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#8 on reasons to retire early has ME written all over it. I just turned 60. I've worked construction my whole life. My body is starting to tell me that I cannot continue this.

The biggest issue with health/longevity, does not take into effect how much your body starts to break down, you are not able to drive as far. Your walking starts to go down. Travel gets even harder. If you can take it at 62, you have much more time to do things that take physical efforts

I took SS at 62 last year. I invest 50% of that and do a side hustle. That works for me.

Worked in hospitals for 41 years. Most people aren't going to make it to 79.

Im 55 yo. Soaking this all in. Plan to take ss at 62. They live long in my family. Aunts 102, 95... However, i want quality life over quantity monies.

Please do some retirement videos for single people.

It's simple It's your right to get SS and lifes not guaranteed. Take the money because tomorrow isn't guaranteed.

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.

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.

No man in my family has ever lived past the age of 70. We all die of heart disease. No matter what kind of shape or health we are in, it comes on like a freight train. I was in perfect health with absolutely no issues and had a heart attack at 58. I will be retiring at 62. I will not see 70 sometimes. You just have to accept the inevitability of what life gives you and make the best of it

Better take it at 62 and before the system goes bankrupt.. It's a no brainer.. I took it at 62 and I'm happy I did.

At 62 , not even one more day of work..... moving to cambodia 🕺

The 8 reasons for and for not filling for SSA benefits were very well developed and articulated. I personally meet more conditions for filing at 62, but progressing toward delaying until 65 that also coincides with filing for Medicare benefits. I look forward to accessing your website for resourcing a personalized plan for affirmation. Thank you!

Thank you. The part of SS which is so unfair is the continuance of taxes on pensions and SS payments🤨😵‍💫😡

Yes. 62 is the best time to take SS.

Majority of Americans focus more on the money but they did not know death is inevitable. I have three friends who worked so hard for their lives, they died of cancer and cardiac arrest before they retire. They had savings i believe but who will used their earned hard money, they did not have their own family. Moral lesson retire as early as possible move to affordable and safe town or out of the country Live simple and practical. Im retiree at age 62 with less than 2k pension and moved to my home country. I have few savings not even a hundred thousand in the bank but look at me i live comfortably and have savings from my pension. It is how you live and take care of your finances and health. It is not how much money in the bank or your pension. We have expiration date, we will die sooner or later if we focus on money itself we will miss life.

Thank you Sir for all of your insight. I just turned 60 and this is very good information that is pertaining to me.

Really informative video! Your breakdown of why filing for Social Security at 62 can be beneficial is clear and very helpful. Thanks for sharing these insights. -Macy (Team Evan)

We're not financial advisors, but it you're not working taking it early can be a great idea! Appreciate the insight

My mother passed away at age 90, my grandmother at 86…I’m 65 . I decided to start receiving soon. If I start now I maybe able to collect for 25 years… if I wait 5 years… then I can collect maybe 20 years. I may get less per month, but collect sooner,& longer. Can invest it,& gain interest. If I wait… I may run out of time,& get nothing.

I work for the "Agency", so I just wanted to tell you it was presented very well, the pros and cons, easy to follow, understandable with good examples and good use of graphical illustrations. A+++

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😊🥰

I am so grateful for my comprehensive study. It is a wonderful tool when I start getting off.Track to remind me to look at my plan

Your dad reminds me of my grandpa, the person in my family I resemble the most, physically. He died just before his 92nd birthday while up on a ladder putting up the Christmas lights. My grandma (his wife) died a few days before her 105th birthday. I’m 62 and just did a 7000-mile solo roadtrip through Mexico in my old Chevy truck. I still feel great physically, hoping I have several more good years left in me. (I still need to take that motorcycle trip on the Karakoram Highway before I croak.)

This is the best review of the topic I've watched on youtube. Thank you, one of your points confirmed I've made the right decision for me (despite getting advice to do the opposite when those giving the advice didn't fully know my full situation).

