Three Reasons I am Not Filing For Social Security Benefits Early!!!
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- Опубліковано 12 кві 2024
- Three Reasons I am Not Filing For Social Security Benefits Early!!!
Holy Schmidt!
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62. You can work part time and earn up to 22,300 with it. Done with working 40 hours a week.
I don’t need my social security at all. We live off pensions, Ira, etc. but I’m taking it because I’m not dying without taking a dime back that they owe me.
Agree!
👍 Totally agree
Pensions can go away too. I’ve known some folks who thought they would get these pensions and for some reason, the companies they worked for went bankrupt and … it happens.
@@cjhoward409 we didn’t work for a company. And if we did lose our pension we have our investments. We planned for a long time for such scenarios.
Of course you should take your SS even if you can cover your expenses with other assets. Enjoy!
I retired from 41 years in banking on my 62nd birthday. I took social security and have never regretted it. I worked part time at the local library and loved it. My husband got sick and now I’m at home with him.
I don’t trust the government that I would have my social security if I had waited to start drawing it at a later date. Also, you never know how your health will be as you age.
Life is too short to work until you die.
But I think a lot of people can then do the work they really want to do and not be so stressed about making big money to pay the bills. My husband will be 62 next year. He will take ss. But he will also work part time doing what he loves… building and fixing homes. But he can do that part time and still get his ss. The happiest people I’ve known have worked until they died. Not working a 9-5 per say, but working. We weren’t meant to sit on our butts all day.
@@cjhoward409 As long as one's health allows them to work.
@@cjhoward409 Definitely agree about taking SS early and working part time doing what you love. That’s why I worked part time at the local library after I retired. Had always wanted to do that. But when my husband got so sick that I needed to be home with him I was able to do that. I now work in the yard and garden, which I love, and can still help my husband.
@@thisisme3238 but even if they can’t,we should still get up and walk around and get a hobby. The more we just sit, the more chances we have for getting strokes, heart disease, dementia. Our bodies need to move… as much as we can. If our legs don’t work, move our arms. 👍🏻😀
@@debbienash4170 that’s wonderful that you can take care of him and be near him ❤️
Tell you what, judging by what certain politicians are trying to do, you might want to get it while you can.
👍
Didn’t that Nikki Haley want to make full ss benefits at age 70 ?! I’m thinking that was the main issue for her not getting too far in her presidential campaign.
@@cjhoward409 She is a sheep in wolf's clothing. Wouldn't trust her one bit.
I can tell you so glad hubby started drawing at 62. Reason he died of cancer at 68 yrs. Was great that he got retirement at 60 from employer of 35 yrs then with SS he had a few years of retirement. We never know when our death will come. I started drawing at 62 also
Yes, I've seen that happen too often.
I am so sorry to hear about your hubby
My birth mom who was never a very healthy individual took retirement at age 62… was diagnosed with pancreatic cancer at age 63 and passed away less then a year later just after her 64th birthday.
@@cjhoward409 So sorry CJ. 🙏
Here to say I quit my job at 38 and been retired for 2 years. Best decision ever. But when I did work, I saved/invested 50-60% of my income, bonuses, and side hustle income 💯. Stay out of debt, no car, I bike and walk everywhere. I take a train or buses for long distances. Also, bought a small home, 720 sqft flat in the city center. Why do I like “condo” living, it’s simple, low maintenance almost zero maintenance, I just called my plumber and he fixed the smell in the shower drain and replaced the heating radiator, it comes with the housing maintenance that I pay 300$ a month for that includes water, free heating, internet, snow removal, electrical/plumber service, if toilet breaks down we get a free toilet, if the kitchen vent breaks down it is also free replacement. Pretty neat actually. And if roof ever needed replacing then the owners come together and pay for it. It’s not an HOA like the states where you have no rights.
I am planning on taking mine at 62. I am "medically retired" due to illness, but at the time, fibromyalgia was not recognized as an illness eligible for SSDI. I am not getting much anyway due to staying home to homeschool my kids through high school, after having been a teacher in the public schools and later, when the kids were grown, being our town's librarian for a few years and also being a substitute teacher. My husband is semi retired and took his Social Security at age 64. He still works part time and is bringing home more money this way, than working at a job full time. He and I both have health issues, so taking our Social Security early (I'm going to turn 61 this summer) is the best thing for us.
