decided to retire early and enjoy my life with my lovely wife.
We are the same age.June 30,2023,I am 63 and 1/2.
Me too.. 63.4.
I'm waiting until 65 because I need health benefits which I wouldn't have at 62 if I leave my fulltime job ! Can't believe you didn't discuss this in the video!! So important in the retirement equation
he did not discuss it because the video is about when to take ss, not about when to retire. don't make the silly mistake of mixing that up
My FRA was 66 and I took SS the month I turned 65 just because I was Medicare eligible. If I had taken Cobra by retiring before then the cost would have exceeded what my Medicare plan cost by three times!! So, I have lived it and know exactly what you mean.
I'm collecting SS but am on my employer's retiree medical plan. Some collect SS and are on spouse's plans. I would have stayed employed if I couldn't have gotten affordable healthcare through my employer. You might want to look into that, just in case you're missing something. I didn't know about my employer's plan until a coworker mentioned it one day out of the blue.
I'm in about the same boat. I'll be 63 in a month and financially I could make retiring now work - but the savings aren't quite where I'd like them to be yet, I want to be on the plus side of $2M and another year (yes, I know, that "just one more year" thing can be a trap) should do that. And health insurance is expensive and if I don't have to cover that for 2 years that's a help as well. And the job is low stress and I like what I'm doing.
By the way, this video was focused just on SS benefits, he's done other videos where he talks more about health insurance costs. They're well worth tracking down and watching.
@@xlerb2286 lol. If you are on the plus side of 2M you can pretty much do as you please unless you are living in a penthouse suite in San Fran or NYC and have massive alimony and child support payments.
I currently have used my wife’s death benefits on active duty Navy in 2014.
Since I made more money on active duty I used this I started in mid-2022 after retirement.
I can still make about $20K with no penalty.
My personal SS is on hold until age 67 and probably age 70.
Thank you for the video and bless all of you in your individual circumstances.
I started mine at FRA. I'm self employed and plan to work well into my 70's if my health allows. I'm investing all of my SS payments and hoping for a 8% average return. I see it as icing on the cake.
Social Security is the most accessible form of longevity insurance for many people. To maximize the longevity insurance aspect of social security it is very beneficial to take s.s. at age 70. This helps answer the question of what if I live longer than I planned to. This leads me to the rule that you should take S.S. late unless you need the income for current living expenses.
I was an electrician by trade and can state in no uncertain terms that waiting until age 70 was and is an untenable situation for most blue collar workers. Theory is great but reality is different.
@@myvenusheeler here ya loud and clear.
Maybe if I was “white collar”.
Depends! Not everyone can or want's to work until 70. Retiring at 65 and going through all your IRA money waiting for 70 to start SS may not be a good choice as well. A lot of success in retirement depends on your lifestyle and cash flow. Getting $300-$500 a month more in SS may be small if your investments (whatever they may be) produce enough or more income than that extra SS.
If you're sitting behind a desk and/or really love your job working until 70 could make sense.
There are also folks at the wealthy range who take at 62 because they have to factor in the taxes they would pay in required minimum distributions. Unless that law is changed, they would pay a lot of tax at the age of 72 if they waited until 70 to start taking social security payments. There seems to be kind of a barbell - people who really need the money take it at 62, and those who really don't might take it at 62. The rest of us are probably somewhere in the middle.
I waited til 70. Most people don't die too soon; but live too long. And your point about failing to save extra money intact til you're at your FRA or later, is well taken
True about life expectancy. When I was young I smoked and drank like a fish. I quit smoking at 31, and since I was in sales and on the road I drank a fair amount. When I retired at 57 I started drinking less and less each year, not because I thought I had a problem, I just didn't want it. I now drink 2-3 times a week and then usually only one drink. Most of my bar buddies did not quit smoking or cut back on their drinking and most of them are dead. The oldest was 72 and the youngest was 63. I just turned 81.
This seems to be more and more true. I just visited a relative for her 100th birthday. Her mind is still sharp, and she can live independently.
For medical reasons I'm checking out of the hard labor pool for the most part,at almost 63....
Taking mine at age 70, which is next month. My monthly check will be over $4,000 per month.
When did you retire?
@@howardfriedman7077 I haven't. I continue to work full-time indefinitely
I just turned 69 and plan on collecting at 70 and it will be over 4300 a month. Doing my job for 34 years and love what I do. Hardly any stress at all and actually the only stress is the commute home. I get paid just over 6 figures and like the comfort of not living on a budget. I do plan on cutting back on my hours working at 70 though.
