5 SMART Reasons to File for Social Security at 62
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- Опубліковано 1 чер 2024
- Most of the information and "advice" you find online makes the case that delaying your filing is always the right thing to do and thus filing for Social Security at 62 is almost always a bad idea.. There's a good reason for that thinking because filing for Social Security at 62 means taking reduced benefits FOR LIFE. But that advice is WAY too broad because it’s simply not true that filing at 62 is always a bad idea. This decision is highly dependent on your own personal set of factors. In fact, there are five specific circumstances when I think filing early makes the most sense and in this video were going to examine each of these.
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Do you vote for politicians who actively work to destroy social security? (Like Ron Johnson of (Wi-R)) Do you also pi$$ into the wind and shoot yourself in the foot? If you answered yes to the first question, you answered yes to the other two.
Hello Mr Devin. The company i work for is closing. Im 57. 58 in Septrmber. Im a CKD Survivor with diabetes abd some bad knees. My last day is june 30th. Work has become difficult due to health reasons. My wife is younger and the higher earner. Should I file disabilty or continue to try to work. I need dome advice. Thanks
Hi @Devin Carroll
I totally am a super fan of your channel. I have some comments about this episode but first want to ALERT you of something that could be affecting your numbers for it. When I watched it moments ago there was an ad that popped up and wouldn't allow me to watch on full screen on my android. The part that might affect you that full screen or not, there was NO WAY to comment, share etc. To be able to make those comment I had to close the screen out, go to my library and click to watch the video again. Otherwise no thumbs, comments. Save, share etc. Just wanted you to know so maybe you can get it fixed. It was a commercial for burial benefits but that isn't the only one that makes this scenario happen.
Hello @Devin Carroll
I so appreciate how clear and easy to understand you make this subject of soc security rules and regulations. They can almost seem like learning a second language 😂 LOL. But not with you.
However, you don't ever seem to cover an important group. Older ex-spouse, married over 10 yrs (15.5/yrs married). They were also the higher-earning ( making over $100 thousand but under $140 thousand/yr) working (at the same job) until full retirement age at 66.5 yrs old (Born1945). The younger spouse (b.1962) became completely & PERMANENTLY)disabled in 2012 (age 50) after working enough quarters to get soc security disability (SSDI) rather than SSI.
You don't seem to cover this type of scenario in ANY of the videos I can find.
When the older, higher-earning, ex-spouse retired, since the younger spouse was completely and permanently disabled at the time of the older spouses retirement and the younger was age 50, could the younger have applied for spousal benefits then or must they waited until 62 or older to apply. I hope you get to read this comment and will make a video, because I'm sure there are many others in the same type of situation. If you would consider a video and need any parameters I didn't mention feel free to msg me.
Trayne.behr(AT @) Gmail I'm sure you know how fill in the @ and what's after Gmail. There really IS a period after Trayne in the address. It's not a typo.
Thanks for the easily understood content you bring. I'll be looking forward to new content, but until then you'll find me binge-rustling through your impressive older library of content. Stay well, safe and spreading a little (or a LOT) of love. Namaste
@@MegaFisherman16😊
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $350k since then.
@@joshbarney114 I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@@eloign7147 ‘’Colleen Janie Towe’, is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@joshbarney114 Thank you for this tip , I must say Colleen, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
I retired from a demanding never appreciated job of nursing at 61. Best thing I ever did. Started taking SS at 62. I am active and want to enjoy life. Seen too many people come into the hospital after retiring late and having major medical issues. They could not enjoy their retirement. Retire early.....enjoy life!
I appreciate you as a nurse. My daughter is studying to be a nurse. So sorry you feel that way
@@pittroadsixzeroseven not all nurses get satisfaction from their work, but I have met many who do, and for that I'm forever thankful.
I've been a nurse for 31 years and I can't wait to retire at 62. 6 more years to go!!
Curious to know-what are you doing for insurance?
Me too I got my SS retirement at 62 this year 02/2023. I believe the same too, I l know a few people retired at 65 just got 1 checked or 2 then they died. Why do you think the government / SSA PUT those polices??!!!! Helloooo
Two years I plan to retire at 62. I am so DAMN tired of as-h-les saying "What will you do?
I will enjoy life. I am sorry if these people have no life. I will read, go for walks with my dogs, try to go to church more often, go out for drinks and never, ever have to wake up to an alarm again or deal with traffic going to a job...or some days I will just do nothing.
I just hope GOD grants me the time.
Thanks, for reading
I'm with you Phillip. I worked from the time I was 18 until I turned 62. Never once did I work because I wanted to. I always worked because I had to. There is nothing wrong with liking your job, but make no mistake, we are all there for the money. My wife and I made sure we put money away so the day that we no longer needed to work would get here as soon as possible. For me, being retired feels like a snow day from school every day. Anyone who lives in a northern state will get that reference.
Yeah don't listen to them. The grass is definitely greener over here. I retired at 51 I get up at 10am everyday don't miss one coworker. I have a pitcher of Margarita's when ever I want. Welcome to the club.
I don’t care if I wake up to watch the grass grow ......it’ll still beat being stressed out over a job .
I'm right there with you. I have 2 and a half years till 62 and I am planning to retire.
Yes I agree I will be 62 in 1 year and 5 months can't wait to retire my job is so stressful physically and mentally! I want to be able to enjoy the rest of my life by God's Grace
I went at 62, it was a challenge money wise. Took a big cut in pay. That was in January 2018. I was totally worn out and discusted with that company. It used to be a decent place to work. Went totally downhill when the previous owner decided to hang it up and sold the company to investment bankers. I turned 62, I had options then. Clocked out one afternoon, never clocked in again. CHEERS, People.
good decision making, congratulations!
That's very common when family-owned businesses are taken over by larger corporations and institutions looking only for profit.