My undergrad degree is in Accounting and I can assure you that the videos by Holy Schmidt! are 100% the real deal. Every person's situation is unique and it's impossible to recommend any particular strategy for when to apply for Social Security. I'm in my mid-60s, working full-time, and I don't intend to apply until I'm 70. As a reminder to everyone, if you maintain your health you will reap the benefits of a full-time salary, monthly Social Security, and also continue to pile funds to an IRA or 401K well into your 70s. Hooray for a healthy life!
I agree
I was told that the longer you wait to retire you never recoup this years you didn't file for SS. Everyone's situation is different, you can collect at 62 and bank that money while continuing to work. Also need to consider survivor benefits with your spouse. Do your own research. 5:24
You and I are on similar plan!! I plan on retiring at 68 and am currently in process of stockpiling any $ I can to live on and then take my ss at 70. I am healthy and am 62 right now. I have run the numbers and with that higher Amt at 70 - between my husband ss and mine - we can use our 401 for the extras and treats of life!
My parents & sister all died long before they were able to reach retirement age,yet all worked & put into SS. Where did their $$$ go? I took it at age 62, as i really didnt think i would be alive at that age,never mind at full retirement age, i have zero regrets in taking it early!
My 90-year-old uncle showed us that you’d have to get really, really old to make up the money you didn’t get those 3-8 years (between 62 and 65-70). We took ours at 62. I think it’s most important to be debt free, have a 3-6 months’ emergency account, and have a paid-off mortgage. . . which I’ll admit we don’t, but we’re working on it. Social Security might change or even disappear, but today (14 years retired) is very good.
I also love holy Schmidt. My husband and i are going to take ours at 62 because we don’t believe that longevity is in our futures. I have ran the numbers and we stand to get more from social security this way unless I live beyond 77 and he lives to 78. My mom’s side of the family tends to pass from heart disease in their early 60s (cousin died of a heart attack at 47 a few years ago). My husband was born with a heart defect and given a life expectancy of 30 when he was born. He’s essentially had two bypass operations to correct the issue but the condition meant he developed high blood pressure at 27. He’s on 6 medications to keep it in a normal range. He also has multiple other heart issues. We are working hard to retire at 62 and hopefully travel a bit after that.
Im 54, I'm going to be withdrawing asap. I'll be depositing it into my current investment account for a few years. I have very little confidence that ss will be there until gone
I'd be more worried about getting my health in order..... without good health there'll be no retirement. I was forced to retire at 52 due chronic illness. Thank God for govt plans in place.❤
Very true. Must try hard to preserve one's health, and even then, there are no guarantees, because luck plays in as well. My dad intended to work past 62 but was physically unable: his health got so bad that it forced him to stop, being in and out of the hospital repeatedly, etc. A friend of ours died at 52 (!) from autoimmune complications. Not merely sick or disabled, she DIED from it, way sooner than I expected. I am with you on the idea of "thank God for a safety net." I'm sick of hearing people's "theories" on how a safety net is evil. What's evil is telling people, "too bad, no help, you go die now."
BINGO! This is what I feel. A lot of illness, disease can be avoided with proper care to your health. A healthy body is money in the bank. This is why I started power walking last year and I feel great!
Although mine is not an illness related health issue, due to a work accident, I had to to retire in my early 40’s. And it took me 3 years before I could get SSDI. I don’t consider any social security a gov plan. We have paid into that all our working lives. It’s our money in fact.
@@angelmission
Yes. I’ve read countless medical articles and videos… overall 85% of cancers, chronic illnesses, heart disease etc are preventable. 85% is a huge number. But just looking at folks in our family. Those that smoked didn’t live past age 69… those that didn’t and also those that ate healthy, got some physical exercise, and were in a healthy weight, all lived to be in their 90’s.
I’ve been taking a lot of mental notes along my life’s journey. 😀
I applied for my social security benefits earlier this week, I'll be full retirement age next month. I've subscribed to Holy Schmidt for years - it has a lot for retirees.👍
What is holish myth please?
