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People. are facing a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

I took SS at 63 and continued to work fulltime. I knew there would be the cut in my benefit and the penalty for exceeding the income level. It worked for me because I used the additional income to pay down my debt. What I didn't expect and it came as a pleasant surprise was that, because I was working and still paying into the system, my benefit continued to increase every year until it reached and exceeded the original amount I was going to receive. It really worked for me...I ended up retiring at 70 with more SS than I was expecting, plus I had paid off my mortgage and my credit card debt. Yay!

I can't believe congress is punishing people for wanting to work, if they want to take retirement early. Why did they pass these stupid laws. We worked for that money it came out of our paychecks that we worked hard for. This is ubsurd that they put these penalties on us. Just some more hoops to o make things harder for the elderly. I'm angry that congress doesn't get together and change these laws, it's not fair to all Americans.

How about cutting off congress benefits if they receive any other funds? Where is there limit? Accepting lobbyists money should be against the law too.

I know quite a few people who didn't even live to reach early retirement, let alone full retirement of 67. I'm taking mine early.

You should be able to work and collect social security without penalties. It’s your money.

The cap on the max amount of money you can make will drawing Social Security was set in 1983, and placed in force in 1990 If you adjust for inflation the cap today should be $80,000 People should contact their Congressperson to ask for this inflation adjustment

The income limit should either be raised significantly or better yet, removed completely.

62 and working two days a week. It’s awesome. It’s as good as it’s going to be for me

I took mine at 62. Don’t wait till your to old . Live sensibly

I retired this year at 62. Never mind "making it" to 70- it's best for me to retire now. I, like so many others, never held a "high paying job with 6 figures." I'll be getting $1091 a month starting in September. I'll be working side gigs and online items to make extra money. At that time, it's MY choice to work or not. As long as I stay under $21k per year, (no problem there), I'll be fine. I'm happy with my decision.

The essential thing that everyone should be thinking about right now is investing in non-government sources of income. Especially in light of the current global economic crisis. It is still a wonderful moment to invest in gold, silver, digital money, and stocks.

I bet Congress is exempt from this.

The thing is, what if you die before you reach full retirement age, and you didn't claim any benefits. The only winner there, is the government because you contributed, but they don't have to pay you because you are dead. For some of us, we need to claim at age 62 so we get back some of what we put in.

At 55 I retired. At 62 I started SS. $2343.00 per month. No way was I ever going to leave that money on the table. I've worked since I was 13.

The advice to wait until full retirement age to collect presumes that the person will have the same job & income till then. In actual fact, many people lose their jobs to age discrimination and can never find another full time job that pays them what they had made. I originally planned to wait until 70, but I lost my job at 61. I tried for over a year to find another comparative full time job with no success. I had only 6 months of unemployment, so I had to start collecting social security at 62 and a half. By then I had a decent part time job, but it paid me less than 20% of my former salary. According to the chart, if I could have waiting till 70 to collect social security, I would have gotten another $750 a month, so I was very stressed about having to take it early. But I spoke with someone at my local social security office and she explained that in actual fact, given what I was now making working part time, I'd only get another $200 a month by waiting til 70. In the meantime, I'd have lost all that needed social security income till then. PLUS, because I am paying taxes on my part time income, my social security checks will rise each year, more than the COLA raise. Less than 3 years later, I'm already getting more than $200 a month more because I'm working. My advice to people is, don't stress about the coulda, shoulda, woulda; it's your money. Collect it when you need it!

What makes me furious is the fact that we aren't teaching this in school, and how important it is to start saving and investing at a young age! I have drilled it into my sons to save and invest now while they are young so that in 20 or 30 years they will be comfortable! I'm on target to retire at 62 because I have investments and praying they continue to grow I will be comfortable!

We should get all of it at 62

Every case is different...I did the math and I got to the conclusion that if I retired at 62 I will work only 4 days a week instead of 5, and with the 900.00 that I am getting from SSA I will end up making more money and work less...I don't think that I will never regret to retired at 62...

Many people work hard and don't live to collect ss benefits for a long time, let alone receive it at all. Lots of people died and never live to collect ss benefits. Smh. I collected mine early and have no regrets. life is not promising to anyone of us. Just saying. Thanks for sharing this video, it was very informative.