Ageism is very common in today's work force. I just turned 61, my co workers call me grandpa. They don't realize that they will be my age sooner than they think.
If they live long enough. I’m a big proponent of retiring early.
Your last sentence is SO TRUE...
@@davidkirk2554 They think that they will be young forever. Funny thing is, I thought that way when I was their age!
@ James Last...very good point. The years go by in a flash and then people always say where did the years go!
Youth is wasted on the young.
One of the best things I did for myself was retire at 62. Don’t have to worry about being laid off or losing my job. Less stress.
I do Agree...... That's what I plan
or the company going belly up and could affect your pension. i took a lump sum settlement and glad i did as the company closed up about a year after i retired and some of my co workers got screwed.
@@clemzahrobsky2137 I had two uncles in Houston that worked for a company that went bankrupt before they got to retirement age back in the 80’s and they lost their livelihood other than ss !!! All of the retirement accounts were bankrupt because they used their stock as retirement for employees !!!
Yes, steady income once a month, rain, shine, snow, the check is coming
It’s great, I see a lot of help wanted signs. Couldn’t care less
I'll tell you a great reason to file at 62. I filed and a year later I had a heart attack and a quadruple bypass. Then I had pulmonary edema. So I almost died twice. I'm now 66 and I do not regret one single moment for filing early. 💕
Major medical is what scares me about collecting my benefits and retiring early. How would one pay for major medical without insurance? My high-deductible crap insurance runs me over $800/month and I'm in good health!
@@JBCavern you know you can supplement to the I got a Molina healthcare plan for $40 a month
@@morganmcintosh7859 Thank you. I'll have to look into that.
I hope your health problems are better.
Awesome story brother!! Thank you for sharing with us🙏🏼
I will be 61 in Feb. 2024 and SS has already sent letters stating that I qualify for benefits should I decide to move on it at this age.
What should I do??
I retired at 62 because I my job was making me sick, right before I get ready for work, I will start getting stomach ache, and start shaking, I was a waiter for one of the big hotels here in Las Vegas, I was getting sick almost everyday,I was getting pneumonia the flu, and a lot anxiety, so I quite my job, and file for social security, I got like 1100 dollars, plus my pension from the culinary union, I work for 41 years on the restaurant business, and from the union when you put 20 years or more you get 50 k, if I would have taken the 50 k, my monthly check would have been 800 dollars a month, so I decline to take the 50 k , and get 1200 hundread a month for the rest of my life, and this way I didn’t have to pay taxes, this is what I did, another thing since I quit my job I have never got sick, no flu pneumonia or noting at all, so I’m happy.
Hospitals and Hotels are not good places as the windows are usually all closed and the AC just makes the air go round and round. Glad your out of jail....ha ha. Fly baby fly.....and soar until tomorrows tomorrow!!!
On I know that sick feeling in your gut all too well. I only regret staying at it for as long as I did.
good for you you before i retired i must have destroyed several dozens of alarm clocks throwing them across the room saying to myself , really not this S****T again.
Is it a surprise when the hotels are smoke filled?
I cant even tell you how many alarm clocks i had that meet the same fate.
I said good riddance to corporate America in 2018, I choose to work part time at my local grocery store 2 days a week, and I also work in my community ministry, I’m active and never felt so fulfilled!
I truly Thank God for this season in my life. 🙏🏽♥️
Tomorrow is not promise 😃
Great choice and good decision to do what you love...👍❤️
Good for you. You escaped!
Amen sister!always follow God's plan and He'll never lead you wrong.
I'm 59 and trusting GOD for the same plan.
GODBLESS!!
Awesomevso glad for you
You can adjust your lifestyle to a reduced income but with no life or quality of life, extra income doesn't mean much. Best decision I've made was to retire at 62. I'm poor but have enough money to pay for everything with a good chunk left over. Best of all at age 69 I'm more healthy than at 49 and can enjoy my retirement.
You are right.
Me too iam retired and enjoying life best move I made . From Canada 🇨🇦
That's a great point, too. Never considered - I'm an attorney - that's 7 less years of high stress on my body in my 60's. That can't be healthy.
Amen brother, I retire from a stressful corporate job that I worked late and went in early, many nights woke up at 2 or 3 in the morning stressing about what need to be done or get done that night or the next morning.
I can’t tell you how much better I sleep every night and I’m sure I’ll live longer because of retiring. Get out if you can…
I like it. Finding what works for you is the key
Yes retiring at 62 while I still have the strength to enjoy life
Well said Maggie, I’m gonna do the same me thinks
Retired at 60+ onJanuary 1, 2020. Started my pensions at 60.5 with a little 401k kicker a few months later. I did the math and my break even point (early vs full SS) is 79+. It doesn’t make scene to wait another 4 years and 10 months to start SS. I am enjoying doing things I thought I didn’t have time for while working, spending money enjoying life. I’ve raised a family, work hard and saved money for this moment in time. I’ve filed for SS at 62 and can wait to start recouping some of my money.
Retire as soon as you can. Enjoy life, family and friends while you can.
I am 71 years of age I took early retirement at 62 my first spouse died he makes way more money than I did and my spouse now is younger than me and sickly I get some of his ss it is too little can I file on descead benefits please let me know
Good for you
@@roz6164 I do not believe that you can file and get the deceased spouses SS once you remarried
I just retired at 62 also. With what's going on with our government I really don't know how much longer S.S. will be there.
I found that after age 55, it took an average of one year to find a good job. At 63, unemployed again, I decided that retirement was the best choice as many employers are reluctant to hire anyone near retirement age. I was tired of fighting the ageism common in America.
I here that load and clear!
Good for you I had enough sounds like you have to
Not the federal or some State Governments they are looking for workers in diversified age bracket Just as long you work for them give them five years and you will have more income.I am 60 years of age and started back. I will give them five or more years of life at least at most another eight years.Life is short to waste you might have to go out work it to earn it as well something show you are good.
