I remember when my dad retired at 62. I was kind of shocked because he was capable of working, but he just so happy to be retired that it was infectious. I remembered that for decades, and when the time came that I could retire at 58 I jumped on it. Work sucks, retirement is great.

@Lysander-Spooner

Жыл бұрын

Agreed. I was entitled to a pension at 62 and took that and SS at the same time. Works sucks and having two sources of income plus the wife's SS we make more than enough to enjoy life, do home reno etc.

@keithmartin2039

Жыл бұрын

this is part of my sentiment, i'm lazy, however i have a strong work ethic. i want to retire as soon as possible and that's it for my work history. I'm not concerned about how much i could earn waiting til 70. I'm hoping to be alive for 15 years or more and cant wait because my payment might be higher.

@cupidok2768

Жыл бұрын

I want to retire now

@lemongavine

Жыл бұрын

My Dad was the opposite. He retired at 62 and HATED it. He went back to work within 3 months and worked until he was 76 when my Mom forced him to retire for good.

@4himsanctified

Жыл бұрын

if you're loaded

I started paying into social security in 1966 at age 16, as did my wife. We had no choice. We both filed when we turned 62 and locked in our benefits. I want to live long enough to draw out what I put into it. We are now 73 and like a lot of older people we have health issues, none immediately life threatening. I had a lot of friends that decided to wait until age 70. Guess what, they NEVER drew a dime, they died!

@flyboy6258

Жыл бұрын

I'm 69.5 and will be taking my benefit at 70. I retired at 66. and have been living off investment dividends and an annuity. My wife is collecting a small pension that pays our utilities. There is longevity in my family and we are both in excellent health. If I make it another 6 months, it will pay off hugely. I always have looked at it this way. If I outlive my money, I'll be in trouble, but if I die before ever receiving it, well then I no longer have a financial need for it. I never worried about the payments I missed out on. Everyones situation is different. This was mine.

@DefundTheFringes

Жыл бұрын

It's really an unknowable equation, a gambler's roll with one's health.

@supermills03

Жыл бұрын

@@flyboy6258 sure, but you could have had 7 and a half years of payments by now.

@glaucouswingedgull

Жыл бұрын

I was in a similar circumstance as Ralph Green, except I retired at 60. Now at 70, I just received my first SS payment. The difference between what I would have received had I started collecting at 62 and what I am receiving now is significant. It is a completely different standard of living. I worked out the math at one time and found the break even point to be in the mid 80’s, but I neglected the cost of living increases, which makes it even better. I lost 10% of my retirement savings in 2022 due to the democrats handling of the economy. I am glad I waited to receive my SS payments.

@flyboy6258

Жыл бұрын

@@glaucouswingedgull Those cost of living increases are something I think a lot of people don't think about. I kept it in mind as I wait for my 70th birthday. Ex. 5% of $3700 is greater than 5% of $1800, $185 vs. $90.

I got my first job at 17 and was never unemployed until I retired. I had many jobs in my life, in a variety of industries. I liked some, I hated some, I was neutral about some. Regardless, I wanted to STOP working as soon as I possibly could. Period. I was sick to death of working. I had planned to take SS at 62 but that was 2020, the year Covid hit, and I was able to transition into working from home (a dream come true) so I continued to work another year and I started SS Jan 2021 then retired from work in June 2021. I do not care about the amount of money I "lost" because I have GAINED my life, my freedom and my happiness. Priceless things, one and all. Retirement ROCKS!

@FRAME5RS

Жыл бұрын

Not to mention, the amt of money you collect between 62 and 70 takes approx 9 years to break even, or age 79. By that point you're near life expectancy.

@BusArch42

Жыл бұрын

As long as you can afford to live on the reduced benefit you did well. I know two of our relatives who took SS at age 62 and both of them are in poverty. We send money when we can and they both live with one of their kids because they have to. Dependent on their children for daily needs now

@bigdambluesband6295

Жыл бұрын

My favorite country song says it all "You can take this job and shove it, I ain't working here no more"

@bigdambluesband6295

Жыл бұрын

@@FRAME5RS Actually way over life expectancy. Average life expectancy for males in America has been going down but I think that is mostly because of all the drug overdoses and gun violence. Still, for men it has never been close to 79.

@wrylife57

Жыл бұрын

@@FRAME5RS exactly! I believe the system expects people to die before or shortly after starting SS. Now, some GOP lawmakers want to raise the retirement age even higher and I think it's for the same reason--they are counting on more people dying before taking it (won't effect those of us already on SS). Shameful!

I was in pharma sales for 33 years and the stress of hitting a number every week year after year left me emotionally exhausted. I barely made it to 61 before hanging it up. My life is better than I could of imagined, no stress and enjoying simple things again! Less money, but a better life.

@PapagenoMF

Жыл бұрын

Unfortunately you might have already damaged your body with that stress beyond repair. I would get regular cancer screenings if I were you. Long term anxiety = disease.

@theshadowtalks

Жыл бұрын

@@PapagenoMFDebbie downer. 😂😂😂😂

@seriejohnson698

Жыл бұрын

This is what I am talking abour. Enjoy 🎉

@banana7570

Жыл бұрын

Former pharma rep here too. Leaving pharma was the best decision I ever made for my health and happiness. Congrats for reclaiming your life!

@wk4240

Жыл бұрын

Shame to have a better life when you're older, when it's best to also have a good life when you are younger.

This decision is not about maximizing your return. It is about quality of life. There are two things to consider, money and time. Money is a variable, your time on earth is fixed. The problem is that you don't know the expiration date of the time. My Mother told me before I retired, if you have enough money to live on retire. Don't worry about getting the most money as when you delay retirement you are giving up something more precious, time. It is sound advice. I retired early and haven't ever awakened in the morning thinking, I wish I could go to work today. Wake up early, sit in the morning commute, listen to the traffic channel on the radio, slog through another boring meeting, wait for the weekend to have some free time, etc.

@BradCampbellmn

Жыл бұрын

Great post!

@wrylife57

Жыл бұрын

This is exactly my experience. I enjoy every morning waking up with the morning birds knowing I do not have to be anywhere and anyone's beck and call. NOTHING beats freedom.

@jazzzman1000

Жыл бұрын

I don't see many mornings cuz I typically sleep 'til noon!! (musician)

@RH-cv1rg

Жыл бұрын

@@chrisstrickland4433 We are on the same page. I'm glad you are enjoying YOUR time. If one can afford to retire, do it. Another year or two working won't make much of a retirement difference but it will reduce the available time you have to enjoy yourself on earth.

@Milkman3572000

Жыл бұрын

Bravo, well said.

Can't leave our social security to our kids and grandchildren. Tomorrow is promised to no one. We choose to take ours and save our other assets in hopes we can leave them to our kids and grandchildren. Everyone's scenario is different so do what lets you sleep easy at night

@johnscott2746

Жыл бұрын

My kids have more education and higher paying jobs than I ever had. They are all home owners and have more money and assets than I do. And I have a net worth of 1.3 million. So, I am using my funds in a thoughtful manner so that my wife qualifies for a full subsidy on her health insurance and I’m waiting until 70 to collect Social Security.

@jackdreddle2740

Жыл бұрын

Did you watch the video?

@johnscott2746

Жыл бұрын

@@jackdreddle2740yes, I was responding to martysmom’s comment. I have found that too many people deny themselves or make wrong choices with the idea being that they need to leave money to the next generation. In my case, my wife and I live independently and need no help. As I noted our kids are better off than we are. All of them have a room set aside in their homes for us with the understanding that at some point we may need to come live with them . I’m sure there will be funds for them to split up after we are gone but in the meantime we are using our money to have the best retirement we can.

@jackdreddle2740

Жыл бұрын

@@johnscott2746 John I was responding to Martysmom too. Your comment was excellent.

@johnscott2746

Жыл бұрын

@@jackdreddle2740 ah! My mistake! No harm done.

I decided to take it at 62. I have a small pension as well. It’s not a lot, but with the miserable job I was working I found I was only losing about $100/month income and each year I waited was about $100/month. Then I got really sick when I did turn 62. I knew my horribly stressful job was a factor. Also, my Father died at 69, while still working. Mom died at 72, retired. Life is too short and I want to enjoy what’s left. Have a small art business that keeps me busy. It’s a stretch in this terrible economy but it will get better. No regrets at all! ❤

@bond7459

Жыл бұрын

Same here,iam already 62,definitely i'll be starting collecting this year.