Very informative, a lot to consider, Thanks for that.

Really helpful video - as always. Thank you so much. As a very happy client of Lane financial, I cannot recommend your services highly enough. We started with your fabulous SS analysis - best few bucks I ever spent - and then switched our financials over to you guys. Couldn’t be happier.

I will assist my health starting at age 62. Currently I'm 60 and planning to start withdrawing my SS at age 67. I'm currently very healthy. Each year after 62, I see how my health is doing. If it shows any negative results. I'll start drawing than. If not I'll wait until 67. That's my plan.

Thank you so much becaused you are a blessing

It’s really impossible to figure up these break even points because you can never predict the COLAs stretching out into the future. Social Security wanted to give me $1350 at age 62 with a PIA of $1896. I declined and have plenty of retirement savings. Now I am a month away from 65 and my PIA has grown to over $2200. No telling what it will be at age 70, but because my wife is 11 years younger than I am it will help ensure that she has adequate funds after I’m gone.

Very enlightening 👏🏽👏🏽

Cancer came knocking on my door at age 62 and I retired when I became 63. I immediately started to collect my SS and my small pension and have not looked back. Almost two years in retirement and have yet to dip into my savings and investments. In a few years my wife will start to take her SS. By the time I get to 73, my RMD's will kick in and I will be doing fine to the end. If I delay my SS until 70 and live off the money from my IRA I will have less for my later years. Yes it is nice to have a bigger SS check but we have way too much political BS going on to how the social security system will get handled later on. Besides my IRA, I also have other savings and investments accounts working for us too in case we need it for our later years.

Excellent information, especially about the earnings limits. Thank you! 😊

I have personal loans totally $7,000. I'm 62 and by the time I get to 67 I'll have all of my loans paid off and then I will apply for my SSN

thanks for the informations

THANKU!!! and Thanks for sharing your Family with us!!! Im 59/5 and will take your advice!!!

Excellent….Thank you

Wait to get more money....might be dead by then. Know many people and family that died of cancer and never enjoyed their retirement. I will be taking mine at 63 end of this year....

My dad is 83, and he barely even knows where he is. His mother lived to 83 also. My mom died of cancer at only 54, but her mom lived to 94! So I have NO way of even guessing how long I might live.

We are waiting until 70 (next year) to collect SS as we didn't need the money yet and have very good health. Another reason to wait in addition to the reasons you mentioned is if SS is going to take a 25% cut in 2034 due to financial restraints it would be better to be in the higher paying group, then. I put in 52 years so will max out on my SS check.

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.

Importante info!!!!❤

Besides 401K & IRA, I'm putting away $$ into a high interest bearing account (5.2%). Will quit my FT job and live off of that at 62 and defer until it is depleted (work PRN a few days a month if needed to cover health insurance). Waiting will mean an extra $1000/mo. This assumes I don't get hit by a bus and end up at Forest Lawn.

I am 60 years old , My plan was to start drawing at 67 and still continue to work till at least 70 to eliminate any debts I may have and invest then fully retire, I have been led to believe from the SSI website I can start that draw at 67 with no penalty. Health wise Im great, I dont forsee needing it early,

I was planning on taking at 62 for a while and now I've decided at 67. It's about $800 more a month if I wait until 67. I can live off my IRA until 67, then cut back on the withdraw once SS kicks in. I hope/plan on living past age 80. Good luck to all.

These videos are so deeply appreciated. You really have no idea - but then again, you probably do… but you know what I mean.

No one I have seen has EVER commented on how to you pay for major HOSPITALIZATION if you retire at 62 but you are not eligible for Medicare until you are age 65?

8 good reasons..1 dk when ur going to die...2) dk when ur going to die 3) u dont know when ur going to die..you get my point...take it while u can

13:03 thanks for mentioning that. Health Insurance cost is something hard to figure in my model for retirement income. Then the income from our portfolio cash flow might be an issue for drawing SS early. Subscribed

It's not just How much Total but WHEN you Need it? At most active time of Retirement?

