thank you for noting that.....money in one's 60s much more valuable than more money in their 80s or 90s

There are a lot more things to consider; however,, right now I'm getting an annual increase of 12-18% by delaying receiving benefits, which is higher than the rate of inflation. My compound increase by waiting will be close to 150% for waiting the extra eight years. I would have financially struggled in my 70s had I taken it at 62.

I started at 62!!

As long as u have insurance figured out good for u

40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.

But is little money. Financially I need to wait till 65

You will make it. You will love it.@@ceciliar2449

Same. 62 and out. Life is way too short.

Some people work because they do not know what else to do with their time? The brain gets institutionalized to work?

@@JS-gt5bh I feel sorry for folks like that, I enjoy goofing off, fishing and hanging out, or just watching silly you tube videos.

Yes, it’s a very personal decision for each person, depending on many unique circumstances:

I so agree with you!

This depends what your making at the time of 62? You can still take your SS at 62 and then go work part time and make another $2000.00 a month on top of your SS without pentalties. This allows you to work much less and on your terms instead of a 40 to 50 hour work week job you don't enjoy. Most people should be close to being debt free by the time they see 62 so they can take SS. If not then you didn't plan good to retire at any age.

My plan exactly 💯

Don’t forget you have to buy your own medical coverage until age 65.

@@DMUSA536 I use Health care.gov. My medical insurance plan cost $37.00 a month for my wife and I with either BCBS or Priority Health. NOT SURE why people don't know this or use this? There is plenty of options for medical coverage when your under 65.

That is why I started at 62. I get my medical through my working employer.

I'm 46 and will get it ASAP. Screw mandatory overtime while driving through a foot of snow.

Very true! Like I say, it is a very personal decision.

Take the money and run at 62!!!! 70 is so dumb

@@luv2bbq yes I will. I just have to find me an island to go and enjoy the rest of my life .

You are 100% correct. ❤

I am thinking seriously about your comments it is the reality you make a lot of sense

And the government knows you won't much past 65

Looking what I have to endure till I turn 62 working.3 years to go gives me hope.my health,sanity and freedom Is important.

Remember you also have a monthly earnings to worry about $1770.

@@Satjr35031 🧐🤔 Thought it was based on a yearly basis. Does not matter if you earn it in 1 day or 365 days. It is Yearly. If your on SSDI, then your limited to a monthly earnings cap. This is my understanding, could be wrong. Thanks for the heads up, I will seek professional advice on the $21,000 earning monthly limits, if there is one.

​​@@bluecollarmarkit is also my understanding that the earnings cap is based on annual income of $21,240 for 2023, and it doesn't matter if it takes someone 6 days, 6 months or 12 months to reach that cap.

Why do you think they have a monthly earnings test Check it out

@Satjr35031 I will. I am not planning on collecting SS until sometime in 2025, so I have time to look into this.

I hope you stay healthy and enjoy your retirement.

Sorry to hear of your health issues… I’m a truck driver too… tough life .

I think you made the right choice. I had a stroke at 62, major disabilities still. As a knowledge worker, i can still think, speak, type with one hand. I kept working until 70. And generate social security income of about 55K per year just under the max amount. In my mind, your circumstances make perfect sense. For me i wanted to make sure i could pay for long term care and provide my wife a higher survivor benefit. We are all running out of runway. Best wishes for your health and happiness. Tim

I hope you filed for disability!!!!

I work on. A high stress job I. Am 58 And have stage 3 kidney disease and I am not waiting. I want mine. At 62 believe it. Or not I would get more on disability right now than social security at age 62.

Very well said for many of us thank you

Nurse here. I’m for sure taking mine at 62. The stressful nature of my job is the reason.

@@marshadavis260apply for disability as soon as you can…

@@marshadavis260 Yep. I had stage 3 colon cancer, and I am currently in remission. I would get more from disability right now than social security at age 62. But I can't get disability because I can still work at my job. I might not even make it to 62, because 6 years is a long time to struggle.