@lorieburtt592

Жыл бұрын

Good! I’m with you! (I’m an artist/ artist type, too.)

@maryshaffer5675

Жыл бұрын

If you have a chronic illness its not going to get better. Take your life back and enjoy as much as possible. I love my life not my illnesses as much.

@lisaandrews919

Жыл бұрын

Work takes up waaaay to much of our lives. Imo. To relax and not rush to do a bit of what you love doesn’t have a price !!

@dennistyler9852

Жыл бұрын

Wishing you the very best Cyndi…😊

I just retired in March and started collecting SS and I’m 62. I don’t want anybody telling what I should or shouldn’t do. It’s none of their business. Everybody’s situation is different. You do what’s right for you.

@DrSchor

Жыл бұрын

who was telling you what to do?

I have learned so much living in a 55+ community from the neighbors, now dear friends. The 2 big fears of growing old: 1)outliving your money 2)outliving your mind! :)

@jackdreddle2740

Жыл бұрын

# 1 can be helped by waiting until 70 to collect SS

@supermills03

Жыл бұрын

seems like betting on longevity isn't necessarily the wonderful thing some make it out to be. I would like to retire when I hit my savings number regardless of SS, and then live my life without the worry of work. If I'm smart and lucky that will be even before 62, at that point might as well take it early, either you need it and have to make sure it's as high as possible, or you don't need it so it's ok if it's a lower payment. Afterall if you need it you probably can't retire early anyway.

@Nwladylaura369

Жыл бұрын

You can also outlive your body! You can still be sharp as a tack, but your body does not allow you to do much!

@banana7570

Жыл бұрын

It’s also possible that none of those things will happen and your retirement may be wonderful.

If my late wife hadn't filed at 62, she'd have gotten nothing - she died before reaching her FRA. I filed at 67 when my IT contractor position went away - I'd intended to work until 70. Four years into retirement, I have no regrets about retiring earlier. The extra money would be nice, but time is the one thing you can never get back once it's gone.

@joannemorris4451

Жыл бұрын

You are so right about time. I quit my miserable job at 64. So I have less $ per month, but more free time.

@J_Neighbor

Жыл бұрын

Amen to that. I am taking care of my toddler grandson full-time now instead of knee-deep in the corporate rat race! And, my grandson is much easier to work for than some of my bosses ever were!

@specialkay4329

Жыл бұрын

I'm confused. I'm 62. Must I be retired before I claim social security? I'm not financially prepared to stop working altogether.

@specialkay4329

Жыл бұрын

@@J_Neighbor so much more rewarding.ill bet the little ones are glad you've got them. Best wishes 😃

@J_Neighbor

Жыл бұрын

@@specialkay4329 you can file to collect at age 62 even if you keep working, but if you make over $21240/yr (prorated at $1770/month), the SS administration will withhold $1 for every $2 earned above the monthly limit. I retired at 63.5 when I retired so I wouldn’t have to worry about the limit! But there is so much more to this decision, and I’m no expert - just someone a couple years older who researched his own situation. So, please check with an expert before you decide - or keep studying videos like I did! It’s important to be aware that your benefit is significantly reduced when you take the money at 62 also.

The thing with retiring at 62 is envious younger relatives/friends/people keep pestering you with questions like "And what do you do all day?" as if we don't deserve our retirement. I found a fantastic answer on internet that I'll use in this situation: "I do nothing. But I try to do them in the morning so my afternoons are free."

@Rattlecanjeff

Жыл бұрын

…and, “even if I do nothing, I don’t start until noon”.

@rushfan9thcmd

Жыл бұрын

Tell them you've dealt with crap for 62 years. Payback time.

@geraldmahoney4856

Жыл бұрын

Exactly. However, I’m starting to get bored doing nothing all day.

@rushfan9thcmd

Жыл бұрын

@@geraldmahoney4856 doing nothing is a your choice matter. Make a better choice.

@tammyicious

Жыл бұрын

That's brilliant. 😊

My mother is 94 and going strong. Her mother was 98 when she passed. I am 68 and still working. I LOVE my job and will work as long as I can at it. At 70 I will start SS and taking minimum deductions from my pensions as required by law. The government will get MORE of my money in taxes. BUT I am looking at possibly living another 20-30 years as I have no health conditions other than some arthritis which is minor. I want to be sure I have the means to care for myself. Don’t want to be a burden on anyone.

I worked until I was 68 and filed for Social Security at that time. I was earning more by working those extra years than I would have made from Social Security and for every year I delayed past 66 my Social Security retirement payments increased by about 10% for an increase of over 20% over my full retirement age payment. Now my Social Security equals one of my monthly paychecks and my work pension equals the second so I retired with virtually no loss of income. One of the smartest things I ever did.

@thesaturdaymorningcowboy4198

Жыл бұрын

I also waited until 68 because I’m 9 years older than my wife and I’ve always been the much higher wage earner and her benefit amount would be far lower than mine. In case I should predecease her, then she can draw based on my beefed up benefit amount and I’ll go happy knowing I provided far more for her than if I had taken it at 62.😊

@linussphinx1353

Жыл бұрын

Amen.

@lasvegasbreakingnews1752

Жыл бұрын

You nailed it. AT 68 with good health your life expectancy is into the eighties! Retirement is based on a solid ground of cash flow. Not what you own. the combo of SS, Pension, and savings, with little to no debt makes retirement a vacation every day! Well done.

@thebootielover

Жыл бұрын

I hope you in good health too.

@WallaceDunn

11 ай бұрын

After your full retirement benefit age, the increase is 8% per year until age 70.

My husband retired last year and turns 62 this week. His first retirement check will be in May. After working 42 years in the Emergency department I would say he paid his dues !! We love having him home.

@johnjamesjoseph3814

8 ай бұрын

And how do you like those checks? It's been 7 months. We hope all is well and retirement is great!

I'm 66 now but retired at 62. My reason is similar to most people's reasoning. I've been a nurse most of my working career but when my health started to decline, I knew I had to make some drastic changes. My daughter offered me a place to stay in her home, so I moved in with her and her family. I still worked at that time but changed my work to jobs that I could reasonably do due to my health. I chose to retire at 62 because I was finding it harder to find jobs to do with my health continuing to decline. I'm now on Medicare since last year and it has been a godsend for me. I now have 5 chronic diseases that are being treated with medications. I can barely hold out to do simple chores now. I don't know how much longer I have to live but I'm glad that I am on Social Security and that my daughter took me into her home. Without those two things, I would have been homeless and dead within a week. I used to feel guilty about retiring early but no more. I worked hard all of my life and paid my taxes, so I deserve some help in my declining years, no matter how long that takes.

@rushfan9thcmd

Жыл бұрын

So true. You have to make the choice before health turns, not playing catch up. Health, car accident from idiots running stop signs and stop lights, you name it can change your life plans. Enjoy life as much as possible.

@GalileanInvariance

Жыл бұрын

Very glad to hear that your physical needs are being met ... Don't forget to consider your spiritual needs -- which I believe means getting right with God before we 'depart' this life ... Be blessed on your journey.

@johnjamesjoseph3814

8 ай бұрын

Absolutely!@@GalileanInvariance

My job as a truck driver delivering gas to gas stations laid me off 3 months months after I turned 62. They wanted me to go too night shift. I said no, they laid me off and a month later they called me back to work. I said no. So I was about 62 1/2 when I started SS. So I am making about $2,800 a month retirement. Live is good.

@dennistyler9852

Жыл бұрын

If that’s just SS , you worked long and put a lot into the system. Enjoy your retirement…

I believe it’s such an individual decision, and life expectancy is only one factor. My husband waited until his full retirement age of 66. He never considered waiting until 70, because at 66, he’d outlived every man in his family. He’s 10 years older than me and his check, if I collect at 62, is almost 3 times more than mine. But, those 96 months I would have waited is $106,000 more that we can enjoy together. Of course, at my full retirement age of 67, I would get his full amount if something happened to him. God forbid. Meantime, I feed him a lot of fish and broccoli to keep him around.

@howardfriedman7077

Жыл бұрын

Given that you are that much younger, your best strategy was for him to start at 70 and you to start at 62. That would actuarially maximize your benefits.

@butopiatoo

Жыл бұрын

How kind of you. What does he feed you to keep you around?