Solid video!

Good information and nice three generations of photo.

In your first example, since the elimination of spousal file and suspend, the optimal time to collect social security now is 67, not 70.

This was excellent information. I hope to live as long, and be as fruitful as your father, he sounded like a great man

I'll be 65 in a few months, and currently not retired. Both my parents lived into their mid 80s but cancer and heart disease run in the family. So far I am very lucky with no health issues, except for a stent implanted in me to prevent a heart attack, which I didn't suffer to any as of yet. I think I will roll the dice and wait until I am at least 68 years of age before I retire, because at that age I can earn unlimited income while I collect my SS benefits. There is no one size fits all solution to at what age to retire, and each person is unique to their necessities.

If you are married there are very few circumstances that taking it at 62 is advantages. However if you are a single male, then there are many reasons that 62 is a good idea if you are in poor health, but also if you are in good health and want to quit working to do other things while you are still younger. I always thought that 65 is the optimal age as that is when Medicaid kicks in and also as you pointed out a 65 year old male only has a life expectancy of 85, so the break even numbers don't matter, think of it as a 20 year annuity. Your 8 reason are pretty solid, but most financial experts only say you should work until 70 because that is always the best in the Monte Carlo simulation ignoring your individual needs.

I wrote a check for $4,662 to Social Security last year and will again this year. I took Social Security at 62 and continue to work..because I can’t live on Social Security alone. Once I pass $21,000 in income I owe my Uncle Sam $1 for every $2 I earn at my job. Frustrating especially because THEY STILL HOLD OUT SS FROM EACH PAYCHECK! Why couldn’t they take the $4,662 out of that money? I’ll have to work til the hearse picks me up at my job…

What is the break even point for 65 and 67 compared to retirement at 70? Thanks!

I’m 63 and currently receiving a state retirement for life. I also work full time. However, I have not paid social security since 1998 and 10 months in 2006. The amount I would receive was around $700 at age 62 or $1200 at age 70. I could not live off that amount. I do have a retirement saving and I am set to retire again in about 5 years which would give me 3 sources of income without the social security benefits.

I am planning on waiting until FRA but reasons 4-7 are compelling. I need to work out the math again.

Could inflation be a factor? Would high inflation shift SSN age either way?

I've been planning on taking ss at 62 because my health isn't great, and my dad died early 70's before he actually had a chance to retire. Lately though, I've been thinking about taking it later as a way of motivating myself to eat better, drink less, and exercise more. It's like I'm betting on myself vs just accepting that I'll probably die younger than average. Does anyone else think this is logical, or am being delusional?

I'm a nurse. I just had my highest earning year at 58 years old. I plan to work as long as I physically can. I'm still healthy and strong. I'm a widow I had some 0 earning years when my children were born and when my husband was dying. I'm very close to being debt free.

The utility value of money DECLINES with age. Take it as soon as you can. Otherwise, do you want to be the richest man in the cemetery?

Most people I know passed away between 60-70 and most who lived longer their mind was shot or body was shot. A few have had it all together through 80 but not many. Even the obituaries seems like most are between 60&70. Very sad to not enjoy some type of retirement.

New subscriber 😊Can you give some examples on how to boost your monthly social security benefit? This is of course pertaining to pre-retirement 😊

Two reasons to take it early, one, it's a sure thing versus the unknown of waiting. Two, you can invest it even if you don't need it right away.

I will definitely wait until I am 70. Both of my parents are in their 90's. I am in excellent shape and health at 59. I don't need the money before 70. To me SS is simply considered "longevity insurance". With some luck I'll reach 100 and I want the max payout for the rest of my life with less chance of running out of money.

8:25 yes

Lane, was nice to see your parents. You were well raised. Can tell. So important to have good parents. They must have been very proud of you.

What about if they took the money at 62 and invested the net proceeds in the S&P index

It's hard to find examples of what taking it early means for reducing sequence of returns risk and allowing your assets to continue growing. I would like to see what examples of what the break even age is then.