@@henryvalero9235 The story is familiar and so damned frustrating. Being old, in America, is not an asset but a liability. Employers assume everyone wants to retire at 65 when many really want to work much longer.
@@brooklynbummer From Lil Giant Yes. My mother had six children. Every one of them except me and the youngest, who is not yet 70, retired at 70 years old. I look the youngest of all of them.
It amazes me that I could have had that problem. But I cannot figure anything else. It just doesn’t make sense. I never get sick. I have been in a hospital only because I was having babies or I was run over in a parking lot by a guy in a car. I competed with the youngest and the brightest-the cream of the crop at university. THEY did not know my age. Makes me mad. Oh, well. Haven’t thought about it since I retired nine years ago. Nice to feel I was not alone. Misery loves company. LOL 👍
I am so happy I retired at 62....When I turned 66 I started to have health issues....nothing real serious...My job was working outside, and it was physical...Working in the snow and the heat in the summertime was not easy....We moved from Queens NY to 55 plus active community in central Florida...Everyday I go swimming....golfing....play cards....and I love 💕 our community in Florida....No more stress....I know people who waited to file 65 and they passed away....We are not promised tomorrow.....or good health...
I totally agree with u. They take 285. 00 a month out of my as for taking early but u what? I love ❤️ glad l filed ealy
Claimed at 62. Receiving Social Security benefits and my RN pension.,never looked back.
I turn 62 in Feb. My kids live in Winter Haven Fla. Been thinking about buying one of those trailers in a community, but many are too strict for my blood. I love my dogs...lol. God bless!
You are not promised bad health or an early death, either. What will you do for cash when you are healthy at 95?
@@DrSchor No kidding. I am ready to cover those expenses. These videos always try to encourage you to retire early and things can be okay for a while until the money runs out and one 1 year stint at a nursing home can wipe out savings and decimate any Inheritance you planned on leaving for your kids. I purchased a long term insurance plan in my 30's. I just upgraded it. I have just over $435,000.00 worth of coverage. It can be applied to in-home care, assisted living facilities, and nursing home care. Its with John Hancock. I got it through my state employer 27 years ago. My premiums only went up once in 25 years. $5.00 is all. I just upgraded my plan(no medical questions asked)to keep up with inflation. This premium is only $88.00 a month for me. Without going into details...I have invested, planned, did a pre-paid college plan for our son(6 years of college paid)paid off our home years ago. We are a middle class family with a moderate income. Most people can do the same thing. You just have to start early and be consistent. I am 63 and hubby is 65. We are retiring soon with no debt and pensions, soc. Sec. And supplemental income. And cash reserves. I am still working to 65. I am healthy and I am padding my retirement. We do travel and enjoy ourselves now. So you can have fun when you are working. Unless your job is crap! Then I would say get out! Just be careful or you will end up living in your car or a tent. 😊
I've always had issues with all the "experts" that said you should wait until full retirement age, or even 70. First, it's based on actuarial tables so the population based results are the same payout. Second, they ignore how much you lose if you die early, If my dad had waited until 70, he would have collected zero dollars since he died at 69. Third, they always neglect the fact that for every $ I take in SS, that's one more dollar that I can leave in investments. That money will also grow, and unlike my SS, I can pass it on to my daughter. Finally, the obvious; I don't trust what the government will do with this fund.
Good points and well stated!
The republicans are still trying to get their hands on social security funds. Ever since the bush/cheney admin.
They also do not mention that you're really not getting "more money" if you wait until full retirement. Your checks then include the money you did not collect at 62. Don't let the government hold on to your money for you
@@OhJodi69 You are getting more money, a lot more, if you live past 85. What will you do for cash if you are healthy and 90? Bob Hope died at 100, George Burns lived until 100, Kirk Douglas died at age 103, there are 2 million people in the usa today who are older than 90. In 2050, there will be 10 million people older than 90. All those people will be getting more money. Why not you?
@@DrSchor The odds are still slim that anyone will live that long. You do not get MORE money when you take SS the latest. Retiring early is the same amount of money, spread out over more years. If you take the money early, but have other retirement investments, you can take that SS money and invest it, yourself, if you want. Otherwise you're just letting the government have your money for years and years. You could instead save it, yourself, and give it to your heirs if you want. Put the money in your own bank account. Keeping it in the government bank account means you may never get it at all, and neither will your kids or grand kids.
Retired at 62, filed at 63 and 4 months to get 80%. Company wanted to get rid of the older workers so offered a buy out. So along with my pension of 38 1/2 years, plus my S.S. and some IRA money we do okay!
Took the buy out money and bought a camper and truck and went prospecting, riding the Harley and visiting friends and relatives.
I Retired last month age 62, at this point my focus is on health not wealth. I have lost 10 pounds in a month, exercising regularly, life is good. People waiting to stop working are not delaying retirement, they are shortening retirement.
That's a great way to look at it, shortening rather than delaying. I hadn't put it into that clear perspective.
@@devincarroll2701 I think HE will be enlightening YOU.
@Mac Neal SO sorry to hear that sad news, my brother-in-law passed away one week before his 59th birthday, tomorrow is not promised to us. grab what you can while you can.
Kevin, great job on the weight loss, I salute your you new focus. I have lost 35# myself since Jan. 1st this year. I have finally decided to make my health a priority so I can play with my grandkids kids (whenever they show up). I want to be they "old man" that shows the kids how I do (and did) stuff...
Good going! A few years ago, I attended a retirement seminar where I learnt that the biggest expenditure amongst the retirees is medical expenses, to which I thought “not if I can help it.” I switched my lifestyle three years ago, lost forty five pounds, off blood pressure medications and viagra, have lowered the cholesterol and triglyceride levels, and cured my sleep apnea. My aim is to alleviate or minimize the need for pharmaceuticals and surgeries as long as possible.