Congrats
I put a link.on the decriptipn
Most of the people I know who took SS at age 62 were blue-collar or self-employed laborers. Their bodies were worn out, and they had health problems. Their working days were over, and they needed the money. Several of them died in their mid-to-late 60s. I know others whose working years were professional white-collar, had better pay, and didn't hate their jobs. Some of them took SS at full retirement age and many at age 70. Everyone's situation is unique.
Hubs and I have assumed SS will be dry by our time to retire, and have always lived that way. We are in our early fifties.
I retired and started my SS when I was 63. I was not going to wait and hope I was still in good health or alive at retirement age of 70 or 72...whatever the max amount age was/is. As long as you want to keep working then it makes sense to wait. I was DONE with work. 🤣
Most people overestimate their ability and desire to work in their later life. There is a difference between wanting to work and having to. People need to assess their health and have a realistic expectation of what their health will be like in 10 to 15 years, and plan accordingly.
Excellent comment
I would advise you that your plan may change by the time you turn 62. I’ll be 62 in July 2024 but don’t plan on taking social security because even though I work part time (as a nurse) I make over the $21,000.00 so it doesn’t make dollar sense. My full retirement age is also 67. I plan on retiring when I turn 65 years old so I can get Medicare ( medical insurance) and will taking my social security at that time. After 41 years in nursing (2 years on a covid unit) I’m more than ready to retire.
I took mine at 66 2mos my full retirement age. I worked until my 67th birthday and banked all my Social Security. Added a nice nest egg to our savings.
After working full time from 17 to 63 when I started drawing social security retirement.
I'm at a loss of why that is called "early" retirement
46 years in the grinder ain't early
Why would I accept a 30% reduction for the rest of my life ? I don't want to try and live on 1k a month at 80
My Mum chose to take hers early because they had enough- her $ was used for fun stuff, earlier. Glad they did- Dad only got another decade for them to be together. Me? I will wait.
No guarantee on how long you will live.
@annkrull9894 No guarantees on when I will die either..I see way too many 70+ year Olds seniors having to choose between meds and food or toilet paper and toothpaste...that WONT be me...nearly impossible to find any job at 70+
I retired at 62.5 on my late ex husband’s SS earnings because he worked longer and made more money than I ever did. I also had a teacher’s pension. But when I turned 70 I switched to getting benefits on my own earnings record. So my own earnings record was maxed out and I got the most I could from my own record. I am living a comfortable life and I have not needed to work . I am now 71.
Perfect
Why did you switch? Did you have to pay back any $???
@@pennynickels5216 I switched because once you reach age 70 your SS benefits max out. There’s no benefit to letting them accrue any further because they don’t. My benefits on my own work record were higher at age 70 than they were on my ex husband’s record, and SS will give you the higher of the two benefits. I never received benefits I wasn’t entitled to so I didn’t have anything to pay back.
I started taking my Social Security at 62. The monthly check was deposited into our savings account then invested. It was a painless way to save, save, save for husband's retirement and our sinking funds.
Yes, most people don't think about this as an option. They only see the higher monthly amount and think it is better to wait, not realizing time is working against them.
I started drawing at 62. Im 69 now. If, you work it will add to quarters!
I read somewhere that the breakeven point is age 80. You basically have to live past age 80 for the extra money to make up for the money lost by waiting. The average life expectancy is currently around 78 or 79, and the government actuarial tables are betting on you not living long enough for the extra to make a difference. I also think that at some point they are going to reduce benefits anyway. My thoughts are to take the money as soon as possible if you need it. If you don't need it, then waiting may make more sense, but realize that in the long run you may not actually earn as much more as you think you will.
Taking the money early and saving/ investing it on your own is also an option.
judging by what certain politicians are trying to do makes me wonder if there will be anything left in the pot!!!
Also...
Regardless of when u take soc. Sec. If u keep working u might have to include some/most of your yearly ssi income in your taxable income for fed. Taxes.
Glad to hear someone bring that subject up. It's a whole different ball game once people start filing, than what they are told and think about the information before they file for it.