Another great video. People’s situations and values are unique to them, yet there are enough of us out there that we share some commonalities. I was lucky and able to retire early at 58.5 with a state pension that covers our expenses. I also set it up to take a lesser amount, but that amount will be around for the rest of my spouse’s life assuming she out lives me. We are the same age. She could live off just my pension. I am a retired university professor that taught human behavior for over 30 years. In broad strokes, “early” old age is from 60 to 75 and “old” old age is from 75 to death. We want to maximize our disposable income as much as possible from 60 to 75 and I don’t care as much about maximizing my lifetime total from Social Security. Therefore, are plans are to file for early social security at the end of 2024 when we both turn 62.
I plan on taking mine at 62.
One because I don't trust my government to keep their promise to me.
Two because I believe it will be means tested because it's unsustainable the way it works today.
Three because I will be debt free with a couple hundred thousand dollars of liquid assets that I've already paid taxes on, and over a million in retirement investments that I will draw on later.
I plan to retire early and minimize my income to get the max 0bamacare subsidy (income tested, not means tested) to afford my health insurance that will probably cost $4k a month by that time. That is the plan until Medicare kicks in later.
It’s such a blessing that my husband and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what he lacks, he’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
That is so amazing, I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success. with my partner..
The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. She has years of financial market experience.!!!!
I waited the 70 because of a 6-year younger wife, I worked until I was 68, and I wanted to have enough money to do something besides watch television for the rest of my life. Cruise 22 and 23 are already scheduled!
Smart move !
It is nicer to watch tv on the cruise 😂
I actually planned out back-to-back cruises and figured out I could sail back and forth in Alaska for the season, then reposition to Australia, then rinse and repeat for about $50,000 per person (cruises, tips, fees, taxes, internet and spending money) - no house or car to keep up so no insurance and property taxes. No groceries. Get all your meals included, steward service and new friends every 14 days LOL. Its tempting.
@traybern they aren’t for everyone, but no need to yell. That’s your opinion, I have mine.
Dear @traybern, I hope you find something in your life that you like to do! Money is just a tool we used to further goodness and enjoy!
I started SS a month before FRA. Close enough for me. Working until age 70 didn't seem worth it. Now I can work on the projects I enjoy while there are still a few brain cells left. LOL.
Good points CD.
You didn't have to start SS benefits when you retired. I retired at 65 and will start benefits at 70.
@@howardfriedman7077 I retired a few months before that. But waited until a new tax year to start SS. I don't have the family genetics to make waiting until 70 the best choice. For others with better genetics, waiting until 70 may be best.
Many of my friends took SS at 62. They were still working. They were making less money then in previous jobs and needed the additional income. Thanks for posting.
My father lived to be 91. Mother 84. Grandmother 98. I am 62 and I am in amazing shape.
It's not the outcome that is important it's the strategy. There are things you can't control. Take social security when it makes sense for your situation
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Geoff, good of you to mention the Bots and their onslaught of fraudulent financial advisor recommendations. It’s a blight on these kinds of videos and sadly there isn’t much that can be done about it effectively except to just warn about them and ignore these posts.
hey everyone: Warning! this is a bot
I always insult the bot, but it never replies. Proof that it's a bot.
I took social security at my full retirement age (66), worked an additional year. Nice to get a paycheck without an offset.
Smart. Take it at FRA and invest it all.
Most of my friends who retired at 62 eventually went back to work. Not because they needed the money but because they were bored and after 6 months or a year decided to get either a part time job or a full time job just to stay busy. My thoughts is to keep working until I know I never have to work again financially speaking. If I get bored and want to get a job or donate my time then that's fine. Just so I never need the money.
I'm not going to go back to work 6 months after I retire, guaranteed. I'm going back to work the DAY I retire (well, maybe I'll take a week off ;) With one difference, I'll be working for a place that's working to make people's lives better, not to grab as much money as they can.
Is there a way for someone to undo taking SS before FRA?
@@JBoy340a Only in the first year of taking SS. From what I've heard in that first year you can go back to work. Stop SS and then later on when you take SS again they won't give you SS for the first 6 months. They withhold it as a payback. Josh or others may know more details about it.
