The Truth About When Should You Take Social Security to Get The Most Out of Your Benefits

Рет қаралды 198,341

Күн бұрын

If you want to know when you should take Social Security watch this video!
Be sure to go to Zacc's free Financial Education Platform here:
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Erik@TheRetirementNerds.com
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The Retirement Nerds is the no-cost educational platform and serves to offer information around Medicare, Social Security, Financial Planning, and Estate Planning.
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Erik@TheRetirementNerds.com
⏰ TIME CODES ⏰
0:00 Rules of Thumb Problem
0:14 Zacc Introduction
0:40 Beware Absolutes
3:40 What's on the Menu?
7:00 Important Terms & Acronyms
11:57 Spousal Benefits Rules
23:40 Divorced Spousal Benefit Rules
28:48 Deceased Spouse - Survivor Benefits
37:49 Survivor Benefits and Remarriage
41:50 Survivor Benefits & Ex Spouses
43:19 The Menu Recap
44:28 3 Separate Strategies Based on Time
45:53 Breakeven Analysis on Steroids
56:37 What if Social Security Disappears?
1:03:17 When Should YOU Take Social Security?
1:08:07 Still Working with SS Benefits
1:11:28 Taxing Social Security Income
1:20:22 Role of an Advisor
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#socialsecurity #90daysfromretirement #socialsecuritybenefits #socialsecurityretirement #retirement #retirementplanning #retirementinvesting #retirementadvice #retirementincome #finance #financialfreedom
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Пікірлер: 519

@almoemason 6 ай бұрын

I retired and took my social security two years ago at age 62. Was it a good decision from a financial standpoint, no not even close. Am I in poor health ... no. I was just sick of working. I quit work and spent my entire Roth buying a boat, and that was not a good financial decision either. But they were the BEST two decisions I have made in my life. It's not always about the money. You are going to die, sooner or later. Have as much fun as you can, as long as you can.

@Theretirementnerds 6 ай бұрын

Thank you for sharing your perspective on this!

@rubicon3416 6 ай бұрын

So are you living on SS only?

@almoemason 5 ай бұрын

@@rubicon3416 No, I have a Navy pension and a state of Floriduh pension along with social security. I no longer have my Roth, I spent it.

@calebmelton5989 5 ай бұрын

How much was your boat?

@almoemason 5 ай бұрын

@@calebmelton5989 $112k +$23K in Refurb and repair.

@cynthiabrier2828 26 күн бұрын

My dad worked until he was 70 and took SS at 65. He also had a pension, which he paid into all of his working life. He only received 2 years of his pension. Tragic.

@chris-cx2rv 3 ай бұрын

My dad started at 62 and was healthy. Dropped dead of heart attack at 65. You never know.

@Theretirementnerds 3 ай бұрын

So sorry to hear that!

@rubicon3416 6 ай бұрын

Leave it to government to make this so unbelievably complicated.

@karenwimberly9296 5 ай бұрын

INDEED!!! I'd love to see any one of our politicians live for 1 months on what we live on. Lol. Bet they couldn't do it!

@debrathornquist2465 2 ай бұрын

Everything at the govt is complicated.

@susieq9186 4 ай бұрын

They scared my Dad into taking social security at 62 = $600.00 monthly. He lived to age 89 and was sorry he took social security early.

@Theretirementnerds 4 ай бұрын

Sorry to hear that. It is an important decision that can have lasting consequences. That's why we avoid the "always take it at __" talk because everyone is different. Thank you for watching!

@ellencox8415 3 ай бұрын

Yep. My grandmother AND mother both lived past 100. I don't know, but have heard being a centenarian is highly generic. Soooooo, I'm not retiring early because I'm basing retirement on 35 years starting at 70.

@DrSchor 3 ай бұрын

who were "they"

@kennyplay5982 2 ай бұрын

Who is "they" that scared him?

@susieq9186 2 ай бұрын

@@kennyplay5982 The person that did my Dad taxes along with people talking and articles/government saying social security was going to run out of money.

@Lulu-kt6gr 7 ай бұрын

Taking SS early doesn’t have to mean full retirement early. Perhaps one would like to cut down to part time and use the SS benefit as a means to support this transition. This video raises a lot of good questions. Each situation is unique.

@GIUL7301 7 ай бұрын

I waited till full. I'm still working as a residential contractor part-time, about 700 hours annually. I love it, I'll stop when I don't enjoy it anymore. I'm very healthy both parents are still breathing at 87 years old. Working until full allowed me to pay off my mortgage and become totally dept free.

@Theretirementnerds 7 ай бұрын

Sounds like you're in a great spot I. Life! Thank you for sharing!

@kellyname5733 5 ай бұрын

Debt free?? Nobody in the US is "totally debt free". There are those pesky income tax's and In your case property tax's too.

@tonyl6385 4 ай бұрын

Wow God bless you. You're a power of example.

@reneb6702 4 ай бұрын

You've got to love what you're doing, which it seems you do, otherwise it's wearing the golden handcuffs while you're working. Love and light to you and yours. ❤

@aronsingletary 4 ай бұрын

@@kellyname5733that's not debt, it is a recurring expense

@eduardooramaeddie4006 7 ай бұрын

I retired at 66and 4 months my age, social security had sent me the letter to confirm thank you

@timmytempleton2488 7 ай бұрын

Retirement doesn't necessarily mean not working. Tomorrow is never guaranteed . I'm drawing mine at 62.

@projectkj7643 6 ай бұрын

Same!

@Nunyabizness_ 6 ай бұрын

Same here! You get to collect longer that way and you can still make a little over 22,000 a year.