I'm 58 years old and already have 40 years working in the same machine shop . To say I'm tired is an understatement . 4 more years , 4 more years , 4 more years !
You can do it. Hold on and count the days
I actually left work at 60 1/2 . Couldn’t stand the job anymore . Worked at T S A it sucked
You can do it!
Hello there:
If I'm not mistaken, at 58 is the right time to start moving SOME $ from you IRA to a ROTH.
I think, this way you won't end in a higher bracket at retirement.
Check that out.
r moving
I have 32 years in a machine shop. I am waiting
I retired at 62. I was terminated from my job, and had no income for 4 months, until I received my first ss check. Now I just started work, but I am aware that I have a limit on earnings. I think I made a good decision. Thank you for the information.
My husband filed at 62 and is now 74. I'm retiring next year and also drawing my benefits at full retirement. He has been a great house husband. We made the absolute right decision . Would recommend it. Your presentation was very helpful to others undecided
Yes, my husband filed at 62 cause of cancer and past away at 66. At least he had 4 years of retirement.
I’m so sorry to hear this. We never know how much time we have! Prayers to you and family God bless!
Jo Ann Gennaro
Thank you ☺️
Prayers to you. Your husband did the right thing.
Truth Warrior
Thank you 😔
RIP 🇺🇸
You just don't know how much longer you are going to live, I rather take it at 62 and enjoy it while I still can
Hubby has been ill for over a decade. He is 61 this year. I turn 62 in 2 years. I plan on retiring at 62 so I can spend more time with him. Right now I work between 8-12 hours a day in a job with heavy lifting and a lot of physical labor. Grateful I can still do so.
I'm 55, a RN and sick of sick people. Trying to start a business doing what I love , which I have been researching . I can actually file for disability from a broken back, high blood pressure etc.. my dr's even recommended that I do that. My home is pd for ( valued at $430) no debt.
You should get out of nursing as soon as possible. You may be making sick people sicker, while getting sicker yourself.
You shouldn’t be helping people if they’re making you sick!!
Because your heart is in the wrong place 🙄 you probably decided to become an RN because of the $ 100,K a year income! 🙁🤦🏾♀️
Yes! I’m an RN & feel the exact same- I actually loved my job BUT- since COVID- it’s a very sketchy job. Unfortunately….I didn’t know you could file with High blood pressure! I have that & issues with my shoulder! Help any suggestions??
Sounds good. Good luck.
@@yfa6244 I love what you just started!
I’ve NEVER regretted filing at 62...tomorrow is promised to no one...
Amen 🙏
Tomorrow was never promised to us at 30 either. They'll be people who collect at 62 who end up living longer than they anticipated.
@@markaustin5269 I didn't think I would live past 30, but I did. I had to go on SSDI at 50. I got full term benefits because I had 35 years of work history. I wish I could have invested more into my own retirement strategy, but now I just have to learn how to live on a fixed income.
Once you retire there’s no turning back/on your SS monthly take home..?..!..🤷♀️
@@markaustin5269 ~ that’s the primary reason why am waiting past 62 besides my union pension is over $44,000 a year and they wanna tax my monthly Social Security 23.97% ..?..!..🤷♂️ this is the law established in 1983..?
File for SS at 62 because at 65 you could be dead then ........😵it did work for me ! Thank you for info !
Retired at age 56 two years ago. Already have 3 heart stents. I plan on taking SS at 62. There was never a question for me!
God bless you bro.... eat good, sleep well, and exercise....some at least. Don't be a couch potato...lol.
Can't you get disability with heart issues ...you may be able to collect your full amount.
With a lower SS check you might qualify for many assistance programs, many of which are for people whose incomes are less than 120% of the poverty level. Rent assistance, energy, food, Medicaid, Medicare, free prescriptions, etc. Consider that not only have you worked hard all your life and paid into your social security and Medicare, but you also paid into these assistance programs with your tax money. If you qualify for programs that you have been supporting, you should get them.
Counting on a handout, no thanks!
@@garyjones3142 It's not a handout if you've paid taxes to support the programs your whole working life. You've invested in these programs just as you have invested in social security, medicare, the fire department, public schools, the roads you drive on. If you qualify for programs that you have paid for, why turn them down. Consider that the uber-rich pay far less percentage of income than the rest of us, and they recently got more huge tax breaks a few years back......all that tax money that they do NOT pay to the US, they DO use to pay for all their food, educations, homes, medical, etc. THEY get the handouts. They live off that money they should be paying in taxes.
@@OhJodi69 immigrants get loads of benefits and have paid nothing into the system
@@OhJodi69 you’re right on with this !! I worked many years and contributed toward all you mention. I was even told this by HEAP program employee - I’m getting food help now, heap help for intensely high oil bills and qualified for HERR federal program - in the past I rented my primary house out to obtain money and lived in different areas but since Covid I’m staying home
Are you kidding? So you are on Federal welfare for the elderly, SS, and you want another handout? Get serious please.
I filed at 62 and NEVER looked back. It was the best decision for me. I'm also working part time. Take the money when you're entitled to it.
How many hours can you work?
@@maryveney806 you cannot earn more than $18,900 yearly before it effects your SSI benefit. Not sure what this equates to hourly. I guess it depends on how the hourly wage.
@@clicks59 thanks so much for responding!!
I have my appointment this Thursday
Same here
Im 58 & have it planned to retire at 62 also...Its 500$ more a mo if I stay til 67..but Im tired of the rat race ..I want to travel & work pt not all the time...Im glad to see orhers advising us to go at 62!
You forgot one. I got out of prison at 62. It was sure great to have the money. Though it was far less then what I would have gotten at age 65, it got me through the first year after prison. I was able to get a nice place to live and once I started working, I got a car. I don't know what I would have done without it.