As you stated it is your planning. I took Social Security at my full retirement age even though I was still working because I had refinanced my mortgage to pay for my children’s college so when they graduated they had no debt. I used the Social Security to pay down my mortgage so I too could become debt free shortly after I did retire. Planning is very important with retirement because it is hard to correct a mistake. Keep up the good work with your channel.
I think a key factor no matter how old you are is to be debt free, including the mortgage. That is my goal. And looking at FRA. Makes it a little tight now but long term will be much better
Thanks for the ‘warning’ about those sho will take your advice and ‘’recommend’ the perfect planner. So true! My goal is to retire at 64, which is in six months, and to take Social Security as a “Bird in the hand” vs 2 in the bush. At 64 I am above the averages you described and well within my expenses, so I do not have to draw down on my other investments. Keep these videos coming, because I love the perspective and the ability to look at other perspectives!!!
You are so welcome!
Bird in the hand is a medieval expression that refers to owning a falcon.
it does not apply anymore. dont use it.
@@DrSchor thank you. But I have done as many math calculations than a NASA scientist and still take advice from others. With my personal situation, I am feel confident here.
@@DrSchor Nobody appointed you as language policeman. If you don't want to use the expression, don't. But much as the decision of when to take SS is an individual one, so is the decision to use an expression that everybody knows, regardless of its continuing validity.
Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.
@@darrenphilip247 Thanks for this tip. His handle & website popped up on the first page immediately I searched Ethan’s name, I read through his resume and it seems pretty tight. So, I dropped a message & hopefully he replies soon.
@@finleysterling562 Thanks for this tip. His handle & website popped up on the first page immediately I searched Ethan’s name, I read through his resume and it seems pretty tight. So, I dropped a message & hopefully he replies soon.
I am filing next year, at age 70. I will collect 32% more, plus the annual COLA increases. The annual COLAs will be higher, based on my social security benefit. With inflation running rampant, at least I have a small hedge against inflation! I am able to do this, because I have multiple streams of monthly income.
Thanks Mr Schmidt
Thanks for your videos, Geoff. Personally, I will retire from my job at age 65, because unfortunately our health insurance is still tied to employment until Medicare kicks in. For me, having to pay many times more for the same insurance, while at the same time not generating much income creates a giant sucking sound in my retirement savings. I will then wait until 67 to start collecting SS. In the meantime, I can begin to withdraw from my retirement accounts at a lower tax bracket for two years.
@skeller61 LOL that “giant sucking sound” is terrifying.
Exactly my strategy!
Three yes ago, I determined that is as the best strategy for me as well - currently age 64.
We're doing the same thing. My wife retired 4 years ago to take care of her mother, I'm still working. I have 1 more year until 65, and my wife and I will go into Medicare when I retire. Right now we are under my employer's health plan... we heard that money sucking sound as well!😂
By the way, I’ve also been looking at Medicare options. I’m going with ‘Medigap’ plan G. It trades a higher premium for a max of $227 a year out of pocket, no matter what. With the extra $360 a month I’ll make from SS by waiting the extra two years, it will about cover both my wife and me for the rest of our lives with no worries about not being able to get treatment or having it cost an arm and a leg. In other words, peace of mind.
When I see that someone has "responded" to a comment I made, but it is the spammer, I delete their post. I do this everywhere I comment. I always like your videos, Geoff.
“Are not going to meet the tables…” What a polite way to put it !!😊
My wife and I took it at 62 and have not looked back. We are now 71. We had factory jobs and 40 years in the heat, noise and standing on cement floors takes a toll on your body. We put money into our 401ks for 30+ years and both of our employers had pension plans. We just for the first time took some “fun” money from the 401ks this year. We are required to next year. It wasn’t necessary as our SS and pensions are more than enough for us to enjoy our retirement. Our house and my wife’s new car will be paid off in 2 years. We will be debt free then and as long as our health is good we will certainly be enjoying our “golden years”
Thank you, Mr. Schmidt, excellent update. I'm 65 and retiring shortly. We have multiple income streams, so there may not be the need to maximize every bit of SS. I will wait as long as possible, probably FRA. But I don't see the benefit of waiting until 70 if I have to run down my savings to do it. I could "expire, as you say, lol" at 69 and my kids would lose that portion of my savings. I have to weigh that against being the primary breadwinner, so the survivor benefit will be higher if I wait.
Thanks, much!
Sometimes the "Peace of Mind" dividend plays a role in knowing you'll get more $ if you wait till age 70. It does for me !