OK, let's do that. Let's say "you" are the takes at 62 example and "I" am the takes at 70. FYI...I did these computations for myself...not to debate the point. I'm trying to decide too and you posed valid questions. It's a complicated thing to compute apples to apples. I made mistakes a couple times and had to redo the numbers. Not 100% they're right. This exercise has given me a new perspective. Making me rethink waiting until 70, but I personally have other factors to consider, so will likely continue to wait. At 70 you banked all SS at 5% and now have a $187k reserve, mine is $0. At 70 you're getting $1837/mo and I'm getting $3235. We're trying to compare apples to apples right? So you have an $1837 lifestyle, so I should too. That leaves me with $1398/mo extra which I can bank and I can earn 5% on while you can't because now we're both spending $1837/mo. At 75 your reserve is $239k and mine is $97k. At 85 your reserve is $389k and mine is $380k. At 95 your reserve is $633k and mine is $840k. Once again the breakeven looks to be near 85. Seems every way I look at SS numbers the breakeven is always about 85. My life expectancy using current health data is 91 with a 25% chance of reaching 96. I like numbers and science so I'm planning for 95. Can a person actually get a 5% return? Don't know. I do know there's risk there. One thing I like about waiting until 70 is growing at about 8%. Plus COLA is a pretty sweet perk too. It's a compounding COLA. We both get the same percentage increase but my dollar amount increases more because of COLA on all previous COLAs. Not a lot, but nice. HOWEVER...the biggest factor by far is human nature. Can a person actually take at 62 and not spend a penny until 70? Such a person imo would, assuming no big Lottery win, likely be good with numbers, believe in science, be a disciplined spender and have their act together in general. Such a person could see the benefit of good health, realistic life expectancy and the benefits of waiting until 70 to take SS.

It’s not easy to wait to 70 let’s be honest. Especially in this inflation if you wait to full retirement age and work a decent paying part time job it can work.

This is a fallacy. This scenario has been analyzed ad nauseam over the years and the outcome of that analysis is always the same. Delaying SS is definitely the better choice, as long as you are able to support yourself or continue to work in the meantime and your life expectancy is beyond 80 (to be conservative). Investment returns are never garunteed and will fluctuate wildly over any 8 year period, but the SS increases are garunteed, as are the COLA increases on top of that. This is not complicated.

Dennis in theory you make a good argument. In reality, 40 years plus as a CPA, I've never seen a client, or known of anyone's client who is able to do this. Not saying it's impossible, but for most not realistic.

@@JohnJohn-wr1jo Actually, I know several people that have been able to collect at 62 and bank their entire SS benefit. Typically, they have a spouse that is still working, a pension (or other retirement money), and/or a side hustle that covers their living expenses. One such person was very glad they collected at 62 because, at 67, they needed to use some of that banked money to help pay for expensive cancer treatments. Had they waited till 70 to collect, they would not have had any rainy day money reserved.

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

This is correct and the reason i took it at 62. You may not be here tomorrow.

@Gabrielyoung- However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

@Gabrielyoung- Judith Ann peace is her name

Lookup with her name on the webpage.

@Gabrielyoung- You are welcome

Please be very careful investing with someone you don't know. Try Vanguard or Fidelity or Trowe Price, these are well known investment companies.

I’m in the same spot as you my wife 6 years younger,67 is beneficial for me cause she can catch me up till she turns 62 , she can collect out my ssi, ,,I thinking 1/2 way of FRA , 64 , but I quoted from my employer $1100 a month medical now , & it will increase 3 years from now , I’m 60 now 7 more years long time

@@jpaul4788educate yourself on spousal vs survivor benefits. They are completely different and have different rules. Spousal benefits are reduced for early claiming, they will not get 1/2 your PIA if they are too young.. For survivor benefits it depends. Unfortunately quite complex

Does it taste better than the old cola?