@skepticalmechanic 6 ай бұрын

Everyone is different…

@karlatingley8380 Ай бұрын

That's what I did when my husband passed away. Even though I wasn't working at the time, I did work my whole life...but needed the money. Now working part time and I'm ok.

@CarpentersDaughter-dt6em Күн бұрын

I was always able bodied, love construction work. I injured my back, figured it'll be ok, some ice, chiropractic appts, kept working in pain. Now I am totally messed up, degenerative disc & bone, pinched nerves, permanent bone marrow damage from chemo cancer 3x years ago has accelerated the bone issues. I am really afraid of the financial future. 😕 Social Security is less than the mortgage payment & they are fighting me on disability. As long as you're young & working you're fine but the minute you need help, despite paying into the system for decades, they want to kick you to the curb. 😢 That's a fact. Anyway...just found you guys & wanted to say thank you for putting this info together for us & presenting it as you do. Very helpful & useful. I was not even thinking of this stuff...planned to be working a long time as I loved it when I could physically do it. Well, I'm a subscriber now. You are very in depth with explaining everything. Keep up your good work.

@Theretirementnerds Күн бұрын

So glad you found us. Thank you for tuning in and So sorry to hear about those struggles! That sounds so hard!

@pagosabob10 4 ай бұрын

When to take SS is a serious decision and an individual one as well. Some need to take it early for various reasons. Others, like me who took it at 62 and did not need to was ultimately it was not a good decision. Waiting til 70 which would have worked out as I am now 83 and in good health was a better decision. Add to that, I made a poor choice in investing and put all into what became a Ponzi Scheme! Crap! :-) Fortunately my second wife inherited more than I lost. Sometimes good fortune smiles on you. But that was just plain luck for us. Not all are so lucky.:-)

@pstoneking3418 2 ай бұрын

Everything was much cheaper 14 years ago when I retired at 62. People seem to think that cola makes up for the costs increases. It doesn't even come close. I wouldn't have retired at 62 if I wasn't debt free at that time. But I was and have never regretted retiring early. I also have a decent retirement, so it's different for each individuals circumstances.

@katydid2k 7 ай бұрын

FANTASTIC conversation, thank you!! I appreciate your immense knowledge and great clarity on all these subjects.

@Theretirementnerds 7 ай бұрын

Thank you so much! So glad it was helpful!

@virginiagilmour4912 Ай бұрын

I’m so grateful to have found Eric’s channel, The Retirement Nerds. Such incredibly helpful information. Thank you! I recommend you to all of my friends and family.

@Theretirementnerds Ай бұрын

Thank you so much Virginia!

@mixville2 Ай бұрын

Your videos are fabulous and incredibly clear and informative. No hyperventilating or trying to push an agenda, which I pick up from most other YT videos of this type. Just from the few I've watched yesterday and today, I've learned a great deal - and I think I was already pretty well-informed. Great work and thanks.

@Theretirementnerds Ай бұрын

Thank you so much! Appreciate you taking the time to watch and leave this comment 😊

@user-cf1tm6fx4w 6 ай бұрын

This is so informative man. I also listened to the episode on Roth vs traditional. Please keep it up. Would love more episodes like this with this guy. It's seriously wildly valuable.

@Theretirementnerds 6 ай бұрын

Thank you so much! Recording a new one next week 🙂

@user-cf1tm6fx4w 6 ай бұрын

@90DaysFromRetirement in case you were wondering, none of this is TOO DETAILED! The detail and tangents are so appreciated I can't even express it. Please keep going hard with the substance and detail.

@beverleyboateng566 5 ай бұрын

I knew nothing about all this until I started listening to this man, he breaks everything down to it’s smallest denominator, thanks mr. social security explainer: please continue this great teaching…as we continue learning and growing!

@Theretirementnerds 5 ай бұрын

@@beverleyboateng566 thank you so much for spending time with us! And we are so glad this is helpful!!

@Theretirementnerds 5 ай бұрын

@@user-cf1tm6fx4w for some reason, KZfaq just showed us this comment even though it is 3 weeks old. Appreciate you saying this! Means so much to us and helps validate our hope to keep these moving forward. Thank you!!

@jamestamu83 3 ай бұрын

This channel is a great source of information for folks approaching retirement. My wife and I are new subscribers. Thanks for the well-presented, clear, and not overlaying complicated explanation of the basics.

@Theretirementnerds 3 ай бұрын

Thank you so much, James! Appreciate you spending time with us! We just released a new video (seconds ago) on Social Security taxability that you may enjoy :) kzfaq.info/get/bejne/kMuklamVqtfNYnU.html

@debrahazelwood623 6 ай бұрын

I am very grateful for all the information you have shared thank you

@Theretirementnerds 6 ай бұрын

Thank you so much for watching Debra!

@artallmon3773 7 ай бұрын

Excellent job guys! Thank you.

@Theretirementnerds 7 ай бұрын

Thank you so much!!

@margaretnorris5840 7 ай бұрын

Thank you for explaining this complicated stuff.

@Theretirementnerds 7 ай бұрын

Thank you Margaret!! Appreciate you!

@ZzXZ636 7 ай бұрын

Most of my family died before every getting social security . Something to think about ..,

@karlatingley8380 Ай бұрын

Oh nooò. Sorry

@MElife4ME 7 ай бұрын

Outstanding content. So many variables and SS decisions should be made on an individual by individual, family by family basis. The “growth” discussion as it relates to break even is NEVER discussed. Some other considerations are DAC benefits, caregiver benefits, and the family maximum can add even more complexity. I appreciate knowing there are firms out there who can consider all factors in helping to advise in this decision making. We most likely will be contacting you for a more in-depth review

@Theretirementnerds 7 ай бұрын

Thank you for watching and for leaving such a nice comment! We'd be honored to help in any way we can

@eugeniahutiu 4 ай бұрын

Thank you verry much!Enormous help with details you have given.