@samsmullen991

Жыл бұрын

@@howardfriedman7077 Except should her husband dies when she reaches her FRA, she would receive 100% of her husband's SS benefit minus 30% since she started taking her spouse benefit at 62. She already said, 50% minus 15% reduction of her husband's benefit is 3 times more.

@jet4415

Жыл бұрын

@@butopiatoo He doesn’t cook, obviously.

@christina5588

Жыл бұрын

@@howardfriedman7077 you saw that she said he outlived every man in his family, I believe life expectancy played a roll in their decision

I was able to run the numbers based on my current SS estimates for ages 62 vs 70. Remember by taking at 62 you are getting 8 years of additional earnings. By calculating those earnings and diving by the delta (difference in payments from 62 to 70) I was able to calculate that it would take roughly 10.5 years to make up the difference. In other words I wouldn't START to see a benefit from taking SS at 70 until I was about 80.5 years old. This doesn't take tax considerations or investment opportunities into account but that is a good baseline. So the question is how old do you expect to live. Personally I see that it's a fair gamble to take early.

@wyqid

4 ай бұрын

Brilliant response

@andrewmiles3376

25 күн бұрын

Exactly!!! Also, he doesn't address those of us that are debt-free and have rental or other income every month. Definitely I am taking it at 62 - especially in light of your math about those 10.5 years before you break even.

One thought is to buy the dip and then wait to break even, another thought is: Will buying low during a recession work if I'm retiring in the next 3years, I'm no way near prepared for retirement and I just need strategies to scale up to atleast 2million by the time I'm set to retire

@hermanramos7092

Жыл бұрын

Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.

@martingiavarini

Жыл бұрын

There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

@kenanporubsky2122

Жыл бұрын

Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

@hermanramos7092

Жыл бұрын

@@kenanporubsky2122 Impressive can you share more info?

@kenanporubsky2122

Жыл бұрын

@@hermanramos7092 My advisor is ‘’Christine Jane Mclean’’ she’s 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

My mom died at age 96, after working from age 56-86 as a nurse's aid at a local nursing home -- something she did after raising 6 kids on the farm. I was kid #6, and she started working for herself when I was 16, in a year that was scary for farmers. They literally didn't know if they could pay their bills, and the nursing home job opened up, and she loved working there. That job saved our farm. Her dad's relatives all lived well into their 90s and her aunt lived into her 100s. In a few weeks I turn 66; I found the keto diet at age 60, something that would have extended my dad's life -- he had type 2 diabetes, cataracts, heart problems, all things he could have reversed on the keto diet. I have reversed my type 2 diabetes symptoms and feel fantastic. A couple of years ago I found a job at a local community college and love it. I don't want to retire until at least 70. I know I'm going to be around for a while.

@DrSchor

Жыл бұрын

this is not about when to retire.

@kristiG5259

11 ай бұрын

@@DrSchor Retirement and SS are linked so, yeah, it can be about retirement.

The "best" age to start collecting Sol Sec benefits depends on what your needs are relative to the benefit and your other resources, taking overall health into account as well. I was reasonably healthy and working full time until I turned 64 in late 2020. I checked what my benefit would be, and based on that info and some other financial planning, I pulled the pin. Basically, take it as soon as you can afford to do so.

@franklee2683

11 ай бұрын

I did similar,except I worked a couple more years ,staying UNDER the max earnings ceiling of SS rules. Guess what. Got a letter from SS: they recalculated my benefit higher,as I had worked and pd in more to SS than when I initially started benefits! Awesome.

Maybe I missed it but I'm surprised that you didn't mention that when starting at 62 it takes about 11 years before you meet the monetary 'break even' point. After that you are losing money not waiting for FRA. That being said I am taking mine at 62. Every situation is different and I have thought about it a lot. I retired at 58 and found out that I had cancer within a year. I am cancer free now but we never know when our name will be called. Live life to the fullest starting today.

@rodneybray3245

Жыл бұрын

I thought the breakeven was between 80 and 82. I am it depends on the method of determining the breakeven like discounted cash flow or other methods. Good point.

@1AXMRDR

Жыл бұрын

@@rodneybray3245 nope, 11 years. IIRC it was 11.2 years. I'm not going to recalculate it to be certain, it's not that big of a deal to me. The age of break even point is 73.

@leftylefty77

Жыл бұрын

I think this is point #1. My break even is over 8.5 years. That drops me in my late 70's or early 80's! The experts rarely mention this because the are focused on the "retirement benefit". If you love your job, work on! But I think the vast majority of people have had enough after a 20-25 year career. I am fortunate enough to have earned a modest pension so I think 62 is the right time. Thank you.

@Autos389

11 ай бұрын

@@rodneybray3245 The break even where 67 and 70 catchup and surpass starting at 62 is 78 and 80 years of age. At least for my numbers I got off the SS estimate site and that I put into a spreadsheet. You can do the same - just put age on the left side of the sheet and use three columns for 62/67/70 (starting ages). Then put in the monthly amount (times 12 so it's annual) in the cell where the 62 column and 62 years of age on the left meet and fill down with that same value (you can try and estimate inflation adjustment but I used the beginning figures for each age). Do the same for 67 starting year and 70. If you do it so each column has a running total (each cell being the sum of the cell above it plus that cell's year (monthly * 12)) you can then see as your age increases where the sum of taking at 62 gets caught up to and surpassed.

@RDQ30A

11 ай бұрын

@@Autos389The break even point depends on the rate of return you earn on your investments. If you earn 6-8% on your investments your break even point will be in your late 80’s to early 90’s. It’s all about the rate of return you earn on your assets.

I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is in currently in a downturn and that we must wait for the stock market to recover in order to break even and make a profit.

@glenbert1396

Жыл бұрын

That's why I make it a point to speak with a financial counselor before choosing any investments. I've been using one since the pandemic. using profit-oriented tactics and minimizing risk as a buffer against inevitable downtrends. In addition, they have access to insider knowledge and analysis, making failure virtually impossible for them. I made almost $700K after working with an advisor for over two years.

@lisaollie4594

Жыл бұрын

@@glenbert1396 Please can you leave the info of your invstment analyst here? I overheard someone talking about how a couple made $200k during this red season. I need such luck lol.

@glenbert1396

Жыл бұрын

@@lisaollie4594 My advisor is ‘’STACIE KRISTAL WEBER’’ she’s 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

@lisaollie4594

Жыл бұрын

@@glenbert1396 -I just looked up Stacie online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a callaitlin.

@thebootielover

Жыл бұрын

I took mine at 62. The rich Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age .

I am the family historian. I have all of the birthdates/ages of those in our family that have "passed". The average is 74. It has remained 74 for the past 30 years. I retired at 62 knowing I would be very unlikely to live to 80. Our family members tend to die of cancer or heart problems. I've had both cancer and heart problems, just like the rest of our family.

@lynanderson2047

Жыл бұрын

Your decision makes sense because of your clear medical history. Most people who collect early do so because they haven't quite mastered delayed gratification. They just want it now and convince themselves against all reason that they probably won't live long.

@rebeccaoliver7977

Жыл бұрын

Obviously, I know nothing about you or your family but after reading what you wrote, I wonder if it was worth considering lifestyle options that might extend your life?

@suzyinstitches273

Жыл бұрын

I’m fully onboard with considering family history.

@ariefraiser140

Жыл бұрын

​@@rebeccaoliver7977 it sounds hereditary if it's been going on for generations. Unless the cause has been how the family has been eating for generations.

@1953childstar

Жыл бұрын

@@rebeccaoliver7977 That is something to consider.. My late parents chain smoked and were alcoholics.. Father died from lung cancer at 53 and mother died from lung cancer at 73… I rarely drink, never smoked, and eat well. There are no guarantees, but all of my grandparents and great-grandparents lived into their 80's+...

I've been in the work force for 35 years. The last job I had with a pension was over 20 years ago. I think the overall lack of pensions in the modern work environment is going to hobble a lot of us looking at retiring at ANY point in our 60s.

@guytech7310

Жыл бұрын

As some that is two years junior to you, I don't expect to ever be able to retire. I doubt I will see a penny in SS, as I am sure they will raise the min. retirement age so I never reach that age. And\Or the dollar devalues to the point that SS monthly payments won't cover the cost of a single can of beans.

@SpaceRanger187

Жыл бұрын

SS should be at age 55..

@vagabondprime1691

Жыл бұрын

@@guytech7310 sorry Guy, that's bleak. I feel like we're in the same boat for sure.