I’m going to keep working as long as I can for the social outlet
I love your reply. I enjoy what I'm doing and really like conversing with clients. That's key. Are you enjoying life while working. I'm 58.
Now it makes sense. When I did a chart with my available SS and it came out to hitting the same payout by the time I was 81 if I took it at 70 or 67. I'm still working at haven't started taking it yet even though I've just passed my full retirement age. I'm in good health but as Schmidt says, no one knows when we'll turn room temperature. Great Videos so Thanks for all the information Holy Schmidt,
Some random arguments for taking SS early: 1. the resultant income allows the recipient to avoid drawing from their IRA, allowing it to accumulate tax-deferred (or tax free w/ Roth IRA). 2. allows them the risk leeway to keep their IRA or other investments in equities for a higher rate of return. 3. allows them to prioritize spending during the best health/mobility period of the remainder of their lives. 4. they don't need it and will invest it, converting uncertain future revenue into presently owned wealth. 5. they have reason to believe theirs will be a shorter lifespan. 6. they want to quit working, haven't saved enough for retirement, and need the money to make expenses (worst reason IMO).
WELL SAID ...... AND YUP THE GOOD THING ABOUT YOUR EXPLANATION IS NOT ONLY ABOUT THE NUMBERS YOU CONSIDER ABOUT EVERYTHING ...... IN MY OWN VIEW IS NOT ALWAYS AVOUT MONEY LET'S BALANCE ABOUT WHAT YOU WANNA DO ABOUT YOUR LIFE ..... NOT JUST ONLY ABOUT MONEY ...... BOTTOMLINE MONEY IS NEEDED BUT MONEY IS NOT EVERYTHING 💪👍
Healthcare & IRA balances play a huge factor
I've been guarding my 401k accounts like Fort Knox. But I've realized that I won't live forever, and I can dip into them in small amounts. So I have.
At 60 now and mostly retired, I am definitely taking my $2200/month, $25k yr at 62. By taking it then, assuming you have other invested assets, you can keep that $25,000/yr invested rather than withdrawing it from the investments to pay for life. Compare to age 70 - After 8 years of $25k withdrawal savings per year at 5% you'll have about and extra $240k in your savings account, far outpacing your total assets if you waited till 70. Besides, when will you enjoy it more, 60's or 70's? I personally calculated my breakeven point a age 76 assuming 3% inflation.
I just hit 50 and plan to retire at 60 as well and start withdrawing ss at 62. Wife is only 6 months younger than me and she will start withdrawing at well at 62, she has never made any earned income since she is a stay at home mom, so that amount is small. Anywho, life is too short and I don’t do really care about the break even point. At the end of the day, it is only money, can’t take it with us.
That’s my plan as well. My wife will draw at 64. She’s two years older than me. I’m hold off for a while. With the downturn in the market I loaded up on some bargains to pad our dividend income.
Great video as always. Sometimes I watch your videos even though I’ve already retired and I’m was curious about the adequacy of my own logic. So far I haven’t seen where I’ve stepped in it…so to speak. I worked until I was 74 and I didn’t take my SS somewhere around age 71 or so. Doing that has really help me weather this market we’re in. With luck I’ll out live the tables, and if family history is any indicator, I should be able to last a little longer than 81.
Thank you for addressing that annoying spam issue in your comments. Hopefully people realize it, but thank you for drawing attention to it.
Thank you for providing this information. Many people need help with this issue.
If you need it, take it.
If you don't need it... this isn't rocket science. OK, for many, relatively speaking, it is rocket science.
💰"' 😚👍 We are lucky that SS & Medicare are still around. There is no way these programs would ever be created/passed by today's politicians ...
But this current crop of vipers may think of a way to hit them because they absolutely do not care about the American people.
I think it would political sucide to let ssi go away.I think they will lower benefits and raise age to get ssi.Maybe early retirment moved to 64 instead of 62.Just my thoughts nobody knows we are just guessing.Happy investing/stacking.
I won't need it but will take my ssi at 62.I will invest it in divden stocks.I love investing in divden stocks and selling OTM options.Happy investing/stacking.
@@bluecollarbullionballer4269 Very true - they are unlikely to eliminate it, but rendering it essentially useless through cutting benefits, inflation/currency debasement (which is a form of taxation), and other means is all but inevitable.
But don't lose any sleep; congressional pensions will remain well-funded, lucrative, and untouched.