@Theretirementnerds 4 ай бұрын

So glad it's helpful! Thank you for watching!

@ginacardarella 7 ай бұрын

Thank u for this

@jdjohnston1960 6 ай бұрын

Glad to see a more sophisticated look at the breakeven analysis using the "opportunity cost" of holding on to one's personal investments longer. I did the same and used multiple rates to test different rates of return. The most reasonable rate of return for me pushed the breakeven date from age 78 to age 82. Knowing that, I chose to file as early as possible and use the government's money via Social Security rather than my own.

@Theretirementnerds 6 ай бұрын

Appreciate you watching and sharing your experience. Few go into the detail you did for your calculation.

@kellyname5733 5 ай бұрын

The Governments money 'is your money'. You contributed 'your money' to SS every month.

@gkerrhome 3 ай бұрын

Did you consider the COLA against the larger benefit. I did and as you said, breakeven point was age 82. As my mom died at 84, and dad is still alive at 90, I am choosing to wait till 70.

@almoemason 2 ай бұрын

Social Security IS your money, not the government's money. Even though it is a horrible retirement plan from a financial standpoint, you would do better in a standard savings account, it is a retirement plan that you and your employer(s) paid into.

@charleslemaire8137 8 ай бұрын

Regarding the timing about when to take SS, as I contemplate my decision to wait until 70, my main criteria was to maximize my spouses fixed income in a post-Charles world. But as I listen to your presentation I realize two concepts compete; I feel comfortable taking on investment risk now, but I am sure my wife would be very uncomfortable with it. So to avoid the risk of my passing or the loss of cognitive ability, I choose to hold out to the maximum. It is a TEAM sport!

@Theretirementnerds 8 ай бұрын

100%! You are wise to look at it as a team sport!

@charleslemaire8137 8 ай бұрын

@@Theretirementnerds - we were born in 1952 and 1953. I started studying SS in my 50s and had the File & Suspend all planned out. That blew up in 2015 (I blame Alicia Munnell), but Restricted Application lasted just long enough for us. BTW, there is virtually no one left that qualifies for Restricted Application (spousal). In a couple more years, we will not have to talk about FRAs 66 vs 67. BTW the last person that could get FRA=65 is 85 today. In the example where the fellow filed and passed away, the spouse should have moved to a benefit that is 82.5% of his PIA; a safety net for spouses of selfish husbands.

@FordF250Tremor 4 ай бұрын

I waited and couldn’t be happier

@barbie3139 3 ай бұрын

You could also buy a large term insurance policy if you decide to retire earlier. Yes, its not cheap, but we only live so long...

@nwlady59 Ай бұрын

I plan to retire at FR at 67. That is 2.5years from now. My benefit amount is way higher than both my x’s spousal portion. One x is on ssdi and the other is on ss. Both are over 65. If either x spouse dies before I take full retirement can I take their benefit as survivor benefits and then take my ss benefit in 2.5 years? Probably won’t happen, but wanted to know the process. Is a x survivor benefit the same amount as what their ss benefit was when they passed?

@matt75hooper 7 ай бұрын

Formula : 1. You are healthy. 2. You enjoy your work. 3. You collect at 70 so your wife receives your full benefit even if you drop dead at 70 and a day. She deserves to sleep comfortably at night when you're gone. I am head of household and this was my decision. Also- these videos never take into consideration your income from age 62 to 70. It's typically a good strong income $. The perfect launching pad into retirement.

@brucefredrickson9677 7 ай бұрын

Yes, having a lower earning spouse played largely into my decision to wait until age 70. My military pension will drop to 55% after my death so having the higher SS benefit is important to offset that drop in income. Great video.

@Lulu-kt6gr 7 ай бұрын

@@brucefredrickson9677 very nice to think of your spouse.

@rene.s.s 7 ай бұрын

My plan was also to go to 70, and I still might, because my wife will be 63 at that time. But she’s told me I’m not allowed to go before she’s close. She will have a really hard time even though everything will be set. Luckily, I can reduce my pension to 75% and she gets the same for life, she’ll have my high earning survivor benefit, and my maxed 401k (which we’re Roth Laddering near retirement), Mega Backdoor Roth, Roth IRAs, HSAs, and brokerage accounts and my company stocks. The new plan is to retire at 62, when she’s 55. My employer has retirement health coverage, which will also cover her in case of me passing before she turns 65. The aforementioned accounts should still cover us with 8 years of earlier retirement and all that time to enjoy our time together sooner.

@JohnJohn-wr1jo 6 ай бұрын

Matt, it's such a simple decision for obvious reasons. Unfortunately people either fail to plan or just as bad ignore the obvious and draw early and regret later in life.

@kelmike060404 4 ай бұрын

I'm hoping you can answer this my husband is 6 years older. He's made significantly more than me if he files at 65 when do I file for spousal benefits when I turn 65 and he's 71?

@ginacardarella 7 ай бұрын

Thank you for making this video

@Theretirementnerds 7 ай бұрын

Of course! Thank you for watching!

@flowersfrom7311 6 ай бұрын

It was so helpful!!! I wouldn't be surprised if the combined benefit of this show to all the listeners who follow the advice to be in the millions of dollars. But there's another important consideration in planning for social security - taxes.

@avis4433 7 ай бұрын

Your video gave us a lot to think about; excellent - thank you 💙!