@Utah_Mike

Жыл бұрын

Half of my working life I have been self employed, I have never worked for a company that offer a pension. I chose to continue to work for the health insurance. The cost of medical insurance is what is dictating my retirement age not the lack of a pension.

@JMcMillen

Жыл бұрын

Most pensions disappeared because people kept living longer and longer after retiring and the companies couldn't afford it anymore.

A friend pointed out that the difference between 62 and 67 was a 14 year payback. In other words If I waited until 67 the the extra money I made would not equal the money I had not received until I was 81. A simple excel spreadsheet confirmed this. My wife and I were 63 at the time and both started immediately. Turned out good decision for my wife, she died from cancer last year at age 71. Docs say I should live beyond 81, as my father and mother did, but nothing is guaranteed.

@johnjamesjoseph3814

8 ай бұрын

I'm sorry for your loss, Patrick. I hope you both made some great memories in those years of retirement!

The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.

@sherryie2

Жыл бұрын

In other words, an advisor-managed portfolio would average 8% annualised growth over a 25-year period, compared to 5% from a self-managed portfolio

@corrySledd

Жыл бұрын

@@sherryie2 I agree; for over 17 months, I've maintained regular contact with an investment advisor. Nowadays, it's really simple to invest in trending stocks, but the challenge is knowing when to sell or hold. To support me with entry and departure points, my advisor steps in. Within 18 months, I've accrued almost a million dollars from an originally stagnating reserve of $300K.

@McElvinn

Жыл бұрын

@@corrySledd I'm happy to have stumbled upon this discussion. If you don't mind, could you tell me the name of the financial adviser who helps you with your investments and how I might contact them? It Intrigues me to keep learning.

@McElvinn

Жыл бұрын

@@corrySledd Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

I noticed when I entered my 50's, my jobs became more difficult. I went from being a top performer, to being called in for performance issues. It pretty much all went downhill. I developed chronic insomnia from all the stress and I still have horrible insomnia. I left a terrible job last year because it was not worth the risks. I'm 58 and living off my IRA's of the past. 40 years of work is enough for me. Maybe I'll look for a job if this insomnia goes away, but I refuse to work like I did and get a very low income. I plan to retire out at 62. I'll live off my IRA's, penalties and all. The price of being free is worth it to me.

@DrSchor

Жыл бұрын

i think you need shell out for the price of a business calculator. bonus: reading the manual will put you to sleep

@kathleenmcbride1471

Жыл бұрын

I get that! In IT it becomes impossible to keep up. You go from being a hero to being a zero. Made it to 62. Good enough. I was the last oldie on my team other than my supervisor.

I was blessed to work for 50 years and collected Social Security at 70 in 2022. Thanks Holy Schmidt!! for all the great advice on securing a healthy ( Physically/Financial) Retirement

@wingandhog

Жыл бұрын

My plan as well. I have 7 years to go. But I can retire on my investments anytime I feel like it. I love my job though and look forward to mentoring the youngsters 🤔Congratulations!

@jamescalifornia2964

Жыл бұрын

That will be a nice SS benefit 👌

@summerforever6736

Жыл бұрын

Blessed to wor for 50 years? More like a curse!

It depends on ones health and family health history. My mother is still going strong at 100. So I waited until 70, seven years ago. So far, so good.

@logicalblueberry

Жыл бұрын

Wow, good for your mom! I wish you the same longevity. God bless you.

@danielcarroll3358

Жыл бұрын

@@logicalblueberry Thanks! May I wish the same for you.

@mandatorym_y_o_c_a_r_d_i_t_i_s

Жыл бұрын

Congratulations.

Investment in stocks is a great way to invest your money. The team is constantly checking the market for changes and make sure that you are always informed about the best time to invest. As a result, I have made more money than ever before, and I don't have to manage my portfolio on my own! Invest in stocks, it's worth it!

@lailaalfaddil7389

Жыл бұрын

Is she on youtube, please how do I find her?

@susannnico

Жыл бұрын

*ROCHELLE DUNGCA-SCHREIBER* is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.

@lailaalfaddil7389

Жыл бұрын

Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.

David Marvin Willis, a knowledgeable financial advisor, suggests allocating a minimum of 15% of your income to a 401(k). Utilize online calculators to estimate the ideal savings based on your age and income. Saving at least 15% in a 401(k) ensures a comfortable retirement, leveraging compound interest for potential growth over time.

My husband and I both started collecting SS at 66. We needed the money. Our financial advisor wanted us to wait to 70, but we couldn’t afford to.

It seems to me that the key to this decision is the question of what you want to do with the rest of your life. I am 58 and have lately been faced with just how many healthy active years I may actually have left in the world. Even if I never have any significant health issues and live to be in my 90s, I will still be old and rickety! Whether I like my job or not isn't even the issue! It's whether I want to spend the majority of the truly active years I have left working at any job! If for you, going to work every day until you are 70 is the way you want to spend the youth of your old age, then more power to you! I would much rather draw social security as soon as I am able, scale down my life in terms of spending on stuff, and live those last youthful years exploring my world. It doesn't have to be done in luxury either! Remember that even poor people in the West live way richer lives than poor people in the rest of the world!

@lynnz109

Жыл бұрын

Well said

@jazzzman1000

Жыл бұрын

Exactly. It's not how long you live, it's how well you live long!

@RobDTom

Жыл бұрын

Wow. I could have written this myself as this is exactly how I feel and I’m 58 too.

@danbouchard6780

Жыл бұрын

I retired at 58 and stated collecting at 62. Best decision of my life.

It’s not that people like me actually hate our jobs, it’s more that we’d rather have more time for things we enjoy… while we still can.

@earleneslay7977

Жыл бұрын

Amen!🙏🏾

@davidsebastianelli1326

Жыл бұрын

I've enjoyed surfing since I was a 10 year old grommet and in spite of how gracefully some of us are able to ride a wave, it is a physically demanding sport. I retired last year at 65, in a large part due to ageism. I started taking SS right away due to the expenses required to continue to live in LA without draining all of my savings. My best friend from 4th grade in Fort Lauderdale died from cancer in 2015 and since we were kids surfing the beaches in Florida we always said when we could, we would retire in Mexico. As we got older we joked that because I was the one making the money while he continued to live in Florida and pursue his career in music that our plan would work out. I reassured him through the years that I would be fine supporting him in Mexico as long he kept singing the blues and playing his guitar (just one of the multiple instruments he had mastered!). I kept the dreams of our youth together alive and moved to Mexico last year without him. I live a great life on half of my SS that I receive each month, even if it's not as high as it could have been if I had waited. It was a no brainer and I am happy I did it. Some people would do anything for more money and others would do anything just to be happy. He was one of the most genuine and funniest person you could ever meet. I still miss him everyday but especially while I'm out surfing and the dolphins come close to me to say hello.

@kathleenjohnson3645

Жыл бұрын

@@davidsebastianelli1326that’s a lovely story. My best friend died at age 59 we had plans for our golden years too. I think of her often and enjoy what retirement means to me. I know she see me and smiles.

Took retirement at 62. The BEST DECISION I'VE EVER MADE 🎉😂

@rickylalonde2317

Жыл бұрын

What did you do for medical insurance

@jazzzman1000

Жыл бұрын

61

@jazzzman1000

Жыл бұрын

@@rickylalonde2317 Obamacare, totally subsidized in California. I pay like $120/Mo.

Thank god for social security! No matter when you collect, the money really help. I get $1953 per month, it really help with my 403b.

@thebootielover

Жыл бұрын

I took mine at 62. The rich Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age .

I really appreciate the videos!! Everyone has there own personal reasons for taking Social Security. In my case and maybe one reason why the 2022 stats are so high is when faced with going back to the office after working form home or other pandemic related changes in the workplace. Also, some companies, mine included, offered packages to retire. I did not qualify for a juicy package but the thought of returning to a cubicle, under flourescent lights, conditioned air and no window helped me make the decision to retire and focus on health, diet, exercise, less stress and working for myself outdoors. Personally, I believe this decision will extend my lifespan to better appreciate the benefits of Social Security.

@tywebbgolfenthusiast8950

Жыл бұрын

I claimed at 62. Our financial planner was (as all seem to be) big on deferring until at least full retirement age of 67, and use our retirement savings to live on until then at which time I’d get a bigger check. That made no sense to me. I wanted to start recouping the money I paid in all those years and live off that, rather than depleting the assets I worked hard to accumulate.