I took SS at 62 and have worked for the last 10 years. I have a good teaching retirement and have worked part time for the last 20 years. For 2 of the 10 years after age 62 as a reading tutor I made too much and lost some SS money. Then when I hit full retirement age I got it back. My dad died at 69 and my mom at 68. You don't know how long you will live.
Plus you never know when you will develop health issues and can't work. I will finally retired in June from my part time job in education. But plan to get a 5 hour a week part time time for a local company. I like working some, too. Do what works better for you.❤
Thank you love
One thing I remember reading is that it’s always better to take social security at age 62 if you will die before age 80… if you live past 80, it’s better to wait to take it. But… no one knows how long we’ll live. We can guess a little just based on our lifestyle and health we’ve had so far. If you get to age 60,61 and have always had a clean bill of health, no smoking, in a healthy weight, no high BP, not taking prescriptions, no diabetes…. Then you might want to hold off till 65 or 67….
I am 67 and I could get my SSI at 66.5 yrs. Full benefits. However; I am waiting to increase my benefits.
As a temp worker in several fields, I took Social Security at 62, due to financial need, since I was single. Then I found a part time job as a senior caregiver, under the yearly limit for earnings, to raise my Social Security on top of the usual COLA. That got rid of all the Zero years on my record!!
I am 67. I will not retire or draw Social Security. I make a great deal more money working. My insurance is so much better from my job than the alternatives. My perks from my job are better. There really is nothing that I would benefit from by retiring and drawing Social Security. Plus, I really enjoy my job. So what is the point of getting Social Security?
Love Holy Schmidt. also Dr. Ed Weir, Ph,D, former social security manager, is retired from managing the social security office in Las Vegas, has a lot of information on ss and Medicare on his channel and does some livestreams, but I think you have to catch those, where you can ask questions.
For every full year past 67 your social security payment goes up 8% + the cola. But you have to make sure to hit that entire full year or they don’t let you have the 8%.
Thank you
at 62 i will have been at my job for 41 years, IM OUT!
I plan on working until at least 70. I am going to be laid off from my long time career job by the end of 2026.
In the meantime, I am planning to open a travel business. I want to be in full swing by the time my layoff occurs.
I also enjoy working and I do not see myself ever being a full time retiree, unless it is forced upon me for health reasons.
Dr. Ed Weir is on UA-cam. He worked at the Social Security Administration for years in management positions. He is an EXPERT. Try listening to him.
Thank you
At 66 I was able to get full retirement, but social security told me for every year beyond my full retirement I would receive 8 percent more, up to she 70. I finally took it at 69 giving me a much better retirement. I don't know if currently it works that way you can check with social security.
People are looking at the age 62 age wrong for taking at this age. What you are missing at 62 is you can take that income and if you wanting a great extra savings account you can stop the ss benefits for the year when you hit the income threshold and not be penalized on amount over 21k. You then can restart ss the next year and work until you hit the threshold again and repeat until you are 67. The income you make will still add to your benefits for age 67. How long will it take for a person to catch up what they are missing in those five years spread over the lifetime of waiting. Example if you receive 1000 a month at 62 and can claim that for six months until you meet income threshold you will have an extra 6000 for that year. So in five years you would have an extra 30000 dollars from ss that you could save. So at 67 if your full retirement amount is 1500 a month it would take about six years to make up what the income from ss is lost from taking early. If you continue working over your threshold amount your pay still continues to grow with cola. So you now have maybe 1400 at 67 instead of 1500 because you are still working and paying in to the system. So now you would be making a few dollars less in money but giving up a big chunk of change that you could receive. The dollars you are losing in waiting could take years of getting back on the higher pay bif you just lose around the hundred dollars a month in the example. So for the extra 100 a month divided into the 30 k you are losing at 67 it would take about 25 years to make up gor the 30 k you are losing early. I would ask ss about freezing your account at the threshold dollar amount each year, continue working, seeing what the difference is in the benefits and see if this can be done still so you don't lose a chance for some great extra income. You have to be very disciplined in doing this way.
Makes a lot of sense 🙌
Every situation is different.