@Theretirementnerds 7 ай бұрын

Thank you for watching! :)

@rtaticek61 7 ай бұрын

Great presentation on the "when to take SS..." topic. One of the few I have seen that suggests you need to look at more than getting the "max" from SS based on longevity. You may be putting yourself at greater sequence of return risk or missing out on portfolio growth opportunity by waiting. As someone who retired early (stopped working) before 62 I have been analyzing at it more in terms of cash flow and portfolio appreciation than "maximizing" SS amount. I have found the New Retirement application helpful to look at SS scenarios in conjunction with expense and portfolio projections.

@Theretirementnerds 7 ай бұрын

Thank you for watching and so glad it was useful. Appreciate you sharing your thoughts!

@deelo4153 5 ай бұрын

😊great information guys! Thank you so much!

@Theretirementnerds 5 ай бұрын

Thank you for spending time with us 🙂

@Elena-rt9yu 3 ай бұрын

Wow wow wow……so much to learn, thank u, for this valuable information.

@Theretirementnerds 3 ай бұрын

So glad it's helpful! Thank you for spending time with us!

@VuPhanLam 6 ай бұрын

Thanks for good informations.

@Theretirementnerds 6 ай бұрын

You are so welcome! Thank you for watching!

@richardsilver8485 6 ай бұрын

Wow!! Enjoyed the episode. Lots of great content and I appreciated your respect of the others privacy. That is quite the galley.

@Theretirementnerds 6 ай бұрын

Thank you so much for watching!

@user-xk2rx5gz8f 27 күн бұрын

Thank you!

@RobertSmith-gx3mi Ай бұрын

Buddy and I used to talk about this and debate it all the time.Sixty two, sixty five, sixty seven, seventy? He turned 61 in October of 2018, two weeks later he was diagnosed with stage 4 pancreanic cancer and died December 18, 2018. The correct answer will be sixty two in my case.

@ron9665 5 ай бұрын

1:00:48 I think your best move is to plan on retiring without SS and then count it as icing on top when/if it does arrive. If I can set my retirement funds to create a situation in which my projected needs are covered (and possibly some of my wants too) then at least I am not playing the "I can probably skip my meds this month because I have hit the Medicare doughnut hole.

@Theretirementnerds 5 ай бұрын

Hoping for the same freedom when the time comes. Donut hole goes away in 2025 😊

@marykwart9331 2 ай бұрын

I had to get SS at 62 because I retired under a firefighter retirement system at age 55 and got a retirement supplement that disappeared at age 62.

@stevenmcnevin4031 4 ай бұрын

I appreciate the information given freely and being married i learned some decisions we might make when we retire. Being in are 50's were not ready to retire anytime soon.

@Theretirementnerds 4 ай бұрын

Thank you for watching! It's better to be too early than too late :)

@raroque12 6 ай бұрын

I love the way you guys have the opposite way to treat your hair… one has the perfect comb with jel and the other one looks like just got out of bed… nice 😊!

@Bob-yh7ir 7 ай бұрын

Planned without SS in the mix. We will get it and when I turn my SS on alone will more than cover all our household expenses and some fun. So investments will just be gravy train baby !

@attheworktable 5 ай бұрын

this entire series needs more "Likes"

@Theretirementnerds 5 ай бұрын

Appreciate you saying this! Thank you so much!

@attheworktable 5 ай бұрын

I learned so much from this series of videos.

@Theretirementnerds 5 ай бұрын

@@attheworktable did you see the new one released yesterday? Zacc did a remarkable job in that one as well. kzfaq.info/get/bejne/nNJzd8qE3piZlWQ.html

@funkqueen2029 6 ай бұрын

Good Information!!!

@Theretirementnerds 6 ай бұрын

Thank you so much!

@fatcat220 7 ай бұрын

I love both my dogs! Great video & thank you for the content. I'm still undecided between supplement plan vs Advantage.

@Theretirementnerds 7 ай бұрын

Glad it is helpful! Dogs are the best!!

@barbie3139 3 ай бұрын

Have to be almost in perfect health to change from Advantage to Supplement. Wide variety of supplement plans from cheap major med to more expensive covering everything. Have heard horror stories about advantage plans, since insurance co makes care decisions vs. Just your doctor. But it is cheaper. Good luck!

@philbrennaman4572 6 ай бұрын

What is the video that talks about taxing SS? You mentioned it at the 1:10 mark, and said the video is going crazy right now. Just came across your channel, and perfect timing, I retire in one year. Love all the videos I have seen, thanks

@Theretirementnerds 6 ай бұрын

Thank you! Here is the SS taxation video: kzfaq.info/get/bejne/Y7Schs-LytW2nmg.html It is for 2023. We will make another for 2024 soon.

@georgeferich6803 7 ай бұрын

Better analysis in this video than most

@Theretirementnerds 7 ай бұрын

Thank you George!

@July.4.1776 6 ай бұрын

The quality years you have left are a major factor. Everyday you delay is one less day you have to live healthy or at all. 🤔 I worked with a guy that kept saying he was going to work one more year. He never made that last year and died.

@CaedenV 4 ай бұрын

Most people who are motivated to work "just one more year" often aren't ready to retire in the first place. I work with a lot of elderly high income people, and the majority of them will die or be forced into retirement because they are too sick to work rather than getting to enjoy a real retirement. There are a few who genuinely love their work and are invested in the company... But most of them are high income with even higher expenses. Cars, homes, boats, spouces, vacations, supporting lifestyles of adult kids and grandkids, you name it, they are proof to me that income or social security are rarely the reason why people don't retire. They just have so many plates in the air that everything is riding on them to keep working and they feel too damn responsible for everyone else to ever give themselves a break. And that isn't all bad. They mean well by it. But social security is rarely the real reason to work or not work one more year. It is more the unwillingness to stop expanding lifestyle that keeps people in the rat race. If you can manage that, and pay off debts, then the cut in pay of social security would only be a minor consideration of taking it one year vs another.