@virginiamoss7045

Жыл бұрын

Makes perfect sense.

@ripvanrevs

Жыл бұрын

@@tywebbgolfenthusiast8950 Exactly. If you take the money at 62 and just put it into CD's at 3% you will have over 100k for every $1000 dollars you receive. Because you are still earning interest on that money as you withdraw it at age 70, it will take you about 15 years to break even. You still have to be able to live from 62 to 70 on your own investments though so you don't have to use the social security money.

Knowing my family medical history, I used 80 as a hopeful estimate of how long I might live and for retirement planning. I did the math. If I draw at 62 for 18 years vs 66 for 14 years vs 70 for 10 years, I found the total $$ of benefits to be not so terribly different....not life-changing different more or less. And I could be dead by age 70 and draw absolutely nothing. That's my primary reason for choosing to draw at 62. I'm pretty sure the government is hoping everyone will wait until 70. That definitely works in their favor.

@Blayze1017

Жыл бұрын

How did you manage health insurance? I’m 61 and would Love to retire at 62 but can’t get medicare until 65.

@MrKFitton

Жыл бұрын

The breakeven point for most people (taking at 62 or 70) is usually around 78 or 79...so looking at 80, yeah not much of a difference. The real issue is do you realistically plan to live beyond 85 or so. If yes, then taking SS later on is usually a better option unless there are other mitigating factors.

@guytech7310

Жыл бұрын

Recession trigger mass retirement. Already lots or retired in 2020 & 2021 when the pandemic hit. We will likely have another major recession soon.

@stevebc957

Жыл бұрын

Hate to defend the government but the system is designed to pay out the same amount overall based on average life expectancy, lesser amounts for longer vs larger amounts for fewer years. The gov't gets no real benefit from you waiting till 70 in fact it has offered some people a six month lump sum to try to entice people into retiring earlier ( this was covered in a Lawrence Kotlikoff book, highly recommend his stuff ). From a recent interview with Larry: "Social Security is running scams. For example, they call up people who are close to age 70 and say, “We’ll give you a check for six months’ benefits retroactive, and you can start your benefits right away.” What they don’t tell people is that this means their monthly benefits from that point on will be significantly lower than they would be had they waited till age 70 to collect. Interviewer: Is Social Security doing this to save the Administration money? I presume to save money, or somebody thought it was somehow going to help people. My dentist told me that Social Security called him and gave him an extra six months’ benefits. I explained to him that they had actually given him a lower benefit without telling him. I called someone I know in management at Social Security and told him. He had no idea this was going on, and he was aghast. As far as I know, this is still happening.

@howellwong11

Жыл бұрын

@@MrKFitton My life expectancy was not a factor. My retirement age was the factor and I would retire only when my pension and SS benefits are enough to pay for my living expenses. It occurred when I was 68 years old and here I am at 90 years old. It worked out great for me.

Am still working full time at 75 and hope to do so until turning next year. I started SS at 70, and my benefits have continued growing because these higher-income years are replacing lower-income years of two decades ago, as well as the cost-of-living adjustments. My SS benefits started at $1400 and have risen to $1950 now. This is a bonanza for me, and one that I didn't see coming. Taken together with other sources, I will average $3400 a month and will be able to continue saving into retirement. I am glad that I didn't start at 62, because balancing my budget would have been tighter month by month indefinitely. I am also glad that I traveled when younger, because I have seen everything on my bucket list when it was cheaper and I was stronger. If I were twenty years younger, I would travel a bit more and save a bit more -- and still wait till 70 for SS.

@ebirch90

Жыл бұрын

"I would travel a bit more and save a bit more" - what would've you cut from your lifestyle to accomplish this?

I worked for a company that fired people as they were turning 62. They'd find a reason. They were working on me, giving me difficult work while my co-worker got easier work. This was so I would not make my quota and they could fire me. I was planning on working until 63.5 but I decided I wanted it to be my choice to leave.

@nationalzero269

Жыл бұрын

That's illegal.

@clwest3538

Жыл бұрын

@@nationalzero269 Still happens though (in US) ... they 'terminated' the position my dad had when he reached 70 (yeah, he was one of those guys - healthy as a horse, militarily dependable, etc.) and two months later reinstated the position ... When I was an Executive Admin Assistant in my 20s and 30s I could get a job almost anywhere. When I turned 42 I had a recruiter actually tell me it would start getting harder and harder to find a job because of my age - I also said "but that's illegal!" His response was, "... yes, but 'they' just find a reason to fire or not hire .." . This was true. Therefore, I changed careers (self employed) and actually am happier for it.

@PatriotSteve

Жыл бұрын

why not let them fire you and collect unemployment for six months?

@guytech7310

Жыл бұрын

That makes no sense, since older workers that can switch to Medicare instead of paying the insane health ins. premiums because of ACA (Obamacare). Maybe this happened years ago.

@Superduper666

Жыл бұрын

What gets me us those people who try to fire the person nearing 62 will someday be 62. I hope they get what's coming to them and think about what they did to the older employees as it happens.

According to the CDC, the average life span for men in the US is 73. After 62, men's health is on the faster rate of decline . I retired at 59 and was able to walk 10 miles every day. Today at 62 my body can only handle 6 miles of daily walk and 4 hours of tennis each on Saturday and Sunday mornings. I just received my first SS check in May 2023. It's a nice icing on the cake bonus. My goal is to get back all $360K that I put in SS system. That would not be possible if I waited until 67 or 70 to receive SS since I may be dead at 73. Many of my friends at work already passed away at 50, 55, 60, 67, 70 in the past year.

I waited until age 70 to take Social Security. Am in basically good health. I actually got one of my best full-time jobs at age 65 and stayed there 5 years. The years I delayed between age 65 and 70 not only allowed me to end up with a 7-8% increase in eventual benefits for each year I delayed, but I was also able to add more to the pot with some of the best earnings years of my life for the 3 of the 5 years I worked full time. I rarely see mentioned the benefit of adding more higher earning years to your working life as a bonus in receiving a higher amount upon retirement. The SSA chooses the years of your highest earnings to calculate benefits. Most people tend to have their higher earning towards the end of their careers.

@traybern

Жыл бұрын

Those “extra” years make a TINY increase in benefits if you already worked 35 years.

@gracenotes818

Жыл бұрын

@@traybern Not everyone, including me, has significant income for a period of 35 years. In my situation it did make a measurable difference.

@mandatorym_y_o_c_a_r_d_i_t_i_s

Жыл бұрын

@@traybern Not true. SS increase 8% per year after FRA even if the 35 years don't have any impact.

@kb1759

Жыл бұрын

Janette may I ask what that job was ?

@traybern

Жыл бұрын

@@mandatorym_y_o_c_a_r_d_i_t_i_s We’re TALKING about a 34th or 35th year. OR a 36th year that rolls OFF the lowest year. NOT the delayed credits.

I'm 62 and have a layoff this year, after many years with my company. Plans change and you have to make the best decision you can.

This decision is very individual. I began at 62 because I could. We were very well set financially and my wife is 15 years younger and a very well paid professional-she then retired a year ago at age 54. We just returned from a several week vacation to Switzerland and then hooked up our camper and took our two grandsons on our annual "grand-cation"-this time to Rocky Mountain National Park. Generally, we walk 18 holes 2-3 times a week and take 2-3 15 to 25 mile bikes rides. We are living life to its fullest-and have calculated our risk/benefit carefully. Given my health and family history I will very likely live to 90.

My dad died at age 66 and my husband's dad died at 68. We took that into account, and also wanted to be financially solvent before we left a mess for our son who has Asperger's Syndrome

@sammencia7945

Жыл бұрын

Lifespans are INCREASING. If your dad died young it doesn't mean you will. Just opposite. If you are 62 your lifespan is to 82+.

@pamcornelius9122

Жыл бұрын

My husband died very suddenly and unexpectedly at age 61. I was fortunate to receive SS widow’s benefits five months after his death when I turned 60.

@harrymyhero

Жыл бұрын

@@pamcornelius9122 What did you do in the five months interim?

@harrymyhero

Жыл бұрын

@@sammencia7945 I have some of the same issues as my dad, genetics do count.

@jstephens2758

Жыл бұрын

@@sammencia7945 You are right about these longevity figures. They are true ON AVERAGE. The older you get, the longer your life expectancy. But individuals need to consider family history because genetics, personal health and lifestyle are major contributing factors.