I agree
Personal decision to make, everyone situation is different. I would total up the 5 years of SS earnings that you won't be collecting, the word "penalty" strikes fear is everyone, be realistic and see how much you would be penalized. Life has a way of happening when plans are made, good luck with whatever you chose, plenty of time to analyze, research and do what's best for yourself.
My intention is to wait to take it until maybe 65 since I make good money and don’t have a high stress job. I don’t need to work, but it allows me to give money to my son now. I will also take survivor benefits first and switch to my full benefits when I am 70.
Holy Schmidt is good,also Dr Ed Weir PhD ,he worked at SS as former manager and is very knowledgeable ! FYI
Thank you
That shade of green looks great on you. Dark green is your color.
Oh thank you!
In your case, I would definitely aim for that and just to
be aware of certain life adjustments, like illness, dissabilities,or life altering mishaps that can happen.
Hope it all works out fine! 🙂
Good point
I don't think that I will ever retire....maybe I might try to make my UA-cam channel....but I prefer to work....I did check with my local SS office....only around age 70 that I will make about $1,000/month. Yip tee doo!!
Uh, huh!?!?
So much for gettin' old😢.
Miss Monique 😁
Yep. Holy Schmidt really knows his stuff. I'm 65 and still working full time. My wages are so much more than if I took the early SS amount. I'm in reasonably decent physical shape still. My plan is to retire at full retirement age. IMO, taking SS at 62 only makes sense if one is in poor health or has a huge nest egg--neither of those is me. I just started onto Medicare which costs way less than private insurance and is much better coverage. I'm tired of spreadsheets, emails and unnecessary meetings already and I'm ready to have some fun. Ready to retire now but waiting 1 more year and 10 months. I'll have much more accumulated into my IRA by then also.
He is a smart guy
I tried to do a quick edit on my previous comment to suggest a new channel, "Grandma's Pocketbook," but it kept getting rejected. However, I feel it is worth sharing. She is a low-income senior living on SS and has a wealth of information to share on how she is making it.
I'll check it out!
@@CentsibleLivingWithMoneyMom I have no idea where my other comment went, but two other really good channels are Buzz's Retirement Garage (he is journaling living trying to live only on SS and does a full budget breakdown each month) and Medicare School, which provides a wealth of info on not only Medicare but also SS. Knowledge is power!
My dad loved his job and waited till he was 67 to get his. He also figured up until his 60’s he was always healthy. So, there’s that. He’ll be 91 and still healthy and gets along great. So… it just depends. My husband will be getting his at 62 and still work part time for himself.
How fantastic
I'm also 59. I'm going to keep working until full retirement and beyond.
Thanks Dawn for the information. I really have been curious and have been wanting to know more about all of this. I think I'll be checking out the channel you recommended.
Please do
I am not American but we do have something similar in my country. I think one size doesnt fit all. Everyone has different scenarios and needs. What is important is to be aware of all the options so we can make an informed decision.
Love your attitude
@@CentsibleLivingWithMoneyMom always loved yours😍
Good information! Love Schmidt!
Glad it was helpful!
If you retire early you can start working again at sixty six without penalties in many cases.
Once you hit full retirement age (FRA), you can work as much as you want without a penalty. FRA is determined by your birthdate.
I'm with you 100% on this. Am waiting until I am 70 to take mine. The difference in the monthly income is huge as opposed to taking it at 62. As I planned for my later years I decided that I'd rather wait and have the higher monthly income. The older we get, the more money we need as many of us can't work anymore, need expensive meds, etc. A bigger income at that point will be appreciated. I don't care whether or not I "break even". It's personally not important to me.
I agree
Another option is to take the money early and save and invest it on your own instead of letting the government hold it for you. That can be another way to maximize earnings while still getting the higher income you need in retirement. We recently attended a class on maximizing SS and it was eye opening. There are lots of options.
@@penelopeprimrose90 I really like the guaranteed 8% increase every year that SS gives us. It's hard to find that in the general investment world. There are really a lot of options available - glad you are taking the classes - everyone should. I've also spoken at length with SS on options also. Delayed retirement benefits seems to work the best for me. But everyone is different.