@uninsurable9028 7 ай бұрын

Now that the kids are grown and I don’t have to rush home to cook dinner or drive someone to soccer, working is actually enjoyable. Plus I can work from home. And I get paid while I’m on vacation. I see no reason to retire- and definitely not until I’m 67 or 70.

@Theretirementnerds 7 ай бұрын

Thank you for watching and sharing your thoughts!

@justinlanglais9825 3 ай бұрын

I'm in the same situation.... kids gone, working from home at a job I like.... I'm looking at 67 or 67-1/2 for retirement and SS...

@lesadelisi9385 3 ай бұрын

If your second spouse has died, can you file for your ex-spouse’s (first spouse’s) benefits if their PIA is larger than second’s spouse’s?

@carolinapascua3672 4 ай бұрын

I took it at 62 and was glad I did it although I continued working and gets taxed too much and there were times SSS stops it because it gets beyond the capped allowed. But I like to work but this is 100% commission on a W2 but I love what I do.

@petermandel2552 3 ай бұрын

I think you might be better off halting ss and pay it back to get a higher return later. Not sure its even possible.

@cavapoo23 5 ай бұрын

I'm pretty sure that Zacc can accomplish accounting for the opportunity cost of delaying filing (as it relates to investor risk tolerance), by setting up the Excel sheet as he described, with inflation adjusted cash flows for different start dates, then using the "net present value" function to sum the cash flows. The "rate" in the NPV function would correspond to the expected return of the assets outside of S.S. When the net present values are equal for different start dates, that is the break even age. There is a little bit more excel work to automate it, but guessing its well within his wheelhouse (or feel free to reach out and I'll share it, I think I'll build it into my model. I appreciate the podcast, it was very informative).

@hightide4782 12 сағат бұрын

Consider actively supporting the Social Security Expansion Act, a bill introduced in the Senate on February 13, 2023, which would bolster Social Security benefits. The bill's provisions include: Using the Consumer Price Index for the Elderly (CPI-E) to increase COLAs, and reflecting the disproportionate amount of older Americans' income spent on health care and prescription drugs in the formula. Reinstating student benefits for children of deceased or disabled workers up to age 22, and extending benefit eligibility for children who are full-time students. Lifting the cap on Social Security taxes for all income above $250,000.

@Savannah-ed4rv 7 ай бұрын

I'm 63 on SSDI and a widow who was the higher wage earner. I was told when my SSDI converts at age 67, my FRA, I should suspend my own benefit to let it grow until the age of 70. Then during this time I was told I could not take a Survivor benefit because I had been on disability but that would give me three years without any income in order to end up with a higher Social Security payment on my own record. Now I'm wondering if I should somehow get off disability and claim my Survivor benefit even though it's lower than what I'm getting now. I have asked several so-called experts I Social Security like you and I'm not really getting clarification from what a computer program told me to do. My understanding is that the restricted applications are still available for widows, but the company who ran the program says that that is not the case! Can you please help me with this because the days are taking away and I don't know what the best strategy really would be.

@kennyplay5982 2 ай бұрын

Im gonna try to go for 125%

@mfuntanilla7476 7 ай бұрын

What about taxes and RMDs ? If getting SS early throws you into a higher tax bracket when you have to do RMDs because your investments grew and your Medicare premiums go up, should that also be factored in ?

@Spawny500 Ай бұрын

If you can still work, and don't mind it, would delay until full retirement age(FRA). That way, you can make a lot more $$$ working from age 62-66, than not, due to the SSA earnings cap. When you finally begin drawing at FRA, you'll have the advantage of greater savings & greater security, having earned more income from age 62-66. If desired, you'll also be able to continue working without an earnings cap, now that you have reached full retirement age. There is no one size fits all. Seek advice for your own situations.

@edgonzalez186 8 ай бұрын

Whoa!... that first example, that woman cracked the code!

@Theretirementnerds 8 ай бұрын

It's nice to have options, I guess!

@heidikamrath1951 7 ай бұрын

Not really. Not all three marriages lasted at least 10 years (one was only 6 years). I guess if she was widowed in the 6 year marriage, that would work as she would have been married longer than 9 months for the survivor benefits.

@rrr574 3 ай бұрын

I am 66 I. In great health love working and making incredible money. I am waiting til 70 . No reason to take it now..

@BitsyBee 2 ай бұрын

A reason to take it at my full retirement age (66 and 2/3), but before age 70, is that I have those working years until age 70 to save or invest the social security payments I don't yet need to live on. I did the math, and it would take me until age 86 to make up the difference between the FRA payment and waiting to take the age 70 payment. Most people in my family die at 83- 85. Even if I live to 100, there is a lost opportunity cost to spend the money at an age I can enjoy it, or lost interest which would be thousands.

@donnazukadley7300 11 күн бұрын

Goodie good for YOU. I am a vacc1ne mandated aka medically gRaped nurse Who worked frontline during C0vid while many made MORE THAN ME WHILE SITTING HOME SAFE AND SOUND DOING ... NOTHING.. who is so ill every day of my life trying to still make a living.

@martingainty9623 4 ай бұрын

A few rules 1)Married at lease 10 years 2)Cannot remarry to live off of old-spouses PIA

@conniefoxx9813 3 ай бұрын

I'm trying to figure out when to take my Social Security as well, so I truly appreciate this video. My spouse and I are both age 68, and he filed for his at 66 and 4 mos. I'm still working full time, so I was letting mine grow, but even letting mine grow to age 70 will still not equal his...it'll sill be short about a hundred bucks or so. He's dying, so I'm considering if I should go ahead and take mine now, then switch to his once he passes on. Ugh! So much math.