Jeff, what about addressing filing age for each partner in a marriage? Mike Piper's "Open Social Security" site suggests that it often makes sense for a married couple for one to file at 62 and the higher earner to wait until 70. Because the life expectancies of two people taken together is different than each alone. In other words waiting for the higher earner is a hedge against one of them living a long time while taking one benefit early is a hedge against one dying early. Would love to see you do an analysis of this.

I know why I did. I was sick of background checks, drug tests, being paid crap, being treated worse. Tired of being ripped off. FYI, most home health agencies will pay for the background check and drug test, then take it out of your first paycheck. I knew I'd not get as much. My job went overseas when I was 53. It was hard enough just to get an interview. Fast food wouldn't give me the time of day. I ended up homeless. Worked ranches, then, when I finally qualified for subsidized housing, I did home health. Sick of a boss that gaslights, ignores your needs for paperwork for your landlord. I just got sick of it.

I may have mentioned that I now take survivor social security benefits last year when I turned 62. My wife and I were on active duty in the US Navy and she died on active duty in 2014 buried in Arlington National Cemetery with full honors. Since I was still on active duty until I retired in mid-2021 and decided to semi-retire I waited until mid-2022 to collect my survivor benefits. I will change over to my full benefits when I turn 70.

@rebeccaoliver7977

Жыл бұрын

My condolences on your loss. Your service and that of your wife's is appreciated.

@kathleenmcbride1471

Жыл бұрын

Doing the same thing as a widow. Sorry for your loss. It has been sad to retire alone.

Social Security is not an investment. It dies with you. Your heirs get nothing. That's not how investments work.

@july77773

Жыл бұрын

Could it be considered an investment if it's used to pay off debt to have a debt free retirement.

This is a great summary and I very much appreciate the effort to not only be easy to understand but also still provide valid reasons to hold off vs. taking SS at 62. I like the unbiased/no judgement approach. Thanks for posting.

Excellent content, as usual. You have a great talent for presenting all sides and nuanced ideas many would never have considered. Thanks, Geoff!

I am 58 and plan on retiring at 62, my sister has just been diagnosed with cancer at 60 and my twin brother has COPD, these things got me to thinking "how long should I work really". Another factor is that my wife is 9 years older than I am, if I wait until full retirement she might not be able to enjoy it as much as she might. Mathematically it also makes more sense to take SS at 62, the break even is 78 years old if you take full retirement compared to 62. That doesn't even count how much less I will be drawing down my portfolio for those 15 years allowing it to grow more than if I waited to take SS.

@MrWaterbugdesign

Жыл бұрын

I don't know this case, but everyone I know with COPD was a smokers, If you smoke then yes, absolutely I wouldn't wait. But dying from smokings, drug use, obesity are choices, not genetics.

@timothykeith1367

Жыл бұрын

Most who are diagnosed with cancer live years several years- many will live more than 25 years

@jamescalifornia2964

Жыл бұрын

​@@MrWaterbugdesign "If you smoke - you croak " 🚬

@traybern

Жыл бұрын

Correction: Your brother GAVE HIMSELF C.O.P.D.!!!!!

@leereader8235

Жыл бұрын

Retire at 62. Take SS at 70.

Thanks for your great series of videos on Social Security and other topics. "Ignorance is bliss" doesn't apply when it comes to many of the retirement related financial issues as a few poor decisions can seriously impact how you live for decades.

It simply amazes me that so many of my customers chose to retire early. Then they sit down body shuts down as if they don't have a purpose. If you decide to retire early at least have something to do. Also many of them come to the realization that after retiring their bills and possibly the market forces them back into a job that they or may not like. Choose wisely and consult an advisor.

I'm an IT engineer who is paid really well but has a skill that is hard, requires a lot of personal research and keeping up with new technologies. I'm already starting to become the oldest person in the room. Luckily I'm really good at this but There is NO WAY I can do this in my 60s. Unless I'm working a retail job I feel like I'm going to have to retire at 62 because of agism.

@justincarter7954

Жыл бұрын

Yeah you really nailed my concerns. Right now in IT it is more economically efficient to just adopt the new thing since progress is being made so fast. In some circles agism is a real thing and needs to be addressed so people aren't hurt by others' ingrained biases, in others some of the older developers just really need to learn a programming language other than C. I've met people that still start every project in C89 and they wonder why the managers are giving all the project manager roles to 28 year olds. Either way I don't think I can keep up the pace into my 60s, I'm going to need to either retire early or adapt my career to something that requires less skill upkeep.

@bradclements1815

Жыл бұрын

@@justincarter7954 @oscaruglyface I've been a software developer (engineer?) for more than 45 years. I marvel at how problem solving is simultaneously so much easier now and so much more complex. I think that's due to the nature of the problems developers solve these days vs. 30+ years ago. What was barely possible back then is easy now, and what was impossible is now possible. That does require ongoing learning and integrating new tools, techniques, and technologies. I love to learn, most of the time. Still there are those days I just don't have time to deal with the crap that doesn't work. I am also worried about ageism. I think a lot of managers assume that graybeards can't evolve from C to Java to Python, Go and Rust, or from sync to async, centralized to distributed, from hardware to VMs to docker to Kubernetes, embedded 8051 to x86 to ARM and RISC-V (looking forward to this sea change). I'm leaning towards the insurance interpretation of SS. I don't know how I'd keep busy if I were to retire anytime soon. I hope to hold out until my FRA, which is 67 for me. I think this video, btw, is very helpful. I appreciate the humorous bits, it adds charm.

@louisz8951

Жыл бұрын

@@justincarter7954 I'm also an IT professional, I'm 66 and will be collecting next month 4/2023 but I'll continue to work. I decided that I will retire either by the end of this year or early next year. It's hard to leave a 6-figure pay on the table for a job that is not stressful, but I think is time to call it quits

@jetfan6129

Жыл бұрын

@@justincarter7954 I'm 64 and in IT and paid very well. But I can't do it anymore and will retire in September. I love that term "skill upkeep". Not interested in it at all.

@Martin.Ferrier

Жыл бұрын

in my 40s, I switched from being a self-employed contractor to being paid employee of the government (where they cannot fire you, and no mandatory retirement age). It was basically a trade off of salary-cut verses job security

I took my SS at 68 and here I am at 90. I made the right decision.

@charlieporal1126

Жыл бұрын

Yes you did!

@johnnyadams1755

Жыл бұрын

Congratulations on your continued success. You are winning in my book. I'm glad to know someone who is 90 is still interested in social Security videos. Kudos to you.

My health is very good at age 70 and I retired at straight up 65 when I became Medicare eligible. My FRA was exactly age 66 and I knew full well what I would stand to collect at age 70. That being said there was no way I had enough trust in the markets to use my portfolio to spend down in such a way just to get $500 a month more in SS pay while waiting for age 70 to come around. Also, I was an electrician and working for four more years was an untenable thought. I have been retired exactly five years as the end of this month and I know absolutely I made the right decision.

@priola7587

11 ай бұрын

This is very similar to my immediate pending decision. Thanks for sharing.

I had a family member retire at 65, he fell dead at 68. I told my wife when I turned 60 that I couldn't work much longer, my body was worn out, (38 years in construction work) . Anyone that waits until they are 65 to retire might die before they do. I retired at 62 and am glad I did.

Widow(s/ers) - heads up. Started my survivors SS at 63 when I stopped working even though my own SS was already higher. Will change over to my own SS later on to "let it grow" (to avoid taking it before full retirement age which is almost 67 for me). Will TRY to wait long enough to max it out at 70 - only if my health holds and it becomes more clear that I may live quite a bit longer. But at any time, whenever needed, I can change over to my SS and get my "raise"!

I’m blessed to have a fun engineering job 3-4 days a week. I’ll keep going if I feel healthy.

I guess it doesn't matter when you take it, as long as you take it after considering all the factors for your personal situation. In that case you are way ahead of those who take it just because a random family member told you to. Thank you for your video and the gut check it gave me in my personal decision.

You are so reasonable and don’t talk down to people. I watch a lot of you videos and appreciate the great advice!

I'm filing for social security at 62 because my husband is 7 years older than I am and made the higher income. He's waiting for FRA to file. When he leaves this Earth I will receive his spousal benefit which will be higher than my work earned benefit.