@@bluecollarbullionballer4269 i would like to do the same. what is a duvden stock
If possible, hubby and I want to wait until we are 67 to take SS. We are a year and a half apart so our plan is for him to quit working at 65- take Medicare but not SS. I will support us until I turn 65. I will take Medicare but not SS. Then, in 6 months he will turn 67and start his SS and we will live off of his SS for a year until I turn 67.
Sounds like a plan.But what happens if you get divorced? That throws a monkey wrench into all of it.
@snave59 It's the second time around for both of us. We have been together for like 14 years married for 6. The only way we would get divorced is if I wanted to, and I don't see that happening. The house is mine from before the marriage as is the majority of the money already saved. I would be ok- I would move down south to be with the grands lol. My hubby would figure out his own stuff but he's low maintenance. I would still quit working at 65 and take SS at 67
Because of my birthdate. I was able to file for a Restricted Benefit. My wife collected her full amount and I received half of hers under this provision. I recently turned 70 and now I am receiving my full benefit which is close to the maximum amount. The two of us will receive $76,500 annually.
62.5. Asap I cannot wait Thanks Jeff!
Like your program. I believe that one of the driving dates, at least for me, was when I would be eligible for Medicare. Also, please consider using median and not average. When comparing things like incomes, average can greatly inflate the numbers ( in the US, the difference goes from about $45k to about $120k). Thanks again.
Thanks for more free great advice. Key brought up points is how long you think YOU may live, but also how long SS is going to live.
Unfortunately deemed fully disabled just after turning 62. Took buyout from my airline job when 61. Got 18 month severance package. Receive FRA which for me is 67, and receive Medicare. Also receive some LTD pay till 65. So, although rather still be working, SS and LTD, along with qualify for Medicare at 62, is a lifesaver.
Also took lump sum pension from airline, and have 401k, and no RMD's till 73. SS and LTD cover my living expenses, since Medicare saves me over $700 a month. I am lucky in that regard, but rather be healthy.
@traybern Talking to me? I did not scam anybody.
Paid for LTD all my career out of every check for the just in case, which unfortunately i needed. Just like paying insurance on anything.
After you have been sliced and diced wide open four times to save your life, come back and tell us all you just bounced back and went to work. I tried going back to work 3 times.
Now, send donnie a check. He will love you for it.
@@wa210 I hope you're feeling better now.
@@jdenino6022 Thanks, but dealing with issues everyday. It's life.
retired at 62 with a union pension.and started taking SS at 63.saving the SS checks.using the ACA for health care.remember everyone your health is your wealth.
67 here; retired....but not drawing on SS. I read about this stuff i n a biz class/university....and bottom-line: by my waiting 'til 70, I gain 8% PER year for NOT drawing upon it sooner. IF you don't need it, don't draw upon it. It only goes up!
Break even point is higher when you consider the time value of money and investment gains.
I’m a Gen-X, I grew up “knowing” that SS will not be there for me when I retire. The underlining message was save for your own retirement. I have utilized a 401k for my whole adult life and am not working past 65. At least not in aerospace. I’m taking SS early because you can’t take it with you. Yeah the SS web site says they will be able to pay me 80% of what they are supposed to by 2034. Well,,, that’s 100% more than I ever really expected so no real loss thankfully
Gen-X here as well. If you haven’t started a Roth IRA I recommend you do. Max them both out every year if you can. I max my Roth plus 25% in my 401k with employer match. Do that and you’ll be fine. Anything above that is just icing. I plan on working till I’m 62 then retire to Panama. Great healthcare system down there. Gonna take SS at 67 and invest 100% of it!! God speed and good luck.
Seems like a ton of the commenters here are older folks. I'm in my mid 50s and am definitely taking it at 62, even though I don't "need" it. First of all, I'm not willing to take the "mortality gamble" and want to recoup what I paid in as soon as possible. Secondly, I want to use the money while I am younger....waiting until 70, or even 67, just seems extremely misguided, especially if you are male. Add to the fact that Social Security benefits will likely be reduced across the board during my retirement, I want to maximize the payback. Look, I understand the statistics of the mortality tables. However, statistics only give us a *hint*...they don't tell the future, and I'm not willing to take that gamble.
But by far the most important reason is that I have had a long and successful career ( same megacorp since college graduation for over 30 years ), but it has been a stressful one...and I'm just about done.
Your benefits are going to be abt half what they would be,if you would wit til 67.