@PipersCreek 2 ай бұрын

Why not? Since you’re going to draw his sooner than later. Bank your’s or spend it while he can have some benefit from it.

@silvercharm9507 Ай бұрын

So sorry for all you're going through.

@lindamyers951 7 ай бұрын

No worries you look handsome. Thank you for your advice

@FrankBatistaElJibaro 6 ай бұрын

@90 Days From Retirement Thank you for your video. I am still confused because my situation is very rare. My wife is 5 years older than I am. I want to take Social Security at 67. She would be 72 at that time. She is ok with retiring at any age after 62 so when, should she take hers and when should she take spousal? My PIA is 2924, hers is 1108, both at 67. Or can you please do a video where the lower earning spousal benefit spouse is older? I've never seen anyone cover that nuance.

@Theretirementnerds 6 ай бұрын

Hi Frank! Great comment. You are always free to send me an email to erik@90daysfromretirement.com and I'll connect you with Zacc's team. It is no cost to have a conversation with them and they can give you some direction and a plan around your circumstances

@ron9665 5 ай бұрын

Most money sites seem to suggest 15% - 25% (or more) to create an acceptable retirement situation. If people could retain their 12.4% that SS extracts from them and add the aforementioned 15% - 25% they could end up investing as high as 37.4% of their gross each year in something they could have a little more confidence in. Averaging $75k for their work years (20 - 65) at just 7% could net them $41,079 / month for a 30 year retirement if their rate drops to 4% after retiring.

@deliaespino4881 Ай бұрын

my present checking account got compromised. I OPEN A NEW CHECKING ACCOUNT & is there a form that needs to be filled up? Pls let me know. Thank you.

@Paul-oy4oy 5 ай бұрын

Great Interview. How can I get more information on IRA Topedo? Thanks.

@Theretirementnerds 5 ай бұрын

It all revolves around how SS is taxed. This video should help: kzfaq.info/get/bejne/Y7Schs-LytW2nmg.html Traditional IRA income would count in the equation. Roth wouldn't.

@paulb9156 15 күн бұрын

This is excellent information and advice. Are you aware of a Canadian resource giving this type of information?

@Valorie_in_the_kitchen 4 ай бұрын

I wish the tax cap would go away. I was in the earning bracket for a few years where my social security tax ended. It wouldn’t have bothered me a bit to pay on the entire year pay.

@davidfolts5893 8 ай бұрын

Thanks for the great content, gentlemen! Yesterday, I read that only about 4% of people maximize their Social Security benefits, so there is much room for improvement.😀

@Theretirementnerds 8 ай бұрын

Thank you so much for watching David! I always think of you when the more financial videos are published because I know you have a brilliant financial mind. Appreciate you!

@davidfolts5893 8 ай бұрын

@@Theretirementnerds Thank you, that is very kind of you to say.

@lindashepherd3968 3 күн бұрын

Is there a way to personally know the absolute to either take an advantage plan or supplement?

@masterlee4370 8 ай бұрын

What an awesome video. I wish you could have touched on the subject of someone getting a state retirement and then when they start collecting social security too how it will affect it. But with that being said there was so much information in this video. Zach is really awesome with his knowledge and down to Earth speaking. Utah has some really awesome human beings! Great Job!

@Theretirementnerds 8 ай бұрын

Zacc is awesome and is such a valuable wealth of knowledge. In regards to your state retirement, would this video help? It talks about the WEP and GPO penalties associated with those who work for a state entity that does not contribute to the Social Security side of FICA taxes and instead, offers the pension? kzfaq.info/get/bejne/pJqRe6Zn3dSqdoE.html Let me know if it is something else you'd like us to tackle and I'm sure we can put something together. Appreciate you!

@masterlee4370 8 ай бұрын

I had watched this video once before but I don't think I was serious enough in listening to it. This time I was. I went on the SSA Site with the WEP Calculator. I put in my wife's salary for the 10 years they took out social security. She made from 80k to a 100k. I just sort of guessed at it. I didn't see anywhere for the amount to put in for her state retirement. It came out to $1.218 a month. Would that be the amount or would I need to subtract that $547 from it, Thanks for your help.@@Theretirementnerds

@donniesmith8779 21 күн бұрын

I am still working and I just got my 3rd SS check at 66.5. I am healthy however I planning to retire in the next 3 months at 67 My FRA was 66.5

@rebpos6519 4 ай бұрын

My mom needs to talk to you!!

@Theretirementnerds 4 ай бұрын

Send her our way! Erik@90daysfromretirement.com is my email address. Have her include what state she's in 🙂

@joeplacetas1 5 ай бұрын

Hi,,quick question,,,my uncle is 60 years old,,his disabled, collects desahability every month, he just had a baby with a 40 years old woman,,can the baby claim any payments, since my uncle is getting social security desabibility?

@staceystovall7583 8 ай бұрын

Great video! Question: Is there a way to calculate how much your social security payment will be if you choose to stop working before your FRA? The social security information sheet makes the assumption that your earnings will continue to be the same as your most recent annual earnings reported. If you stop working 5 years prior to your FRA, for example, your monthly social security estimates will be something less than those listed.

@Theretirementnerds 8 ай бұрын

Thank you for watching! Many financial advisors will have some sort of tool to help calculate that kind of thing. Zacc and his team do not charge for social security consultations. I know other financial advisors do the same. That's probably a good and accurate way to go.

@tinarhodes4188 8 ай бұрын

You can fill out a form and send to SSA advising them of the age you want to stop working before FRA and they will mail you an estimate of what you can expect to earn. I did this, it was very helpful.