At age 60 I had to have a heart valve replaced - this significantly reduced my longevity AND ability to hold a full time job. I hung on at work till I was 62.5. I opted for early benefits at retirement, but still make more on SSA than most people. I do work seasonal part time but am mindful of the reduction if I go over.

It isn't just about acquiring more money. Quality of life is also important. More money doesn't always equal a better quality of life.

The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.

I am a father of three children, an immigrant with American citizenship. The method of explanation and data in the video is very beautiful and academic. Thank you very much.

Here's my opinion: If you take your SS benefits at age 62, it may be a small amount but you get to enjoy it for a long time. You get to spend it while you are still (hopefully) strong & healthy / alive. If you take take it at FRA or delay it till RMD, you will getting more $ for sure but what good is it if you are too old to enjoy it? What good is all these money you kept saving if you are too old to spend it. I have friends that died before they even reach 62. I took my SS benefits at 62. Smaller amount but Im enjoying it while I can / before I expire. My 2.5 cents.

With the labor shortage , please lobby for the SS penalty to be dropped !! We need workers ! Thanks

Yes, they tax it if you make over a certain amount. However, you already paid taxes on the income you made when they took out social security from your paycheck when you worked it. For example, you worked 40 hours the week of March 1st-7th in 1995 and when you get your paycheck they took out money for social security. So now they say you may get taxed on your social security retirement benefits when you already paid them back in March of 1995. You are actually being doubled taxed.

I retired at 62 less per check but it is there every month. That means actually more checks. I went back to work at full retirement. Money pays bills no matter the source.Thanls for the article

Great Explanations! You are the first person who has been able to clearly explain the Process and Implications of SS Retirement. I am clear on this now. Thank you!

Two people who wait until 70. Personality in which the person enjoys what they are doing so much, they won’t leave; and those who have no choice but to continue until 70. If you have a choice, draw as soon as allowed

How about if one just opts out of social security entirely early in life, take the 12.4% of earnings, buy a disability policy in case you can't work and then invest the remainder for retirement? If one is actually intelligent like at 25, that is 40 years of earnings into a retirement fund that you know is not going to be squandered by politicians.

If we are being honest with ourselves, taxes may be a major pain, just like they are for the wealthy. Taxes on income, goods and services, real estate, etc. It's wonderful to pay taxes, but we may also establish our own tax havens. Since stock market appreciation is not taxed, I personally invest most of my money there. When I sell, though, I discover ways to make the profit tax-deductible. I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy or do I wait?

Amazing thank you. Most of us are not educated in this field although it effects us greatly. Keep up the good work. Tim 6:22

I have no choice, I have to retire next year at 62...because im sick with diabetes and it's killing me...I need to get out while I still have some years left to live. I will also receive a pension check that will make up for that 30% in lost social security.

I think many people are finding that the $600 per week take home after taxes in a $20 per hour job is not enough to maintain their rent and bills..medicine and such.. So They will chose to get that $1,000 per month SS and go to a part time job or $400 per week and the $1,000 bonus. Can't live on either one but forced to chose the lesser of two evils.

I got my full retirement at 66 and still working full-time. I’m almost 70 but everything is so expensive and I’m still working if I didn’t work I wouldn’t be able to buy things that I need and food and be able to go out to vacation and visit my grandchildren so I’m still working.

Everyone says that there are no penalties if you wait untill full retirement age but what they don't tell you is that most likely the two incomes will put you into a higher tax bracket ,which like in my case caused me to pay the IRS rather than have the IRS refund me my over payment. Which can be tuff to take when the ss benefits don't come close to paying your bills,which is why I am in favor of incomes under $100,000 per year should not be taxed at all !!!! I think that would get the economy running again.

Collecting Social Security is like collecting money in Vegas, the odds are stacked against you.

Taking mine at 62 while I can still, hike, mountain bike, backpack, dive, hunt and other feral activities, most spend less in old age, oatmeal and soft foods are cheap

I reached my full retirement age last year. It was nice that I could make as much as I wanted, but no one mentioned how much the government would tax me for doing this. I get to pay the highest taxes in my life this year.

I wish there was someone like you that was there when we needed it .

