Educational videos on retirement planning topics for those over 50 to help you achieve a successful retirement.
Retirement planning in the 21st century comes with new challenges as well as new revolutionary opportunities in our rapidly changing world. The right combination of strategies and good planning can be the difference between a comfortable retirement and financially difficult retirement.
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SIMPLY SAID, "A BIRD IN THE HAND" but you can do the math and find it doesn't make sense to wait... #1: YOU MAY DIE EARLY #2: NO MONEY IN THE SYSTEM #3: CHANGES IN RULES
If I retire at 63, my SS would be 750.00 only, I have to work until 70 to get 1400.00 and I am planning to retire at 67 to get 1200 and go to live to my country home. Here, I couldn’t afford the rent and utilities.
video starts at 1:28
I lucked out. Grew up poor and didn't take many retirement options, but got very lucky. Would have been paying taxes on only about $5k a year, the rest was tax free. I moved into a small apartment because it was too much work to keep such a large house clean. And put my house out as a rental. Had to fix a few things before I could rent it out. What I had not been aware of is that once my house became a rental, I was able to deduct most repairs, all property taxes, all insurance payments paid on that house from my taxes. I was paying almost everything I earned on rents to fix it up. Took all my paperwork to a tax accountant, and ended up having NO taxes at all. Also receive a deduction on my taxes for old age and another deduction for being disabled. My living expenses decreased so much while living in that small apartment that, in a couple of years, I was able to purchase a second house to rent out. I hired a realtor to handle both houses, am fixing up the second house, and have no taxes to pay for this year either. Whatever I'm doing, my tax accountant says it's all legal. So my property values are rising, houses look great, the realty is doing most of the work, and I'm just relaxing.
I am in my early 50 and single. Is it a good idea to buy my first home?
Question. I never see this issue addressed in these ssi videos. My wife is older than myself. She took ss already. Can I drawl spousal benefits off her and let my own ss grow to age 67 or even 70? Terry
You are referring to the “file and suspend”strategy. It was a viable option for many years, but it has been phased out.
I’ll take it as early as 63.5 on my end. I will be more than ok by that time. Need to enjoy while still young😊🥰
Let’s continue working until 70 😉 😂
Hi can I get your number please I want to ask something
I’m working part time… prefer that over full retirement anyways
It's not complicated, if spend all your money on debt payments, you will have no money, simple.
My wife is older than me and already drawing ss. I will be 62 this summer. Can I draw on her ss and wait to draw mine at 67 or even 70? Will mine still grow if this is possible? I have watched many of these videos and no-one ever addresses this issue. Terry
The "file and suspend" strategy/option was a viable option of the past but it has been phased out based on date of birth. You can call the SSA.gov and confirm.
Waiting does nothing but increase the money your personal care home will make.
If you invest some of that "early" money that should make up a large difference to what will be latter year income's from a 401K... right?
I had to take my SSI in my 30s because I injured myself and weren't able to work let alone stand up with out falling down and scrambled my brain but I'm working on my balance and my brain is working better now I used to have a tough time managing memories but I'm better and I work in landscaping sometimes to try to get free exercise without having to pay for a gym membership but my balance is still wonky and I occasionally fall down on job sites but luckily I learned how to fall when I was younger from skateboarding
How do you explain the surplus in the social security account. If Republicans have their way . Social security will be bankrupt at the end of Trump's second term if he were to win. Republicans want to make social security have to be funded by a vote from congress. Congress can't pass anything. You wouldn't get your money. You worked for.
My wife is 56 & I’m 57. Retiring at 62. We’re both taking SS at the earliest opportunity. We want to be young and healthy enough to enjoy life. The extra money will help fund our travel plans and time with our grandson.
I took mine at 62. Could use a tad more money but I’m allowed to. I also get a little pension. I was forced to take that early after losing a job and having bills to pay. Anyway, it’s worked out because there’s no way I could’ve worked and cared for sick husband. I may go back to work a little at 65.
Simple answer 62!
If you're calling in to be talked at by Ramsey, you continue to make poor life choices.
Nice one and thank you
Take the money at 62, invest the money on a new home loan or wall street, will for sure outperform the late start at 70, even if one lives beyond 80 years old....
You and almost every else seem to miss a basic reason why delaying beyond 62 makes no financial sense and there may be many out there not aware of this benefit. When I turned 56, my wife delivered our last child. That allowed me to collect 50% more social security starting when I turned 62 until my son finishes high school at 19 years of age. Although perhaps not normal, when I turned 75, my children were 23, 21. and 18. Even though I lose the 50% premium when he graduates from high school, the extra 50% increase collecting SS has sure been a nice booze for the family. Then at 75 years, I still have no intention of retiring since I have been lucky to still provide professional services and will keep doing so until I pass. Perhaps sometime you financial wizards might look at some of the little strange and benefits of social security and tell other. In my case not being aware of this benefit caused me to delay for a year and a half which was an expensive thing to miss in the details.
You don't know how long you're gonna live?Take it at 62 it's your money.
Working till 70 is fine if you sit behind a desk. I was a commercial carpenter for over 30 years. I had to take it at 62. My body wouldn’t go any farther.