Great show! I had no idea average SS payments for men were so low. Thank you.
It's based on your income,through your entire working history.
I have been waiting until 70. With cost of living increase I need to take it now at 69. Life changes and you need to be flexible.
I'm opting to collect when I retire and hopefully that'll be when I'm 62
Why 62?
Hi Geoff,
Outstanding video as always 🇺🇸✈️❤️🤍💙
Hi Jimmy, thank you!
If you are Happy at work. Keep rolling. If not cash out!
I retired at 62, no one knows how long that you will live. I am now 65. Didn't make a mistake.
Retried? You do know that retirement and Social Security are two different things?
@@johngill2853most people don’t have a lot of savings. Thus they equate SS with retirement.
One thing to keep in mind is if your spouse will be collecting on 1/2 of their partners Social Security. If either of you may not make it to your 70's it might make sense to start taking your SS at 62. This is because when either of you pass the 1/2 payment drops. At the same time the tax rate increases because the remaining partner will be filing single instead of married.
Cost of living increases are based on your benefit amount, so if you wait til 70 to maximize your benefit, you’ll receive a larger increase than if you filed earlier.
I’m one who is penalized because I collect a tiny STRS pension and Social security. The penalty I think is bigger that my STRS pension. I hope the legislation passes to eliminate the WEP. I shouldn’t be penalized because I was a lower wage earner even though I contributed at least 40 years to SS. I made a choice to work in jobs where I could be home when my kids were home. My wage was higher but full time hours at my job weren’t available. I contributed to both I should receive the full value of both. I don’t get why they think I’m double dipping. 😊 thanks for letting me vent.
Geoff, can you make a video explaining how to maximize SS when your spouse is going to receive half of your benefit? In this video, you mentioned the spouse taking their benefit at 62, then switching to the spousal amount when their spouse retires (this might work for my wife/us, but I want to make sure we don't "settle for less" by doing this). Do they receive less because they started withdrawing early? Or will they still receive half of their spouse's full retirement age benefit? And does it stop at half of full retirement age, or can the spouse receive half of their spouses benefit at age 70?
It's all very confusing, and I'm sure there are several factors and scenarios at work. THANK YOU!
Michael I am not an expert, but am in a situation maybe similar to you, where my wife’s SS benefit will be less than half of my benefit. It is very confusing but my understanding after doing research is that their spousal benefit is reduced if they claim before their FRA (not by a lot, though), and doesn’t increase if they wait until after their FRA to claim. If you delay your benefit past your FRA theirs does not increase, either. I believe it maxes out at 1/2 your FRA benefit. You need to claim your benefit in order for them to get the spousal benefit. The difference though is the survivor benefit they get if you pre-decease them is your full benefit for the rest of their life, which would be higher if you wait until 70. I am hoping that Geoff can confirm or else correct this here somewhere.
A comment above mentioned delaying as a very good and inexpensive income longevity insurance, which IMO is right on.
Remember this folks, your moving now and spending more money than you will be at age 78 and up. My parents are 86 and 90 and save money living on 1700 dollars ss a month, so do it asap, not wait
I am 65 and will delay until 70 and will receive the 8% annual delay credits. My wife will take hers at 62, delay her spousal benefit until 67 and she will receive my higher survivor benefit if I go before her. Best longevity insurance available with the annual CPI increases.
Fortunately, because I retired from the US military with 26 years of service, I receive monthly retirement (and 100% VA disability compensation), so I’ll likely wait until 67 or 70 to collect social security (I’m 53 now). My wife is a fed govt employee and will retire in about 6-8 years, so she’ll have a decent pension and her TSP (which should be worth 3/4 of a million dollars by the time she retires). Likewise, she’ll probably wait until 67 or 70 to collect social security, too.
Interesting point about claiming SS at FRA. That's not something often suggested. Many people want to wait till 70 to get what they hope will be the most money from the Government. My father passed at 83 but spent his last 10 years in poor health. I'm debating weather it's worth waiting or not. My Chiropractor died suddenly about 2 and a half years ago at 58 and I thought he was in better shape than me!
Many people wait to 70? No that is not accurate. Less than 10% wait to 70
Don't judge your longevity by the lives of those not related to you by blood.
@@johngill2853 I said MANY not MOST! if you follow retirement based channels like this one, you would know that often the host along with many viewers intend to wait until 70 before filing for SS!