62 is the way to go
God bless you Chip..... enjoy that car of yours...lol.
I didn't know they pay you to go to prison,🤔 is that for everyone? I thought the idea of prison is for punishment.
@@Last_of_my_breedjudge not. Obviously he was judged, sentenced , and released according to the law. You are casting stones from a glass house.
I filed at 62. I’m 66 now. I have low income retirement because of this. So Grateful for those few c-notes I receive. 😌🙏💐
I had to do a disability retirement at 49, to fight cancer, I was not ready mentally and economically to make the move. But I’m enjoying my days off when my health permits. God will provide.
🙏🏻🙏🏻🙏🏻
Amen 🙌🏽🙌🏽🙌🏽Yes he will
God helps those who help themselves. But if you take one step, he'll take two.
Retired at 62 and 3 months. Could've made alot more money 💰 by waiting. Buried a 18 yr old grandson and a 77 yr old father . Time is much more valuable than money 🤑. If you can live on your income. Don't look back. Enjoy .
Can't wait about to be 61
Sorry for your loss 🙏
Very sorry for your loss.
❤️🙏🏻❤️
All my life I saved for retirement and I made it.
For 7 years I had a stressful job and decided to resign last year. I had been doing 2 full time jobs for almost 4 years. At the time of my resignation, I was doing 3 FT jobs and was told to deal with it. I decided to retire one month after I resigned. I had a pension, 401k and Roth IRA. I have been living comfortably on my pension without using my other retirement accounts. I just turned 62 and have been debating whether to file for Social Security or wait till FRA or 70. I'm leaning towards filing at 62 and invest my social security payments.
I was let go from Federal employment because of chronic health issues, so, I filed for SSD and eventually won and I am only 55.5, so its good to know that I can have 100% benefits at age 62, thanks!
I filed at 62 and am glad to not have to worry about money anymore
The Gov. wants ya to wait hoping you don't make it. I had 2 brothers that didn't, both died of cancer. One was a year away the other received a few SS checks.If ya take total of early payments then divide the difference of you full retirement age payment, In my case I'll have to live to my early 80's before I start losing money. My wife & me started planning in our early 40's to retire at 62 & 1/2. That happend in January 2020, No morgage, No car payments. We are now living the dream lol
Many who worked for 40 + years but delayed filing till 65 - 70 never made it, died, and never collected a dollar. And many who planned to and desired to be working were let go anyway. Getting rehired is a long shot after 40, 50, 60. Unless you have a connection or are starting up your own enterprize.
My thought exactly. Who want to go job hunting in the 50,60s? I didn't like job hunting when I was young.
@@krane15 Every year 2% take it at 68, 2% at 69 and 10 % at 70.
14% 68 to 70.
By your "reasoning" no one lives to those ages.
Clearly they do.
@@sammencia7945 People can live to be over 100. Now consider the difference from being alive and LIVING. What good is that money if all you can do all day is sit in a wheel chair catatonic. On the other hand, I guess you can use it to hire somebody to change your diaper.
Shiiit I'm 31 and planning on retiring in two years abroad! México here I come! Fucc working for the mann.
I’ve had 2 brothers die before age 58. Longevity is not in my family’s genes. But that’s ok. I’m going to enjoy life while I have it. God knows the number of my days.
File early ... takes 10 minutes on the phone.
Speak LIFE into you life n the curse will be broken in Jesus name💯🙏🏼✌🏽
@@laflower6082 LaFlower took the words before I could.... Choose life. Life + death are in the power of the tongue. Ask Jesus into your life, repent of your past, and renounce the sins of your ancestors, and start as a new creation in Jesus. Forgive your parents, and honor them; that you may be given long life.
@@markrichardward5504 amen💯🙏🏼
Same here.
i worked for 47 yrs. and theirs not a day in my life i don't thank God i don't have to work + I'm not paying for health, Vets take care of that, what a blessing make a lot less but have so much more
Thank you for your service and sacrifice Steve
I filed at 62. Thanks to a 38year career I was able to do that. I had lost employment and with little debt it made total sense. To wait till 68 was not a plan to wait for 350 a month more. Yes I am single. Thanks for the information. Hopefully the new adjustment makes this an even better decision.
the government like to dangle that extra money in front of people to get them to work longer cause they know most will be dead before getting anything
51 and planning on retiring at 62 too.
An older friend did it and he believes he made the right choice.
I retired at 62.1 and I am so glad.
I retired at 62 also. Took care of my mother until she passed. I'm glad I did. Can still work a little here and there and doesn't affect my benefits.. Then along came Medicare.!!
I filed for my deceased husband's benefits at 62. I had an interview with an sympathetic woman by phone, and when I got my benefits, I was given the full amount. I was stunned.
WOW.... somebody's looking out for you....lol. Amen.
Praise the Lord....I hope I get the full amount when I retire at 62, I'm a 58 yr old Widower.
What is the full amount if I may ask?
@@josephmgomez3921 you will if you had married for 10 years.
Work used to be enjoyable. That ended well over 20 years ago. Then it became one irritation after another used to justify pay and benefit freezes then cuts. Artificial guilt indoctrinated into workers to justify shafting them!
You missed the most prevalent reason. Been working for over 40 years, tired of spending 2 hours a day on the road to and from everyday, tired of the daily drudge, tired of the drama, tired of the alarm clock, tired of your feet killing you, etc. etc. I think to most of us minutes are more important than pennies. When I'm done I won't regret it and I won't look back. enough is enough.
You got that right .enjoy life.is worth more than nickels
True
If you spent two hours on the road every day, that’s on you.
You sound like me...i havent pulled the trigger on retirement ...but im close...,
I was working from home the last year, now they made us go back.