@Kenji-ds9rf 8 ай бұрын

On SSA.gov, you can edit the income for the upcoming year to $0, then a new chart will show how much you'll receive.

@JBoy340a 7 ай бұрын

The SSA website will tell you this

@dennybrown1290 7 ай бұрын

There is an option on the SSA.gov calculator that lets you enter an amount for future earnings and zero is an option.

@user-do8hw9fo4y 3 ай бұрын

What about a single person . When should i take SS. Im 63 ... my work is physical and I'm tired .. I'm a stylist for 43 yrs don't know if i can make it to 67 . Will it be ok to start at 65 ?

@KotoriOnWheels 3 ай бұрын

We need to figure in how much we can make in wages while retired too, right? And the penalties for making too much and what happens to your benefits.

@janereinhardt4715 5 ай бұрын

I retired 19 years before my FRA, which will be 67. I may wait until i am 68, 69 or 70 though to start.

@Theretirementnerds 5 ай бұрын

Congratulations on such an early retirement!

@Antandthegrasshopper 5 ай бұрын

@mikeflair6800 Ай бұрын

The only absolute rule is you. What are your personal circumstances? In my case, I married a younger woman with minor children. For the children to receive social security benefits based upon my work record (my PIA Earnings), I would have to be physically receiving mine, not just have earned, for their benefit to be physically turned on. I physically turned mine on at 62, as early as I could, as the minor benefits will end at 18. We are in a family max situation.

@deanworks9252 7 ай бұрын

I’m dual entitled. I’m taking survivors benefits at 60. And then switch to my SS at age 70. I have looked at over and over. This is the only thing that makes sense.

@gmharris2010 6 ай бұрын

Keep in mind there are income cap limitations on earnings under FRA and if under FRA you need to be mindful of the tax bracket on SS

@puravida5683 7 ай бұрын

Some things that are not mentioned enough to seniors! The double taxation of social security. And, the social security tax table has not been adjusted for inflation in decades. Thus, more and more seniors are moved into a taxable or higher tax table. Politicians have been giving seniors lip service for decades, rolling out bills they know won't pass, or just focusing on keeping social security solvent. What they are not telling seniors, social security will be solvent, via The Federal Reserve currency printer. And, that seniors will continue having reduced purchasing power, via the low manulipated annual COLA amounts.

@michellelinn9681 Ай бұрын

I'm on SSI. Husband is 63 and a vet. Not much in 401k as he only started a few years ago. Worked his whole life. Me too since age 14. He cannot retire now. So sad. How are we supposed to make it on 2k a month total with mortgage half that. My ex is younger but is on vet Disability but when he's 59..... I'm supposed to get 6+ years of his military retirement. It's 4 more years. Still worried I'll never get it. Any advice? Thinking of just getting a camper and trying to live on the road. I'm bed bound a lot. So frustrated for our futures. I don't want to lose my house or sell....I don't know what to do.

@Jenny40090 2 ай бұрын

I am going to be 67 in June 2024 . I will have Cal Per benefits plan . My question is when will be best time to retire? I want to retire soon .

@julieburkhardt61 7 ай бұрын

My husband is 20 yrs older than I. He has pension benefits and SS. I'm not sure when i should file since my FRA is 67 and ill be 62 this year. I think my higher amount would be based on his benefit. Does it make sense for me to file sooner or later??

@Theretirementnerds 7 ай бұрын

Hi Julie, thank you for leaving this comment! There's still quite a bit that would go into that decision. Would you mind sending me an email to erik@90daysfromretirement.com and we can take a closer look? It will never cost you anything to chat with us about SS - just want to be clear on that up front.

@rickrich7325 Ай бұрын

My wife retired as a Texas school teacher after 30years. She can’t get SS as a retired school teacher, it’s been that way for decades. I’m 65 but not planning on taking until 70 as of right now. If I die she won’t let get any of my social! Just so wrong. If she dies I get her retirement ( our choice when she retired) and my SS until I die.

@dperreno Ай бұрын

Just a comment - I'm assuming that you meant to say that people would be earning a "return" on their IRA/401K portfolios, not just interest. "Interest" is a specific type of payment and does not include appreciation in the value of the underlying assets.

@GaryBacon-cf6dg 7 ай бұрын

I was under the impression that the spouse will always get 100% of their own benefit and then receive the difference up to what they would get as a spousal benefit.

@Theretirementnerds 7 ай бұрын

Keep watching 🙂 Zacc goes over that

@July.4.1776 6 ай бұрын

Moral of the story everyone’s situation will be different. Some say draw down your retirement accounts first. Some say take social security @ 62 and save the invested assets. Depends on what you would like to leave after death.

@pagosabob10 4 ай бұрын

Yes, and it depends on investing wisely.

@rowddyone3570 3 ай бұрын

in survival benefit does amount stop at PIA, or grow more at 70? Even if other spouse claimed at62?

@Theretirementnerds 3 ай бұрын

Survivor benefit is a percentage of whenever the living spouse takes the benefit based on whatever the deceased spouse was receiving. If the deceased spouse delayed and had more than the PIA, the surviving spouse's benefit is based on the higher amount. Likewise if the deceased spouse took early and had a reduced benefit, the spouse also has their percentage of the reduced benefit.

@jus4kelley 3 ай бұрын

Maybe I missed it, but I did not hear you mention anything about the Windfall provision (deduction) for certain pensions (I’m a teacher)…My calculations show that I can only get 45% of my benefit. Can you suggest another video for that deduction?