Read my post re married couples

Yes......and if 1 dies their SS goes with them. Collect 1 at 62 and wait for the higher earner to collect their SS. At least you can get some of the SS b4 one or the other dies and the still living will get the higher SS.

SS will reduce your benefit by at least half due to your union pension....so I would wait to take SS. Social Security is the most socialist program we have. My friend earned and contributed five times more than I did, but his Social Security benefit will only be twice mine.

That depends on your situation. If you are planning on living primarily off of Social Security and have few other retirement assets, then yes, you absolutely need to delay. However if you have plenty of money saved, taking Social Security early allows you to withdraw less from your portfolio, giving you several extra years of compound growth.

​@@SR-ob3wnExactly, it's shocking this is not mentioned more often.

@@pregan66 Furthermore, if the difference of $500 a month is going to make you or break you, you really should not be retiring yet.

no go year?

Thank You for a nice detailed and organized summarization of this video 👍. I know Lane has covered the taxation limitations and implications on his previous videos, but the main point and takeaway for me is the “break even point”. 😊

thank you for the summary! He mentioned he put the link of the video below that covered taxation and earning limit, but I did not see it. I guess I can search for and find it . 😊

You sound good to go. Now sell everything and buy a motorhome and travel the country in style and live your best life

Wait what?

It still comes down to if you have poor health, financial need or if you are wealthy you take it right away.

@@anthonybatulis6516 in other words, no one knows. Lane certainly doesn’t.

Your PIA is listed on your mySSA account at your full retirement age.

@@Joe26003 yes, I get that. However, no one can ever definitively give you a “ best” time to take your benefits. However, if you’re still working, it’s best to wait since you don’t need the income. What he should have been clear about is for every year you wait past you full retirement age, you get an 8% increase in benefits until age 70,in which case there’s no reason not to start taking benefits.

Absolutely! I address that in this this video kzfaq.info/get/bejne/aq2grdpm3Mmqn2g.htmlsi=Ro0JFVwzaGomGd6r

Absolutely!

Absolutely! I need to wait for my wife (3 years younger) to obtain Medicare. We are debt free with a pension but her Krones disease would wipe us out financially if not for my company health insurance.

The only thing that stopped me from retiring at age 62 was my SS benefit amount was too low to do anything with.

exactly, and more people die in their 90s than in their 60s.

You don’t need to worry about it. You have no control over it, and it doesn’t change what you can receive in any way.

@@ReformedTryHard as she is a partner in a reputable accounting firm, and would normally have no reason to go out of her way to help me, I will surely take her word over some rando on youtube.

Snowbird in Florida, Summers in Michigan.

Schwab has a money market fund, symbol SWVXX, that pays about 5% interest currently. We park most of our cash in it. Just like other mutual funds, buy and sell orders are executed once per day, at the end of the trading day. So if you need some of the money it takes only a few days to sell some and get access to the funds…

You don't have to wait til age 70 to retire, you can retire at anytime between 62 n 70, yet wait til 70 to start collecting S.S., IF you have other retirement savings to rely/live on til age 70.

Remember, at 65 Medicare takes your payment out of your monthly SS check. Forever.

You will live to 86 to 92, 50% chance.

@@bhinbayoucity5691q

@@bhinbayoucity5691😊

Taking SS earlier doesn’t make you undisciplined.

That makes no sense. It is the same amount of money and more money claiming early until 80 years old. You can enjoy 7 young years or have extra money in the old years. Very few men make it past 83.

Suppose I can get out of bed just fine at 62 and- while maintaining a healthy and active lifestyle- can still get out of bed just fine until 70? I won't regret it if at 75, or 80, or 85, I can barely get out of bed but knowing I exited the rat race and enjoyed life for the 8 years that I was able to do so.

You don’t wait till 79! At 79 you start pulling ahead. Certainly for a female that is highly likely since one half of women at 62 live past 84

I’m just explaining how SS works. For many people claiming at 62 is the best option for them, but not for everyone.