The traffic is already getting bad and there are so many aggressive drivers out there.
Been a month and I am already so sick of it....
I filed because I got burned out by working retail and dealing with people. Lol. I jumped on retirement as soon as I could. Lol. I never made enough to invest, been struggling all my life. Best decision I ever made.
I’m totally with you, I have been working retail for 40 years this August. I turn 60 in November! And I’m ready to retire now! My only concern about retiring at 62 is medical insurance. I provide it with my job. My husband is a few years older and started drawing SS a couple years ago at 62. There is a lot to consider.
@@marygeiselbrecher8129 check with your state to see if you qualify for state medicade and also apply for Snap. That helps me.
@@marygeiselbrecher8129
I’m 55 and my husband turns 65 in May We are semi retiring because he will be on Medicare. I’m getting a major medical plan with Medishare That’s how we are doing it.
Are you a twin sibling of mine?
One more nasty demanding tourist and I’ll burst.
Nothing but working 5-6 days a week and nothing but arthritis to show for it.
You may have just convinced me to take a simple little part-time, file before 65, and have a life with lower blood pressure!
I started collecting social security at 63. I did it after taking my deceased wife's survivor benefits. That allowed me to take social security a year later than 62. I started at 63 because my mom died before reeving any social security as did my dad and my grand father.
I believe there’s an added benefit to this as well. You can also switch to your own benefit at 70 which should be more
I've worked with some older people who retire-in-place. They do nothing in the workplace but still get a paycheck.
We had a lady who retired last year at 86. She could outwork the young people.
Interesting i'm 61 and bust my ass every work day of my life. My experience has been that I find it's the youngsters I work with that have no work ethic; act entitled to being paid well just to show up.
I am filing at 62 I left work at age 59 after the pandemic. I filed for my state retirement at age 60 and I have never regretted it. I am enjoying life.
My story exactly.
My story too! Enjoying retirement at 60.
What do u do about insurance
@@peggybinkley7870 I was already on the policy of Federal Blue Cross Blue Shield 🛡 with my husband for health and I kept my dental 🦷 and vision insurance for 18 months from the job I retired from.
@@peggybinkley7870 I could keep my insurance too - very lucky that WI allows the conversion of unused sick leave.
I believe that what we think we need vs. what we actually need are many times 2 different things. I was prompted to retire at 62 because of some personal circumstances. I don't regret it and I'm very happy. I respect Mr. Carroll's honesty and open mindedness. Too many so called guru's try to tell us to retire at 70 and we must have at least 1 million dollars saved. For the vast majority of us, that's simply not reality.
I started working full-time when I was 15 and a full-time time as well as a part-time job during and continued for several years after I graduated. Now at the age of 54, I cannot wait until I am 62 for me to smell the roses along my traveling roads of retirement. 😁
Retired at 65 and still working, never know what’s going to happen tomorrow, so additional $ is always welcome
Single with health issues is why I'm pushing for 62
I have stood on my feet on concrete floors wearing steel toed boots for over 40 years...62 cant get here soon enough...bye bye corporate dummies...
Know what your talking about.
Hope you can enjoy yourself once you retire.🙏
Great information! Here is a scenario that concerns me, and makes me want to take my Social Security at 62. Means testing. I max out my FICA in the first 5 months of every year, so that tells you what kind of income I make. I am concerned that means testing will become an issue when the Social Security trust fund starts to become so stressed that Congress needs to do something, and means testing is a real possibility in my mind, so take social security as soon as possible and hope to be grandfathered in. Just another opinion on taking it early.
Investing in the stock market is the best option to make a passive income. Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.
who would you endorse? I've been in the shadows for too long.
@@raymondbarnes5264 'My consultant is 'MARTHA ALONSO HARA", look her up online if you care for supervision.
@@danielkey1463 Thank you so much! Found her webpage and left a message. Hopefully, she responds.
@@raymondbarnes5264 Welcome
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal.
I'm filing at 70. I'm 59yo and retired. I've been able to save and invest well enough, that I will be ok, financially, will into my 70's or early 80's.
There’s a big “if” you make it to 70! Tomorrow is not “guaranteed”.
I’m with you Brian. I’ll be doing some Roth conversions until 70 to lessen those IRA RMDs.
You need a calculator to project amount paid compared to retirement at 66 vs 70. You would be surprised. Collect it now.
@@endirrwiggins2494 We in same boat. Calculator was obvious to wait til 70. Our grandparents lived to 100.
Since I’m not planning on living past 70, I’m definitely filing at 62.
Thank you. You answered so many of my questions , my husband turned 62 in Jan. And we are still pondering about it was such a hard year.
I will file 3 months before I turn 62, I have 2 small children and my family max is 5k thank you
FINALLY someone has mentioned something about my situation. I retired at 62 with a preteen and collecting benefits for him. Being in a STRESSFUL job which was shorting my life was not beneficial for my situation. So happy I retired a couple of years ago.
No more work...never again. Out in 2013 at age 63 and not looking back.
Devin, I want to thank you for your videos. I've had so many questions and concerns about Social Security benefits. You have answered and explained every single one. These are by far the best videos out there. Thank you again
You have provided me with information I had not even considered. I am 62 headed to 63 . I am on my second ankle fusion in a year to be able to continue to work. Doctors have suggested I apply for disability for years. Time to do some research, thanks for opening my eyes to more possibilities.
I have chronic back pain and I’m tired of the craziness on my job. I’m retiring June 30 at 62 I will start receiving SS In August and I’m going to work for my son’s business part time remotely. I’m moving to NC buying a house where my dollar can go further. My husband and I want to enjoy our retirement together and time is not promised. My father put in his intent to retire paperwork and passed before his retirement. I think about that all the time so God willing I’m going to start my retirement as soon as I can.