Great info

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.

This assumes no reduction in benefit due to the strain on the system and a person's overall health. I would opt for 62. Great video.

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.

Need to introduce inflation projections .Most compelling argument today to defer untill 70

What about Railroad Retirement?

My husband will be 62 soon. He has health problems and still have around $40,000 for his personal debts. If possible he still wants to work but because of his health so he wants to retire at 62. Just in case If he file bankruptcy, Can he collect the Social security money?

I am 51 y.o., my wife is 51 y.o. We have 600k invested. What is the point to wait till 70? I am going to retire the first available day and claim SS. It gives me a chance to take money NOT from portfolio, but from the government... And let my portfolio grow.

I know it’s important to be prepared for the future, but isn’t the life expectancy in the US going down (gradually)? With rampant diabetes and heart disease, how are we going to have all of these 100 year-olds?

I didn't file @62 because I still have a full time job that exceeds the limit on collecting.

im 54 had a heart atack got layed off dc wrote up unable work do i have a chance at it

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

What would happen if SSA cuts benefits in 7 years from now?

Inflation throws it all out the window. 62 it is.

After spending 35 years in healthcare, I can tell you that most people do underestimate how long they’ll live. Retirees take care of themselves. They diet, exercise, take their medication, along regular checkups with their physician. Most will achieve their target date or beyond for life expectancy. That’s 83 for a male and 86 for a female. Therefore unless you have a preexisting health condition, it’s almost always better to wait until your FRA if not 70 to take SS.

Social security should never be taxed

I will be 65 in Nov 2024. I am a widow (since 10-2014). My SS amt is higher than my deceased Husb. I do not have retirement funds. I work full time & have minimal savings. I am in Great health. I’d love to collect SS but I don’t think I can until I turn 70 (full SS amt) ?

Retiring at the End of August, 2024 at Age 62. I'll take my 72% CalPers Pension & defer Social Security until Age 65. My take home will be within $100 of what I get now. I'll use my Roth & 403b [If needed] to get me to that point. The Three year deferral is worth just under $400 monthly in increased Benefits. After Taxes, Medicare & Medigap Premiums, I'll get more than $1000 in additional Monthly income.

Over the last 10 years COLA has averaged 2.6%. Over the last 20 years COLA has also averaged 2.6%. Is there a reason you are using a COLA of 5%? If we use the average historical amount versus using 5%, the difference in numbers/results will be drastically different projecting 10+ years in the future. Can you please elaborate? I did find the video very helpful but this difference has me puzzled. Thank you.

Is a wife able while working to claim spousal benefits on her husband’s SSDI? Thank you for any advice.

I haven’t decided when to take my benefits. But here’s my interesting situation. I’m 61. My wages in 2023 were around $125k. I have the ability to work more hours to increase my pay or the option to work part time. I have sufficient passive income to maintain our modest lifestyle even if I work part time. I set up my SS gov account and found my PIA to be around $3k at 67. I ran the SS scenario with increasing my wages to $150k. It change my PIA +$6 per month. I ran the scenario setting my future wages to $0 and it had no impact on my PIA. So I’m wondering why I should pay (me and my employer) an additional nearly $100k in SS taxes over the next 6 years with $0 benefit. I think I should just work part time.

mainly because ss might be gone by then, or benefits severely reduced to pay illegals universal income.

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

I was trying to see what the break even point will be if I collect at 67. I only saw 79 if you collect at 62. Why not give the other stats? Curious.

Also depends on if if they invest right ? At 62 ...

My concerns are 1) I have no faith that social security is going to be around in it's present form in just a few years, 2) shouldn't replacing some of my 401(k) disbursement with social security payments allow me to keep that money in the market and generate higher returns than just waiting a few years to collect a higher SS payment?

I’m 60 years old and on disability. Will it turn into social security when I turn 62? Will it decrease or stay the same?