Grandfather died of a heart attack at 58. Mother had a severe stroke at 58. Right on time I had a crippling heart attack at 59. Wiped out my retirement savings living off it while "disability" took 2 years to approve me.

@happycook6737

Жыл бұрын

Have a look at Dr. Caldwell Esselstyn's work in reversing heart disease through dietary intervention. Amazing stuff. He has presentations on KZread. You can get his book at the library.

Poor savings and lack of income.. I am 70 because it was most money…😊

Thanks, this is hard to watch because I’ve been in denial for so many years since the great recession and just plugging along and getting deeper and deeper into credit card debt from having tried to sustain my business using credit cards back in 2011. I’m very glad you addressed the issue of credit card debt and I believe I have exhausted all options so I will be filing at 62. I’ll keep watching though thank you for your service to seniors.

Thank you Jeff!! I really appreciate your excellent videos and all the ork you put into them!

"Just change your job?" Have you checked out the job market for 55+ yo's? It's not that easy to find another comparable job.

@1981menso

Жыл бұрын

I am 59 and my work subtlety age discriminates against me, hard to imagine going out in the jungle looking for a new job.

@escapeartist25

Жыл бұрын

That's right. Age discrimination is very real.

@theresecook-bright1757

Жыл бұрын

You're only looking for one job! Maybe 2!! Looking for a job is practice!!!! When you perfect the skill you will be a better person because of the search and then you get the job! I always made it fun looking :)

Good stuff as always, Geoff. I actually built a spreadsheet to track break even points for multiple scenarios, because it really gets confusing doing it in your head.

Retired at 63. If I wait until 70, it would equate to 170,000 of uncollected social security revenue. Monthly investment with it will equate to a lot more than waiting for a few bucks more a month.

My Grandfather lived until 101. My Dad is 85 now. That is no guarantee that I will live that long. I’m 61 and feel pretty good. Think I will go to 67 and decide.

@macmcleod1188

Жыл бұрын

If you take it now, you get pre inflation money and don't draw down you savings as much.

My attitude is take it as early as you can. I read the paper every morning and a good chunk of the obituary section is almost always between 60&70 either didn't make it or just settled in to retirement! We are not getting any younger.

@kathleenmcbride1471

Жыл бұрын

Agreed. You can pretty well guess your odds of living to 90 or beyond. And honestly, for most of us, a lot of those oldest years if you DO live that long are going to be in a nursing home where even if you had money you won't any more. So my theory is to plan for your "mobile years" up to about mid 80s if you are very fortunate. To figure out the odds of living beyond that take an honest look your own health - as in how much effort you are making to improve it and how lucky (or not) you have been so far - and then look at the health and longevity of your parents and siblings.

@leereader8235

Жыл бұрын

First you did not paln/save for retirement. Now at 62 you will accept a smaller check? Big mistakes

@kathleenmcbride1471

Жыл бұрын

@@leereader8235Actually... you have no idea what we all did or did not do as far as planning - not to mention all the circumstances along the way that brought us to this moment in time plans or no plans. Personally - I took survivors SS first and will start my own SS later, probably at 70. It is for each person to weigh their odds and priorities I am finding that I "want" and "need" very little now and am spending what life remains to me in volunteer work and giving to and through my church. I have great joy and fulfillment every day. No regrets. It is complete freedom for me, being out of the rat race. I have never been more content than I am now with my beautiful and very simple life. The only thing I miss is my husband. It was sad and lame to end up retiring alone. Making the best of it but it is not what we planned.

Very Educational and things to consider. Thank you 😊 Am 55 and still building my nest agg. FRA sounds good to me and makes the most sense.

At 64 I am right on track to retire comfortably in only 36 more years. Doing good!

I'm 45. Social security won't exist when I retire. Congratulations to everyone who is able to get their money back.

@louisz8951

Жыл бұрын

It will be there. I been hearing that it won't be there for the past 20 years. It will be there.

@Serious-Man

Жыл бұрын

@@louisz8951 The math doesn't add up though, despite what they are telling us.

@louisz8951

Жыл бұрын

@@Serious-Man SS age requirement will increase for the next generation. SS is not going away.

@irinab7524

Жыл бұрын

@@louisz8951it will lose its buying power. My SS is $362 now and I’m 61. So next year I’ll file but it might be even lower: I’m real estate agent and sometimes my expenses are higher than income. This will be such year. So I’ll live off my passive income and SS income will be just to pay my utilities - last year it’s doubled. Prices on everything is much higher than 5 years ago but income is about the same

@user-lo4wl6wd7f

Жыл бұрын

Depending on how you vote in elections, it may not. Vote wisely.

My friends are all retired, i have a full time job and a part time job. I'm divorced, I won't get a pension. They constantly tell me I should be collecting SS. I tell them how much more I'd get at 70 but they say things like "You might die early, so take advantage of it now!" I reply that well, if I die, it wont matter, plus I'm working. I want to maximize what I get. Plus at 66-1/2 I believe I can collect half of my ex's. If I'm able to work past 70, I probably will. I'll leave money to my kids and grandson 🙂 I'm a 65 year old female.

@1981menso

Жыл бұрын

If you like working and you can work I say go for it; work until YOU ARE ready to retire!

@johnnyadams1755

Жыл бұрын

I agree if you truly enjoy working, keep doing what you enjoy. But if you don't then try living the retirement life, however it's not for some people. As for leaving money for heirs, I also plan to, but if I spend my last dollar on the day I die then that is fine too.

@rockrecordreport7136

Жыл бұрын

as long as you not only like the job but the pay is pretty good as well. Keep it then.

Consider medical coverage as well. If you wait until 65 you are also eligible for Medicare. The monthly benefit from 65 to 67 is not much different. Also, holding off for the larger benefits at age 67 -70 will only provide more money to the nursing home. They will take your social security and any pension benefits you get.

@DrSchor

Жыл бұрын

you can take ss at 62 and still wait to 65 to start medicare; they are not linked. Most people are not in a nursing home at age 67; only the unlucky are

@elliottpinkham7401

11 ай бұрын

Don't let the word retirement fool you,at 70 you are not gonna do a lot of fun stuff,at 62 take the money and run ! Paul Novello is much more accurate than this Schmidt guy.

@clwest3538

9 ай бұрын

@@elliottpinkham7401 "... at 70 you are not gonna do a lot of fun stuff ..." is a matter of perspective. "Fun" is a relative term - my parents took their first European vacation (visiting grandson in Germany) at 73 - both could walk a horse into the ground so they really enjoyed seeing all the places they wanted.

There is a KZreadr named Cosmo Weems who travels in his Tear Drop. Great video and great guy to watch. 3yrs ago, he did a video titled "Do you have enough money to retire?" It was straight forward, good advise. In his example his advised against taking SS at 62. Cosmo died 4 months ago. He was in his late 60's or early 70s. I've been paying FICA since I was 16. I'm tired of working. At 62, I'm taking it.

Your VERY good at presenting this dull subject! I value your work and very timely for decisions coming up for me, thanks all of the comments also , all very thoughtful inputs

@HolySchmidt

Жыл бұрын

You're very welcome!

I retired at 63 but waited until 66 (my FRA) to take SS. The difference the three years made added up to about $600 additional SS a month. I didn't wait until later because I was tired of seeing my savings being depleted. Plus, at 66, with my wife at 64, I was able to provide her with spousal benefits. She then could let her personal SS increase up to the age of 70 and when she will finally take her SS, she will have about $700 more in benefits than me.

@penelope5500

Жыл бұрын

I thought anyone taking spousal benefits (unless they were born prior to 1954) had to take their own SS first. (?).

@BoxOfRain

Жыл бұрын

@@penelope5500 ...and we were both born prior to 1954. We thought that we had been screwed because you used to be able to take and defer SS and then let your spouse get benefits while your SS increased - but that was changed shortly before we were to take it - and so I took SS at 66. We did a lot of research and got good advice - so the moral of the story is to ask around and do your research.