Sounds like a good plan. Just be aware of the limitations on earnings while collecting SS. You could find yourself paying back $1 for every $2 you earn over that limit.
You only have 7 weeks to go on the job...good for you. Congratulations on your upcoming retirement!
NC was on the list of Top 10 states to retire in a few years ago.
ABSOLUTELY MAP115, YOUR RIGHT. I filed at 62 also and although you take a hit to me it's worth it in today's corporate America. As you reach a certain age they try to get rid of you anyway So if anybody is thinking about retiring at 62 to go for it. Life is way too short.
It all comes down to one simple point: How much $ do you need each month to survive.
It was not an option for me. I was downsized from my job at age 61 and sent out 100 resumes and never heard back from any of them! I had some savings (thank God) and had to support myself for 9 months until I turned 62. It was horrible!
do you have other money to supplement SS? How are you liking being retired?
I know that feeling. Its not the type of thing you want to have to go through at this point in your life.
I'm retiring at 62 just past 60 I got retired by covid. And at 60 I got a pension from the plumbers. Now that I'm off for over a year. I'm good I'm filing at 62. And living my life 🧔👍🇺🇸
I retired early due to my husband’s health. I have not regretted early retirement nor do not miss corporate America.
Thank you for your generous heart to teach people like me to be able to grasp the dynamics of SS benefits. My question is.... what is the difference between disabled and health issue ?
I just turned 50 and am now obsessed with planning for retirement. I've subscribed and am looking forward to your help and wisdom, as well as learning from others that comment here. Thank you!
Will be 62 in October 2022. I am considering taking Social Security, working Part time 15 - 20 hrs per week. My wife is 11 years younger and we always used her insurance. We have no debt, and we can do well and not touch our investments… Life is short and spending time with kids & grandchildren 🥰
I took it at 62. No regrets. Being debt free and living in a low tax area in a state with Medicaid expansion is key. Devin used 30,000 words to say less.
Work your #s.
And make a proyection at 72 when you have to get Minimum distribution from your 401k.
Add the part time income , yhe withdrawal from your 401k and add 50% of SS benefits, see if this provisional income will make your SS Benefits taxable.
Growing up I always thought 65 years old would be my retirement age but by the time I reached 65 it had been raised to 66 and 2 months. Screw that, I retired at 65. Didn't lose that much by retiring early. Paid off my house many years ago. Once I finish my car payment in a couple of years I'll be doing better with my limited funds.
@@devincarroll2701 ?
Let me ask you, did you file as they indicate through their form 2 months before your birthday or it doesn't matter., what about two months after your birthday? also do you have to file for Medicare? Can you opt out if you are not going to use it? Or you have not choice. I know they raised up till 66 and 4 months.
When I was 59 and planning to retire at 62, I became temporarily disabled. After a couple of months I realized that I wasn't going to return to work, so I retired at age 59 and 3/4. My pension is generous but it was still pretty lean times until I turned 62 and filed for Social Security Retirement benefit. So I'm one of those who retired earlier than planned due to a disability.
Could you have collected SSDI
I'm in the same boat and trying to hold out, but a voice keep telling me not to wait.
same here worked for 2 corp for over 46 years both involuntary layoff, what? spent the last 9 years at a medical supply company and made as much money (with Over time) and retired very comfortably afterward. Remember corp do not give a crap about you they even take out life insurance out in your name if you die while working for them to make an extra buck. (true)
Didnt need it desperately at 62 but took it anyway to buy my wife a new car. The money was budgeted and dedicated to paying for the car.
Devin, I have listened to your great advise from the beginning on UT. I started to draw at 62 after a great career. I immediately found a good “retirement job” that I didn’t have to pay much in penalties on. It has worked out great! People my age have asked me when to start drawing. First I tell them to subscribe to you on UT for the best expert information. Then I tell them something that I feel is critical. Tomorrow is NOT guaranteed to anyone. If you are in your 60’s and you decide to wait until 66 or 70 to draw 20% of the people will die, are you a gambler? Not me. I remember the old saying of a bird in the hand is worth two in the bush.
Thanks Devin! I always look forward to your posts. 😉
@Devin Carroll Hello Devin, the main reason I began drawing at 62 was my fathers death at age 58. He was a model citizen and as a Marine sergeant fought in the Korean War where he was wounded 4 times. He never saw a penny of what he put in all of his working life. I remember reading a statement of FDR about consider SS as your own private bank vault. He forgot to add, unless you die. I am 66 now and feel I made the right decision to draw at 62. I am several years ahead of the game now. Thank you Devin for being an honest caring man.
An all-important revelation is that, except for the one-time funeral/death benefit of $255, one gets NOTHING if one dies before filing for, and collecting social security benefits. Don’t be overtaken by greed. Therefore, the earlier the better. Some contribute hundreds of thousands of dollars, or even millions to social security but all that is lost upon death!
80% of people will not die and continue to receive the larger checks. Clearly, you are not a gambler because the odds are way in favor of waiting.
62 had 2 heart surgeries and drove truck 8 years so plan to do early t.y
Devin, thank you for a wonderfully informative video. You make more sense than any other financial video I've watched. And you don't even have any music or dancing! Seriously, tho, you have a talent for conveying information. Bless you.
To each his or her own. I waited until I was 70 and am Deeyham glad I did!!!! My friend gets a little over a grand monthly and I am getting a little over 3 and a half a month. BIG difference guys. But I realize everybody cannot wait. I was fortunate. Do what's best for you.
I am a person who likes control (not personal, I was an internal auditor type at work)...and I almost always say: 'take the money and run at 62', if extra you can always invest it and of course I can match or beat the implicit increase in the payouts...it worked out well for me.
Interesting reasoning. When do you not say take the money and run,
i retired a 60 took SS at 62 and i am now 87 in great health and never looked back. my dad died at 54 and never collected. if you live till the age the govt says the average male lives no matter when you take it you will collect the same amount of $$$. the govt is not stupid.