@Theretirementnerds 3 ай бұрын

Sure can 🙂 Here is a video on those: kzfaq.info/get/bejne/pJqRe6Zn3dSqdoE.html

@charleslemaire8137 8 ай бұрын

This was a really good coverage of the topic. I learned that I had a misconception about survivor benefits - THANKS! WRT the 4 Breakeven Analysis adjustments Zacc suggests, including the investing temperament and the associated Lost Growth is brilliant, but I wonder if the COLA item makes sense. If there were no inflation, there would be no COLA and one would maintain their buying power and no adjustment would be warranted. As there is inflation, the COLA's purpose is to maintain (sort-of) the buying power of the benefit, so it seems like it should be ignored. The fixed incomes that do not have COLAs are the ones that should be considered and adjusted for. Every time the COLA is announced, the news says it is a raise for seniors, but as it never really covers the lost to inflation, it seems to be the celebration of a loss of buying power.

@murrays1555 7 ай бұрын

The reason COLA needs to be factored into the break even analysis is that delaying SS benefits increases the dollar amount; delaying until age 70 increases the benefit AND COLA by 77% over age 62 so while a person who takes SS at age 62 may get a $100/mo increase, a person with the same FRA benefit will get $177/mo increase and that definitely changes the breakeven analysis.

@charleslemaire8137 7 ай бұрын

@@murrays1555 - You make the point that delaying until 70 give a disproportionate COLA over filing at FRA or 62. True. But my point is that the COLA is an attempt at maintaining buying power (I argue one always falls a little behind, as CPI-W is a poor measurement). Inflation needs to be factored into the calculation for retirement income that does not keep up with inflation. When building your plan, figure out how to get increases from your other accounts to keep you even. SS will sort-of fix itself. If you chose to get 124% (132% if you are older), 100%, or 70% (75%) of PIA, the COLA is simply trying to keep your chosen benefit even. Be careful to evaluate sales pitches correctly. Regards.

@murrays1555 7 ай бұрын

@@charleslemaire8137 I agree, COLA is meant to keep up with inflation and may not be sufficient, but I was replying to your comment "I wonder if the COLA item makes sense" in regards to a breakeven analysis. The answer to that question is unequivocally yes; inflation and your expenses are a different analysis and don't factor into when you "breakeven".

@dinamedina9005 3 ай бұрын

Is there is a difference starting my social security within Puerto Rico versus the states? I guess my concern is that if I will loose money by applying from being in P.R. After I worked all my life in the states

@Theretirementnerds 2 ай бұрын

No. No difference. Puerto Rico is a US territory and as long as you've paid into the SS system, you get your benefits. Sorry it took so long to respond!

@jannirri2344 4 ай бұрын

So, I'm trying to understand the math in your examples. Are you saying the traditional IRA is being taxed on the gain or the original investment on the backend? When I do the calculation the traditional comes out more spendable than the Roth either way I do it. I'm not a math wiz though, what am I missng?

@Theretirementnerds 4 ай бұрын

Traditional is taxed when the money is withdrawn. So however much you take out later, is taxed at your tax bracket

@redcloud5813 3 ай бұрын

Doubtful. Historical stock market returns (s&p) are about 7.5%. Every year you delay taking SS it raises about 8%.

@jman3970 3 ай бұрын

You have to think about life expectancy. For example my father and his brother were the first men in their paternal line to live past 50 (heart disease), my father already has had two heart attacks, he would be a great candidate to take early retirement at 62 or for disability if it gets worse. He also has a comprehensive retirement plan on top of social security, 2 pensions (19 years and 17 years), 401k, and a paid off house he could downsize, which is basically a fancy way of saying that he has other incomes during retirement. He realistically could possibly not make it past his 70s, so retiring at 67 might mean his retirement won't last 10 years. Where he could retire at 62 and if he does pass in his 70s he has much more time to enjoy his retirement.

@rancellromerov.3395 7 ай бұрын

Question: if a person with a retirement age of 66 fileS for early retirement, is that monthly benefit fixed for the remainder of the filers life expectancy or will it increase to 100% once applicant reAches FRA?

@Theretirementnerds 7 ай бұрын

If we understand your question correctly, it is fixed with annual Social Security Cost of Living Adjustments that will bump it up with time.

@prandn 7 ай бұрын

( ~13:45-14:00 in ) On the Spouse getting half of higher wage earners benefit: In our case my wife gets her PIA & then the difference between her PIA & Half of my PIA. Sounded like there was 2 options???

@Theretirementnerds 7 ай бұрын

You described it correctly. Zacc goes over this at about 19:36 - 20:47 :) Thank you for watching!

@irpain8617 Ай бұрын

I delayed until 68 to provide delayed credits to the surviving spouse. That was the age my wife reached her full retirement age. I feel what would have been drawn from my portfolio will generate far more income than the 2 years of delayed credits given up by not waiting till 70. I look at Social Security as insurance against out living your money...!!

@Theretirementnerds Ай бұрын

I like your thoughts!

@xZOIEM6x 2 ай бұрын

You mean still pay in to ss. And not receive? Is that what your saying?

@mikewatch1487 8 ай бұрын

Makes no since to touch your investments if you have over $500,000 and instead take SS early and let your investments grow even more.

@rayzerot 7 ай бұрын

Except you'll never find a better investment than Social Security. It's the stuff investors dream of. 8% *guaranteed* annual returns? Inflation adjusted every year? Minimum 15% (usually more) of the income tax free?? Social Security is the best investment around. Spend the rest of your money first

@LG123ABC 6 ай бұрын

@@rayzerot Nope, I'm hanging onto mine as long as possible. I hope to do WAY better than 8%.

@rubicon3416 6 ай бұрын

@@LG123ABC- Maybe you will, maybe you won't. We could have a prolonged 1970's scenario where you lose for a decade.