I discuss your situation in this other video kzread.info/dash/bejne/pa2ho5h7lpbHk5M.htmlsi=C-qQpP0h_hqhwTlk
Thank you. The part of SS which is so unfair is the continuance of taxes on pensions and SS payments🤨😵💫😡
Thank you very much for your advice,
around 9:50 mark you said LIVING WILL two times when the rest of the video and title is LIVING TRUST. Are they the same or you misspoke? Thanks
They are two different things and both important tools of estate planning.
Something missing here. I was born in 1957. My SS allows me to draw at 62, 66.5, or 70 yrs. My 62 payment was $1700. That is way too low, I could hardly afford much. But at 66.5, I’m getting $2772 plus some of my retirement savings . I can afford much more. I agree waiting till 70 is risky, health wise. Also i benefited fairly well with COLA raises, the only good thing out of Biden. My wait was 4.5 yrs from 62 to 66.5. It was well with it.
We were ALWAYS trying to make ends meet - nothing has changed in the last 100+ years (and probably longer) I see my family in the same situation - even to the grandchildren - at least I'm making some changes in the lives. At the end of the day, unfortunately it falls on the governments - whatever they may be. There is always some system in play that keeps people in a repressive state for all sorts of reasons. You have to be really smart, lucky, shrewd, and in some cases crooked to get ahead. We were taught in schools what we would/could become, unfortunately most believed that.
Because it’s going to take a long time for the government to approve your application. I’m into month 4 now and they can’t get it approved.
If you haven't got your retirement fund in order by age 60, you're f_cked.
62 and i am out of working for good
62 isn't best for many. It's security also if other benefits fail as they can. SS at 70 gives one maybe 50% more monthly income and if it becomes all you have, you'll be much happier.
Maybe 5 good reasons and maybe 5 good reasons for many many not, but wait 'til 70. Too many clear reasons for not taking at 62.
Retiring at 62 is a quick path to eating cat food.
What if I’m married to a younger woman who works and has both a good income and healthcare. My mother died at 45 and father at 73. I’d use the extra money to enjoy the time I have left while I’m still active and mobile? Good to take it now?
Maybe maybe not there are too many unknown variables for me to say.
And what happens to these earnings limits penalties if you switch accounts at 70? Do they follow on the switch or stay only with the original account? (like spouse's)
It gets all adjusted when you reach full retirement age. So beyond full retirement age, your benefits that were withheld will be recalculated into your benefit.
@FinancialFastLane Thnx, but I probably didn't ask that right. In my case, I was pondering filing for survivorship benefits early while continuing to work at least the first few years. I earn too much, so I will blow out the SS penalties. I understand that I get them back at my FRA 67, but at age 70, when I switch to my own account, will these boosts follow?
@@edhettwer7920 I don’t have a clear picture of your situation. We would need a statement or benefit amount from your deceased spouse and a statement for your own benefits and then we can evaluate and answer your questions. I would recommend that you go to www.socialsecuritylane.com/ and order the $29 custom analysis report.
What if we married out of USA? It’s valid for the Social Security? In order to follow the spouse benefits Thanks
It depends on which specific country you got married. Some countries will not qualify. Also, it depends on if you are both US citizen's or not. A non-US citizen must have lived in the USA for at least 5 years.
@@FinancialFastLane both Mexico Americans citizens Married at Mexico more than 20 years ago And living at USA 15 years ago It works this way ? Thanks 🙏
@@elrivera13 It sounds like it may work but you should call the SSA.gov and ask them to confirm eligibility.
I have a question I can't seem to find the answer. I plan on retiring at age 63. I have a son who will be 13 years old at that time. I understand he will be eligible to receive a check until he turns 18 or until he finishes high school. What I am wonder is if my wife, who will not be at her retirement age, will she also be entitled to receive a check as a child caregiver of our son and what happens to her check after he turns 18?
When you are diagnosed with colorectal cancer at 55...me. diabetic...me. major foot problems lol...me. worked in factories since 18 y/o (33 years now with same company, no pension because it was sold). 401 k only savings but over 850k which im proud to have saved. Nine grandchildren to visit. Wife retired at 58. In 7 years im taking mine at 62...wife not sure when. Sure, money, has a huge part in when but so does health and family.
I wonder if taking it at 62 and placing it in savings until 67 is a good idea. Have a little nest egg for emergencies when you really retire.
This could happen to me… but I am just beginning to collect,& could say I want to restart,& change my starting date… if I change my mind in the first year,& pay back what I’ve collected. Then keep what I earned… am I right ?
Yes, they will give you one do-over within the first 12 months as long as you pay back all the benefits that you had received, and then it is as if it never happened.
Longevity is not guaranteed. Taking mine ASAP 😊
How much does the survivor get. Full benefit or 1/2.
Full benefit
On paper this looks easy. I'm 9 years from reaching age 62 and I don't know how I'll feel at that time. Sure, you can retire early so that you're physically active enough to do fun things, however, you're dead broke and the stress of that alone will send anyone to an early grave.
I only needed one good reason to collect SSI at 62 ( Although I retired at 52). NO ONE IS PROMISED TOMORROW!!
I lived in my car for a year and saved almost the maximum amount allowed in a 401k in 2020. That really helped me boost my retirement savings four years ago.
Take SS and just work for cash only. Trade and barter, it’s better than spending your money in Ukraine right.
Brilliant. Thanks so much 🙏