@@MyMountainHomeandKitchen I don't think "guaranteed" and the government go in the same sentence! I really don't think anyone's benefit is going to be what they expect it will be in another 10 or 15 years. I am a skeptic about the whole thing and will take what I am owed and run! I feel I can manage my money far better than the government anyway.
@@penelopeprimrose90 I appreciate and understand your thoughts on the matter - we do live in very uncertain times for sure!
I wish we weren't penalized for working. I'm on SSDI & SNAP and I would love to have a little part-time job, but any earned income will result in a net loss for me. I'm 63 now, turning 64 in a few months. 🎉 Sacramento, California USA 🇺🇸
I'm almost 62 and decided to wait until I'm 65. After working over 40 quarters I switched to a public sector job so I will get a minimal amount and I am ineligible to take my husband's SS due to WEP. I want the most I can get to cover the Medicare expenses they will pull out of SS.
You say talk to an ‘expert’, I am curious who is the expert for SS benefits. I have an accountant who does my taxes and a financial advisor but I don’t really feel either one is the ‘expert’ that I need. I am 60 ,I early retired 3 years ago . I have always lived frugally and saved pretty ,have low living expenses and no debt . I live off of dividends of my investments. So far things are working out ok but I don’t want to make a huge mistake because of something I don’t know.
I would do some research on this..Best wishes
Fyi as part of the$21000 earnings they also count SS as part of those earnings. Anyone who might wait better learn basic math. You don't come out ahead u less you live past 80. Never wait! As independant contractor you can control your earnings and write offs. Anyone overweight or with health issues should not wait. If you are not collecting and you proceed your spouse in death there woukd be consequences for their ability to collect on yours also. It hardly ever pays to delay and money's purchasing power decreases yearly also offsetting any increases in most cases. Don't be foolish grab it at the earliest possibe second.
That is not true
😊 something else to keep in mind is once you become eligible for medicare unless you are on medicaid and medicare both you will have to pay a premium for part b and for drugs. So either they take it from your social security payment or from your bank account.
I don't think alot of people realize that and partB is close to 160$ a month for me
You can hold off on getting on Medicare if you aren't taking SS and have insurance with a company with 20+ employees. Another thing to consider is that once a person goes on Medicare, you can no longer contribute to an HSA.
@@adimeatatime6704 I Believe MM is an independent contractor so her options for Healthcare may be very different. I am an independent contractor and have an existing SEP IRA which I can still contribute to even though I collect social security and am covered by Medicare the limit I can contribute is higher since I am older and that amount is subtracted from my taxable earned income so I can make more than 21k a year if I contributed. Also the 21k limit is only earned income. If you receive investment income that is separate from your earned income.
@@TXJan0057 Anyone paying for a qualified high-deductible health insurance plan can contribute to a health savings account (HSA). Once you sign up for Medicare, you can no longer do so. Contributing to an HSA has zero to do with how much you earn or investment accounts such as IRAs, 40lKs, etc. For 2024, a family can contribute up to $8,300 plus an additional $1,000 for those over 55. An HSA is a fantastic way to save for future healthcare expenses, plus it has a triple tax benefit. Contributions reduce taxable income, withdrawals are tax-free, and investment growth is also tax-free.
I'm still a few years out, but I will draw at 62, but not on myself. I plan to draw on my late husband and let mine sit until later. But, I also have VA income and another source to rely on.
Talk about personal finance being personal, lol! This is a can of worms subject for sure. It certainly depends on so many individual variables. I'm glad you're healthy and willing to work as long as you like. For most, that is the key as well as how much is invested for retirement. Great video. Love to all, Linda 💕
So true
But it is also good for discussion as we can learn from others.
@@adimeatatime6704 That's true. We both took our social security early as we had quite a bit invested and felt good about our income from dividends. That's not true for everyone, so that's why I said it was an individual's decision.
@@3TXSisters@3TXSisters It is Definitely not a one-shoe-fits-all sort of thing.
Good morning 🌄🌞 blessings 💞
Good morning!
Taking ssi or retirement early isn't a good idea...Dawn...when u take it early b4 70. U get more when u take it out at 70. So I suggest to do ur part to to investigate it further....😊😊😊
Done
File at 62. There are Experts who worked at Social Security and they say do not wait.