Impressive presentation that led to my taking the SS report offer and then the retirement course. My foundational understanding was better than I thought, and with pensons (taxable) and SS secondary, benifits of medical expenses in my retiremnet plan, etc. provided yet more opportunity with Lane , once I achieve accredited inventor status in a few years. I think Lane has information to assist you in preparing for the best retirement that you are willing to work toward. Thank you Lane!

I'm coming up on 62 and because of learning from your video I'm going to try and make it to 70 before retiring. Thank you for the valuable and highly pertinent information you've provided!

I appreciate the clear explanations given here. Lane Martinsen is not in a hurry. His patient way of speaking helps me follow along. The graphs are professionally done. KZfaq lets you pause the graphs. After a moment, you get an unobstructed view of them. Some other financial planners talk as if they are in a hurry to get onto the next subject. I find myself not fully understanding what they just said, and already they are talking about something else.

I was disabled when I was 62,now I am 67 and I did not know that I can work and get in trouble for tax stuff. Great information, I'm going looking for a job tomorrow! Good information for a guy like me,

Excellent and easy to understand video covering exactly what folks like me need to understand. Thank you.

These numbers need to be doubled to truly help people out. Hard times ahead!!

I do not understand everyones desire to retire early. I am a 64 year old lineman and still climb poles every day. I will work as long as I can and hope to go to at least 70. Working is a joy and blessing. It provides social interaction, self worth, a positive feeling of contributing to society and provides money not only for yourself but for your family. I am able to help my grand children in college. If I die before I collect SS, who cares, I have a great life with people who love me and I am happy. Love your family, contribute to others , and be gratefull that God has blessed you with the rare opertunity to work and enjoy life. Being happy is a personal choice and only you can decide to be happy and love the blessings we have been given.

This is the best explanation. Thank you for explaining the ins and outs. Now I understand.

Thank you so much for this expert clarity on SSI, it is baffling to understand whether you are receiving correct monies after years of paying into SS. I’m still learning, truly appreciate your explanation.

So glad I found this channel! I’ll be 60 this year.

I still dont understand why I would be penalized when I am paying into Fica by working.

This is the most informative information about SS that I have seen. The graphics you displayed were quite helpful. I thought my pension would doom my social security, but it won't. OMG, I was sooo sweating that. I'm still working fulltime in a well-paying job and I've only got about two more years until I take SS at 70. Thank you for doing this video. You have a new subscriber.

You've reinforced my choice to retire in 2022 at 63, which was partly made because the company I had loved working for was closing its doors. I don't know that I'm maximizing my potential retirement income, but I've got a goodly chunk of mutual funds from a previous career, and I'm really liking living on my SS retirement, using the mutual funds to just supplement my income if I need it, and watching the mutual funds continue to grow. I'm also taking full advantage of my greater time to develop the product I want to start selling when it's mature, so "opportunity cost" has a lot of meaning for me. I'm doing the work I love , in my workshop.

Thank you addressing my question regarding pension income . You are the only site that has addressed this issue .

Forced poverty...this is pure evil.

Great information. Thank you very informative. Understandably, every person situation is distinct. I would love to see actual numbers and comparisons to the scenario you see talks about. You obviously can't go into every scenario but generally speaking to give a better and clearer picture. Video actually covered a question that I had in my mind for some time

Thank you for your explanation. I’m planning to retire early at age of 62 because I’m a housekeeper and I can’t manage anymore for this kind of work. Been a housekeeper/nanny for forty years. I can still work another kind of job especially driving, I never get tired and maybe I’ll just apply as family driver or assistance driver