Great advice Jeff! When I was in my 50's I thought I'd retire at 62; I turn 64 this year and am still working ... Plan on going out at 65. The thought of how much money we would be withdrawing waiting to 70 instead of FRA is a little scary. I did do the calculations and If we wait until January of the following year we hit FRA we get about a 5% bump each. Retiring at 65, waiting a little past FRA and getting that bump will make the withdrawal somewhat lower going forward without draining too much cash. Getting whatever COLA adjustments will be helpful as well. Of course if the 401K/IRA goes up enough to help fund waiting a while longer the plan could change. I think if you have the money and know it should last you the rest of your life (can't really know with 100% certainty - none of us can) then going out at 62 can be a plan. It didn't work for us although my wife retired 4 years ago, not collecting SS and we are doing OK on 1 paycheck. We have friends that retired at 62 due to the wife has a family history of health issues and the husband was tired of the job but the husband has a municipal pension and free health insurance and that makes a huge difference.

@suzyinstitches273

Жыл бұрын

What’s FRA?

@vinnyg2619

Жыл бұрын

@@suzyinstitches273 FRA = Full Retirement Age

My parents applied at 62. They're both now 80 & 82 and have had to do an overnight paper route just to make ends meet. My mom regrets taking social security early. My dad doesn't understand budgeting money very well so he convinced her to do it. I'll probably have to take care of both of them soon. eldest daughter and all. I'm 44 and I'm not going to make that same mistake when I get into my 60s. If I'm anything like my grandmother, I'll live to be almost 100, so I can wait til I'm 70 and be fine.

Retired at 56 after 23 1/2 years of federal employment. My pension was just enough for a while but, with an old house to care for, needed the SS. Happy I did it. Plus, you never know how long you'll live. Better to get it while you can. Retirement - best job I ever had!

My Father who had had poor health for years chose to take SS# at 62. It turned out to be a good bet and gave him a few years to relax before he died. It might even have extended his life a little. He wouldn’t have been able to do it if his company hadn’t offered bridge coverage for medical until he was 65.

@kathleenmcbride1471

Жыл бұрын

Glad he was able to do that. Most companies don't do that. Sorry for your loss.

Everything you said makes sense. I feel you are leaving out an important piece of the puzzle. How do you feel at 62 vs 67 or 70. I am retired at 60 and going to draw SS at 62. The money is more important earlier when I have the energy to travel and see the world. By 67 I can see myself slowing down a lot. So if I wait, at 67 I’ll have more money but really not need it as I will be more of a home body by then.

@randolphh8005

Жыл бұрын

Sounds like you have poor health, which is unfortunate, and a good reason to take early. My 86yo mother is going to Europe in June, just like the last few years, so is my 72yo aunt, and my 65yo wife. Most peodomt slow down too much till their 80’s.

@JBM425

Жыл бұрын

In his other videos about the virtues of drawing SocSec at 62 vs. FRA vs. 70, he does mention health as a factor when making the decision.

@sergiohernandez-fz2xx

Жыл бұрын

I agree with you if you wait until 70 you would have more money for diapers

@johnharmon3972

Жыл бұрын

Actually I am in great health. But I am not willing to bet that I will feel this good in 6 or 7 years. The risk is not in how much interest I’ll gain or lose. The risk is will I have a stroke, cancer, or just poor health. Health is the real risk. And yes I do plan on living till I am 100😀

@charlieporal1126

Жыл бұрын

@@johnharmon3972 Do you always make important decisions with such a reckless disregard of publicly available information?

My Dad took SS at 62. He had money the first 2 weeks of every month...the last 2 weeks of the month my Dad was broke and waiting for his next check to come. And this was the way it was for my Dad. All the way until he died at 83 years old.

Thank you! I turn 62 in 5 months and have been wondering exactly what to do (just knowing that I can collect gave me added peace of mind). I currently make less than the max earnings so I will more than likely collect and continue working.

@glaucouswingedgull

Жыл бұрын

What you say makes absolutely no sense. Did you actually listen to the video? Are you looking forward to paying back one dollar for every dollar you earn, over $21,000, at the same time reducing your monthly payment from SS by up to 54% from what you could have received had you waited to age 70. You can always retire and put off receiving SS for many years.

My mother hated her job and retired at 62. She later told me that she regretted doing it. She lived another 20 years. Unless I have health problems, I'll wait until I'm 67, which is my FRA. Most people in my family live into their 80s and I have an aunt who lived to be 92. I have a few cousins in their 70s and they're still in pretty good health.

@guytech7310

Жыл бұрын

if you near 62, consider collecting soon. The US gov't is totally insolvent, & borrows over a trillion just to keep the lights on. US gov't is going to turn the printing presses on and you see inflation soar like you do in third world nations. Currently the US Federal Debt is about $31.4T which is at the debt ceiling limit, but the real amount is now close to $32T. The debt will increase by at least $1T annually, and probably accelerate as the US falls into another recession or some other crisis.

According to the SOA, a 65-year-old male today, in average health, has a 55% probability of living to age 85. 1 in 5 will live to 90. It constantly amazes me that that fact is ignored in the determination of when to take social security. Putting it differently 4 out of 5 will die before 90. 2.5 out of 5 will die before 85. You can wait until 70 but the real odds are against you when taking it at 70. Despite being treated as longevity insurance, most of us won't enjoy that additional income post 80 years old. Additionally, you will be paying more in taxes on that additional income. What am i missing.

@July.4.1776

Жыл бұрын

👍 correct ….. Not many quality years left if you make it to 80.

@howardfriedman7077

Жыл бұрын

the risk is outliving your savings, not dying early and leaving money on the table.

@billimbriale8535

Жыл бұрын

Rewatch the video.

Best decision I ever made. I was tired and my body was just about to give up on me. Without it, I wouldn't be retired, I'd be dead. I firmly believe that.

Great info as usual,thank you for your informative videos and your sense of humor. You truly are "one of a kind" NO pun intended.:)

I lost my 6-figure salary job at age 62 1/2, and spent 5 months trying to find employment but was unsuccessful. I will file for SS when I turn 63 in April. Not something I planned on but will collect whatever I am eligible for.

@rockrecordreport7136

Жыл бұрын

Hopefully you bought the right things with your money while the gravy was coming in and you saved some as well while you were high on the hog. So you'll be just fine with the reduced ss check coming in early.

My dad passed away at 64 and never collected anything. I’m healthy, but was laid off last year and can’t find a company who needs a 60 year old man. My reason for taking early social security, though less than half of the benefits I get at 70, my reasons would be not employable. I’ve also considered applying for disability, but I’m healthy and have no major problems, except for an increasing depression that’s been happening for the past few months. 😕

@DrSchor

Жыл бұрын

my reasons would be not employable. That is a reason to retire, not a reason to take ss. You can still get your double benefit by waiting till 70. I'm healthy. how are you going to claim you are disabled? delete your comment before somebody sees it.

So glad I found you. I find it interesting that I’ve yet to see a site that discusses this that also asks about spousal income. My husband is 7.5 years younger, and he will continue working and he makes a lot of money. Thus, knowing that I’d pay a lot of money to the IRS if I took SS now, I am waiting until age 70 when I must take it. That also helps make up for the lower SS amount I would have earned due to a sporadic earnings history due to family obligations.

Another great video. I turn 62 this year. We are grateful that we do not need the money now. Retired to portugal and are living a very comfortable life. Nice to know i have social security if we need it but plan on waiting to 67. The higher payment is important to us as my wife is older than I and has some health concerns and in the future we might need a higher payment. Thanks again for your clear info.

@dantracy621

Жыл бұрын

Why would you wait? Take the money and run! OR...better yet, invest it. Even a modest rate of return takes your break even past 100. What are you going to do when you're that old?

@wingandhog

Жыл бұрын

@@dantracy621 … sorry, but your advice is bad.

I am exactly (-3 days) 4 years older than my wife. I will start SS at 66.5 (full retirement) in Sept ‘23. She will start her “early” SS in April of ‘23 then switch to spousal when I start. That works out best for us since we have budgeted to live off SS with $600K in 401K’s as “extra”income. No mortgage and no heirs….every situation is different. Yes…we ARE blessed.

I am 59 years of age, good health, and a bit of debt. I like working it keeps in young, Every male that has retired in my family except my brother has died at 63 or 64 through high blood pressure or an accident. All of them were smokers and over weight. I am a nonsmoker. I have been overweight all my life. I have found a job where I have lost 4 inches around my waist. I am taking SSI at 69 if everything stays together. Plan to work to day I die. Everyone forgets our bodies and minds will waste away if we do not use them.

Very interesting and educative. Thank you!

I turn 62 in April and will receive my Social Security benefits in June, NO one is guaranteed the next day! So ,there are many people out there that will postpone taking their benefits at 62, and sadly ,will pass away before receiving ANY of their benefits!