Hello, Thanks for putting out these videos, they're awesome and very much appreciated.. I'm getting ready to retire I'm going to take my SS at 62. I believe in taking it as soon as possible for multiple reasons. I believe you'll have much more fun at a younger age and be more energetic and more apt to take on those bucket list items you've always wanted to do.. And just be able to do the things you want to do instead of having to work a 40-hour job.
I do have a few questions and I've gotten a couple different answers from different people. I understand there is a cap on the amount of income you can earn when you take SS at 62 $21,400 and it changes year to year. My question is on active and passive income.
(1) I have rental properties I've owned for 20 to 30 plus years that are residential rentals, and they are leased yearly. None of them are rented out as commercially also none of them are part of the personal property I live in.
This would be considered passive income Is that correct? Also Is there a cap on the amount of money you can make from your rental income and still keep it as passive?
(2) I have one inherited IRA I have to take a yearly disbursement on it based on my parents age. Is this is also considered passive income?
(3) I'm 61 possibly going to retire at the end of this year and start taking my SS at 62. So I will be retired one year before I start taking my social security. I would like to stay on at my work as a consultant and possibly have them pay for my health care as part of my compensation. Is this considered active income which I believe it is or is it passive income? (The amount they would pay for my health insurance)
This information would be greatly appreciated. Any other input you would have also would also be appreciated..
Thanks for your videos please keep them coming very informative....
Thx ,✌️
I'm thinking about starting SS at 65 with the start of Medicare.
Yep, me too.
That is my plan as well vs waiting for FRA at 67.
Clarity on the best time to take ss is impossible without knowing if the government will cut benefits 25% as some say is possible in 2030. Several years of receiving benefits before cuts would be very tempting.
only some say it is possible; most say it is not possible
At about 4:20 I assume the numbers are for the gross payment amounts before tax withholding and/or Medicare withholding are taken out ?
Correct
Excellent analysis. Can you say when, or if, WEP will be stopped. It is really a very bad deal for those impacted. Reagan, darn you!
67 and still working, I don't care about break even, I just don't want to be short on money when I do retire, so going to keep working to 70 and beyond.
If you get to 65 and haven’t yet taken Social Security, isn’t the correct lifespan to consider in your decision the remaining life expectancy starting at age 65? Isn’t the lifespan estimate at 62 no longer relevant?
At birth it’s materially different, at age 65 it’s not materially different.
Taking SS may trigger higher IRMAA levels for certain individuals...thereby reducing the actual "take-home" portion of the SS distribution. Provided one is in such an income bracket, and he/she lives long enough, this problem is inevitable, yet the can can sometimes be kicked down the road.
Can you go into the other factors like how much insurance will cost and to figure that in to when you take it.
Not sure I will take SS @ FRA because of increase on taxes since I am still working. Maybe hold off a year or so.
For a well-funded retirement fund (say > $2mil) grabbing retirement early is a definite win. Leaving my money in retirement account (drawing early SS) allows these funds to grow (beyond the 8% SS yearly increase). To me this is a no brainer… if sufficient funds in the retirement fund, let it work, grab SS early to allow you funds to grow. A simple opportunity cost analysis will show this, while I get less from SS I maximize my end of life estate value. Don’t be confused between getting most from govt versus protecting you estate investments.
I had no other choice but to get my disability at 62 my Bones are deteriorating and my knees both were ate up and I had have both knees replacement. I was medical disabled
Do you have an opinion on whether or not the WEP will be repealed? Waiting for that to happen COULD make sense.
I hope it is repealed because it will help all those teachers who worked summer jobs receive all that is due them.
Love your content! Question: When I retire at 63 then take Social Security at 70, how does that 7-year difference affect my benefit? I will be receiving a pension, but I don't think the pension pays into Social Security...? All the SS Calculators don't seem to help with this scenario. I did find one that I have to download a .msi for. Thank you, and happy holidays to you and yours!
How do you factor in getting a pension starting at age 55? Does it make more sense to start collecting SS early at 62 or FRA at 67? I believe there may be income thresolds and/or tax implications.
You need to figure it out using all your information. Nobody can tell you by just knowing you get a pension
There are tax calculators online
I waited until 68.5 at which time my wife who was a stay at home mom without benefits of her own reached her full retirement age. Under the rules her benefit would not increase by waiting. Also her survivor benefits will be larger by my delaying past full retirement age.
At the end of the day each and everyone has to make the decision that would be best for themselves.