Something to think about. Everyone doesn't get the same amount of social security benefits. It all depends upon how much you put in according to the income you made over the years. My stepdad was a former Fire Chief and in the state he worked they didn't pay into the social security system. They had a firefighter system the paid into. He got about $550.00 a month in social security benefits because he worked a second job that paid into the social security system. Also, when you hit 65 they take out roughly $165.00 for Part B Medicare monthly. So all this time you pay it was only for Part A hospitalization. If you choose to not pay for Part B and want it later than they add up all the months you didn't pay it from the time you became 65 and I believe 10% of that total is added onto the $165.00 and you pay that much. So, say you opt out of getting it for 12 months. $165.00x12= $1,980.00 $1980.00x 10=$198.00 So, regular amount of $165.00 plus $198.00 = Your new monthly Medicare Part B premium that is taken out of your social security benefits of '$363.00. So, it ends up you are paying a 10% penalty on every month you didn't pay the $165.00 which means you're paying a penalty for someone you never got a benefit for and you pay until you die. Bottom line is, if they can get money out of you they will. One way or another. So, if you got a social security benefit of (let's say $1,000.00 and month you would be getting $835.00 with Medicare Part B taken out of $165.00. If you have to pay a penalty (for not selecting it at the age of 65) then subtract the amount in addition to the 165.00. So, $198 + $165= $363. 1,000.00 - 363 = makes $637 as your monthly social security benefit. That's not including if you make an annual income greater than the limit amount stated to so they then take more money from your benefits.

Thank you for explaining this so eloquently. I'm dyslexic with numbers (they confuse me) so making this kind of decision is very difficult. One thing I know for sure: I would like to retire while I'm still physically able to do activities on my bucket list, but I want to finish paying my house off first to decrease how much income I "need" to have, making retiring much easier.

Why do they punish senior citizens by taxing the Social Security after they paid it to work that whole life, I took mine at 66 and I can only make 21,000 year, I think that should be outlawed, what is the reason for that

Clear and concise. REALLY helpful! Thanks so much.

Thank you. Your videos are clear and concise. You answered all of my questions.

I have a question how come when people die early what happens to their social security why doesn't it go back to the family it's not the government's money

I started SS at 62. This let me keep my cash while spending SS monthly, instead of spending my savings while waiting to get SS at 66+. If you spend all your money waiting to get SS and then die early there is nothing for your family.

Most excellent tutorial. I've just filed for my early retirement.. you helped answer every question. Thanks Tim R. Texas

Thank You so much for sharing your knowledge in this area!

If this was you private pension you would keep it all! This is such a affront to our people who paid their money for this pension! You wonder why government is hated? Only the rich get to keep their money in America!

Great presentation and visuals. You make things clear and concise. Thx!

they don't tell you the truth. I tried to retire before FRA and keep working. I spent hours filling out the forms and being asked all sorts of questions about how much I'll be making at my job and it gave me the estimated benefit amount I would receive, which was discounted from FRA. After waiting 3-4 months and I was expecting my first check, I got a call from SSA and they told me bluntly "While you are entitled to this money, we will not pay it". I was told because I was still working and had not reached FRA, I could not get a penny and I don't make very much money. They told me this was all explained on the website. No, it isn't. It tells you you are going to get a check when you're not. Not to mention, since you are retiring early and took a hit on the amount you will receive, this amount is permanent, even though you will not get a cent until you reach FRA.

by drawing my social security at 62 while I am working it will allow me to pay off my home and outstanding debts in 2 years otherwise a home mortgage and debts would have followed me into retirement. This payoff allows my wife to retire at 62 but not draw her SS until FRA 67. I think everyone's strategy going into retirement will be a little different.

Thank you for your videos, great and needed information. This is kind of a related question: my understanding of medicare costs is that the amount you have to pay monthly is based on income which they count two years prior, do they count money received from pensions or 401k's for medicare purposes as well?

Sir...this is the most genuine and informative video I have seen in a long time...thank you..

Thank you for the clear explanation of recieving social security while working. This is going to allow me to prepare for my retirement. Considering i don't have nothing saved. Im still not sure what to do. Thank you!

Thanks for this information. There was a lot that I did not know. Due to me being pushed out of a job three years ago, my limited personal savings and investments, my health, and not being able to find another position, I have to take SS early. Nice to know about income limitations - I hoping to eventually find a part-time job. I'm not expecting that what I will receive from SS will cover all of my basic bills.

Signed up for SS retirement at 62, signed up at 61 and nine months to the day. I work 5 days a week the last 3 years, and I usually got a good tax refund. No regrets taking it early, lose 30%, but I get 60 checks they would of kept. I might not make it to 67, who knows?