That is how the age "65" was determined. In the 30s when this started, men did not live to 65 very often.
God bless you old timer.....keep ticking and make them have to bust the bank for ya....lol.
My uncle filed at 62. He retired and didn't need social security for living expenses. He puts the monthly check into a very aggressive even high risk investment account. I don't know how it's doing, but he says it works for him
Hope he is prospering as an investor.
I retired from my job at 57 as soon as I could, will collect Social S. At 62 as soon as I can, if I make it to 62, I definitely do not wake up each day saying boy I wish I was going to work.
I filed at 62 after a lengthy job search. After a certain age you are just not attractive to most professions. My working income had started to drop. I filed and it's the best thing I ever did. 2 years later my husband past away. My income now is more than double what it was while working. With savings, survivors, pension my monthly income is far beyond what I made as an employee.
If you love your job and living a comfortable life, keep working. If not, jump off that crazy train
I'm 65 yrs old, and l filed online in Jan 2021 -- 4 mos before l wanted ss to begin and 9 mos before full retirement age which is 66 and 2 mos. I retired 4 days ago and my 1st ss check will be mid April 🤗
Congrats! Now go enjoy your freedom!!!
Congrats! Retirement is awesome and I hope you enjoy it. I retired in 2019 and love it. My rules for retirement are 1.No debt 2. Have something you enjoy doing- for me it's quilting and card making and reading.
Yes I retired at 64! Worked since I was 16 years old and I don’t regret it!! I have lots of friends and family that worked and didn’t live to get a dollar of ss !!! So sad. I just had a school mate passed away two weeks ago and he had just turned 66 and worked on the same job for 46 years!!!
Congrats to you Gina🥂 I am single too and will hit 61 in a few months. My brother(hardest working man I know) Retired last year at age 62 and 30 years working in steel plant which was unionized. So, he gets Full Retirement from them too. Anyways, again Congrats and enjoy retirement!! Remember that Age is Just a - Number. It is a person’s Attitude & Outlook on Life that Matters🙃
@@minutewithmark7564 ~ your brother that worked union is he paying taxes on his Social Security because his pensions too large/because there’s two different scales for that tax base..?..!..🤷♂️
I was let go from my job last year at age 60 and decided to simply retire and call it a day, as I was in sales and really just can't see myself starting all over again from scratch building up a new product line even though I have a good customer following. Fortunately, I'd set aside some cash to get me through and I do have rental income and a 401K that I can tap into when the time comes that it's needed. I appreciate your perspective and info, as I'm now looking into the possibility of collecting SS at age 62, and doing as much research as I possible can.
Retired from a local govt. job at 55 years old (paid off mortgage) and never looked back.
I'm retiring at 59 (13 more months!) and plan on getting SS at 62. Although I will not need the income because I will be receiving a pension, I will be placing the SS payment into the stock market and will only be withdrawn for emergency use only. This money will really be for my children after I pass.
I filed at 62 and am not regretting it.
Thank you for the info. I did take it early, 62, not because of health, because I wanted to explore other avenues of revenue, namely Voice Acting, COVID lock down allowed us explore our options for SS. For a while I was thinking I made a poor desicion, filing early; after our research and this video. We made the perfect desicion for US! Look forward to updates.
COVID through a monkey wrench in a lot of retirement plans. You get displaced at 62 not many are looking to find another job at that point.
My wife and I waited until 70. We doubled our income by waiting and I actually liked my job. I earned way more by working from 62 to 70 and of course the benefits will be with us for a long time. Anyway, to each his/her own.
There's the rub, most of us hate our job. The stress is actually shaving years off our lives.
bet me! our economy is on the verge of collapse!
I want to retire at 62 but I cannot until Medicare kicks in. poop! I put a lot of money in my HSA but I found out I cannot use it for insurance premiums only the deductible.
Yes, it is. Back in Carter's presidency they passed an emergency monetary law that allows them to open all safe depository boxes and confiscate all precious metals. Also, if you've bought gold they know you have it and will come after it. So you're not protected from hyperinflation like the people who are selling it claim.
👍 Very Good Job 👍
Devin, Great video. We plan to retire at 62 based on several items, I have retired from the military with a pension. I am currently on my 22nd year of my second job where I have a substantial 401K and a pension. We also have two Roth IRA's with a independent Investment firm and with doing all the math, the break even period for taking social security early is a substantial amount money we could use to enjoy life while we can. As you said retiring early is not for everyone, but with out situation it makes sense even though the government try to do everything in their power to scare you into not doing so even if you can. Thanks again for all the awesome videos on the subject matter.
My hubby and I are pretty much in the same boat as you. I originally thought of taking SS at 70 but after seeing all these videos, there’s no reason to wait. I can let our savings grow and leave it to my kids. My kids won’t get what I put in SS when I die.
In 2018 at 62 I got down sized. Shortly after I found a new job then had a temporary health issue and decided to take ss at 63. I had savings but not what I needed to completely retire. I'm single and found a decent part time job to supplement my SS. With covid I got laid off again but this time with the fed supplement unemployment. My parents passed at 61 and 71 respectively. Now at 66 I'll get another pt job soon! I figured with my family history it worked out better to take SS early. I'm glad I did it and didn't risk not getting ss at all!
How many hours are you able to work, thinking about filing, will be 62 in July?
It's not the hours! It's the amount you make over $17500 and change. Anything over they take $1 for every $2 you make until your full retirement age. I my case it's about 66.
I really liked your very informative video!
Well done!
Excellent video. Thank you for sharing. Thankfully, for my husband and me, it will be 65. We are healthy, both work, like our jobs at 61 years for him and 60 years old for me. We are for the most part healthy, still active and living smartly.