If you are an Independent Contractor then you can reduce your income by your business expenses.
Frankly, since tomorrow is not promised - Do Not Wait.
Many also advise to wait as well you need to look at your situation to see if it makes sense since your benefit will be alot less
Whatever one decides to file, early or later... here's hoping your health holds out for you, otherwise your health will make that decision as to when you can file.
@@thisisme3238I agree. Plus, we could have a spouse at home that requires more assistance and care. We may find ourselves in situations that make our decision for us.
As I think one other comment mentioned, the penalty of reduced SS if you claim early and earn too much goes back to you in the form of higher payments when you reach full retirement age. So the “penalty” is only temporary.
I decided to take my social security benefits at 62. My job was physically challenging and I hated it. I have more money to spend now because I don’t have to pay out of pocket for my health insurance. I had already decided to take it early and with the epidemic and schools being closed I quit even earlier than planned to be able to take care my granddaughter because my daughter was a full time nursing student at the time. I know the amount is smaller than if I waited but it’s totally worth it to me. I have friends still working and they are so bitter and miserable because they didn’t plan appropriately. Still have debt and mortgages. I’m glad I chose a simple life.
@@louisewickershamwickham1975 Due to low income and other factors, some people get subsidies and do not have to pay for part B.
Good advice. If it involves money that you depend on, talk to an expert.
You can do both! And will benefit from it. Do the math, Dawn. If you don't believe me, why not consult a financial planner. Don't throw away thousands of dollars,!! You may have been given incorrect information.
There is a break even formula that will tell you when it pays more to take your retirement at 70. It’s usually in the mid 80’s. So if you live until the mid 80’s then it will start to pay off that you waited until 70 to start collecting. Sorry I don’t have the formula anymore and ss stopped calculating it for you.
Good morning, thank you ❤
Good morning!
i'm not gonna file early. i also made sure that my 401k is maxed out i have overseas bank accounts paying me 18% intrest and rental properties overseas. we also have life ins on family members also. we made sure to cover all our bases so we won't have to decide to buy food or buy our meds later on
I think that every person should make their own choice, some people want to work until full retirement age. Sometimes people have no choice but to retire at 62. My hubby was laid off at 62 and a half. He got a good severance package, so he didn’t have to take SS until he was 63. At his age though, he knew he would have a hard time finding another job, (this was in the middle of Covid) but we had been frugal all our lives and we crunched the numbers, so he retired. That was almost 4 years ago, and we’ve managed to make it work, but we still have to be very thrifty. We do have some retirement money saved too. I think it’s great if you still want to stay in the workforce….always enjoy watching your informative videos.
I agree
Good explanation. Thanks!
Glad it was helpful!
You don’t know what is going to happen to you or social security.
We don't know what is going to happen with anything
@@CentsibleLivingWithMoneyMom Amen!
Happy sunday ❤
Same to you!
I'm waiting til 67 and getting full amount.
I took mine at 58 only because I am a bad diabetic. Would have kept working if I was able. I have worked my entire adult life
SSI which I believe changes to SS once you reach 65.
I took mine at 62 and it was the best thing! It all depends on what you do for a living. I had a very physical job and just needed to be done. I continued to work part-time and will be completely done this upcoming December. I have never regretted it.
That is awesome!
I am 56 this year I live of disability
In your opinion, how much does your family need to save in order to retire along with your Social Security income? Or maybe you could do a video on long term savings. Thanks!
That depends on so many factors. Great question
@@CentsibleLivingWithMoneyMom I appreciate your common sense advice. Thanks!
You are too young to do this. I recently turned 65 and am on a Medicare Advantage Plan. I am also on my own SS from the years I worked before becoming a stay at home Mom. In 1 1/2 yrs I will switch over to my late husband's ss which will be for his full amount. I can file for his a little early because it's a widows benefit. . If anyone has questions, go to your nearest Social Security office and they will tell you everything you need to know, and give you a print out of the amount you would get when you decide to do it. It's a month to month increase the longer you wait.
Well l commented twice and my comments keep disappearing very strange
That is weird
@@CentsibleLivingWithMoneyMom yes l think it's my phone
I've had the same thing happen, and I'm using a laptop.