From my experience receiving your retirement benifits as soon as you are elgible is the best way to go, do not delay. You will recieve the most money when compared to waiting. If you do not need the money invest it in your retirement if you go with a mutual fund you most likely will earn about 10 to 13% annually which is better than an average annual increase of about 6% you'll receive from Social Security.

I’m surprised you didn’t mention life expectancy, which has a profound impact on the decision.

There shouldn't be ANY penalty to work and draw early. Screw this corrupt government

I rather claim at age 62. Now a day people are not living longer. I'll rest and manage in the amount that I get. Life is all about resting in your last days. We met money here and we are going to die and leave it.

That was explained clearly! Thank you!

My situation is probably is probably similar to a lot of people. I’m 62, work full time for a decent income, by most standards middle class. If I quit, take ss, and work part time at the 21k limit, my financial standard of living goes down dramatically. I have some investments, but not enough to draw on to make up the difference. A lot of people in the comments seem to be willing to retire poor, or near poor for the rest of their lives.

I love your channel & info!

Got my first SS check the other day. Several employers have reached out asking if I want to work. I was told by SS that I could earn up to $22000 until I reach FRA.

The government is hedging bets that you won't live until your full retirement age. Enjoy life while you can. The disability penalty is worse. Most cannot live on even full SSDI .

This is so clearly explained. Thank you!

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

No penalties at full retirement age? BWAHAHAHAHA. They are clipping me through a 22% tax. I’d call that a penalty.

The biggest gamble is life expectation. Everything else can be done on paper. I'm 58 now, I'm taking it at 62. Family history, health, risk of taking the dirt nap unexpectedly from anything besides health issues...not worth the risk. Heck SS wasn't even made for my generation, so we're milking this cow to death. I might not even make it to 62. Taking it at 62, no regrets.

Good to know information. I'm currently retired, but thinking of going back to work at age 65, so basically won't get SS that year, and about half the next year. I've heard that I'll eventually get that "lost" money back, but haven't heard how and how quickly. I collected at 62 because I couldn't retire otherwise and I really wanted to retire. Taking SS allowed me to not have to take money out of my 401K for monthly expenses.

Since I started working over 45yrs ago, the rules for s.s. has changed over and over again!! I think when the government took the money, they should honor the rules they had in place!!

Don’t forget that once you reach 65, the government will automatically deduct $167 from your social security for Medicare, unless you have lower income and qualify for a Medicare savings plan. Some people are shocked by this

Well explained, thank you sir.

It always is written to affect women who took time to raise children the most. Less IRA, 401K, etc. More likely to be working until older to fill in the missing years.

Thank you for explaining this. In your chart @ 4:56 min, I did not realize that if someone waits until the month of their FRA to take Social Security, that they would no longer be penalized if they were still working. Either I missed that when I watched other people explain it, or they missed pointing that out. I have 2 more years to go before I hit 70 in 2025. Then I will take SS. I will be retiring at the end of 2025. I was worried that I'd be penalized on those few months of over-lap.

Well done! That's probably the best explanation I've seen on effects of working and taking Social Security.

I filed at 62 in July, 2020, and my monthly benefit was $1,430, but then decided to go back to work full time 4 months later and "suspended" my benefits. Now, when I reach my "FRA" in July 2024 and re-start my payments, I'll get only the original $1,430 (from July, 2020) with COLA increases for the years since added to that amount, but in June of 2024 my benefit amount will be recalculated to reflect the years I wasn't collecting my benefits, the higher yearly additional income I made and FICA payments I made in those 3 years, so my monthly benefit should increase up to approx. $1,900 monthly. The only downside to "suspending" my benefits (and not canceling them and then refiling at 66 1/2) is I have to wait about 6 months for my benefit amount to be brought to where they should have been had I canceled in 2020 and refiled in 2024. So, I won't be "locked in" to the filing at 62 monthly benefit amount. Also, I'll get a lump sum payment for the 6 months I'm collecting less monthly (in 2024) to cover that smaller benefit amount before my benefit is recalculated to be accurate. I didn't want to "cancel" my filing in 2020, because I figured it was just easier to "suspend" them, as all I have to do in Jan. 2024 is call them and ask them to start my payments again.

Thanks for taking the time to explain this rule.

Very informative video, and no edits! Thanks Lane!