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@lotekbyron Сағат бұрын
If I am 70 and have claimed SS for one year or so, then I die. What kind of benefit does my wife get and at what age will she get the benefit.
@kellysmyth2337 4 сағат бұрын
Move to Phillipines
@user-ov8hm5pe1f 10 сағат бұрын
While crooked douchebag politicians are receiving 3 and 4 retirement benefits in office. Without penalties. An while douchebag billionaires and millionaires pays no taxes and getting over $5,000 monthly on social security checks. They are keeping the poor in poverty While they live in luxury.
@michaelnitake2534 16 сағат бұрын
If you convert 50% of your traditional IRA to a Roth And pay your taxes. At conversion , is there any tax ramifications when withdrawing from your Roth after 5 years and if you’re over 59.5 years of age? Or must you convert 100% of your traditional Ira to avoid taxation on Roth withdrawal?
@FinancialFastLane 14 сағат бұрын
You definitely do not need to convert the full IRA. Here is a video on the 5 year rules kzfaq.info/get/bejne/i9-qZ7qilpixlWQ.htmlsi=UsTsoz6bVYT8t0qC
@ralphmoran7781 17 сағат бұрын
What is the break even if you invest the early SS at say, 6%?
@FinancialFastLane 16 сағат бұрын
That is a financial planning question. It depends on many factors. Would you still be working? If yes there is an earnings limit to deal with. What is your risk tolerance? What is the time horison/when would you need to access those invested funds? What type of account would you be investing in from a tax stand point? Here is a different video that may be helpful kzfaq.info/get/bejne/qd-ddJlzy5nFk2Q.htmlsi=ynWxPk2UJ9Go941n
@jacquelinepenha3135 Күн бұрын
Your video is inspiring and hopeful
@sojenbur9122 Күн бұрын
If you are over sixty and in good health there is nothing to worry about.You can start a small business and earn quite a lot.I am 62 and finances are not my problem.Keeping good health is my first priority.With good health you can still earn.Owning your home is also a plus.
@tkennedy9739 Күн бұрын
I might check out assisted s@icide!!
@paulsathue921 Күн бұрын
Great financial advice, keep up the great videos for the baby boomers!
@milliehummel Күн бұрын
Thank you Fast Lane very informative and I’m glad I watch your video tutorial. Thank you somuch
@milliehummel Күн бұрын
I happen to watch your video many times to make sure I understand it.
@milliehummel Күн бұрын
Hi can I convert 20 k into my Roth IRA? Thanks
@marantz747 Күн бұрын
3 years no gains, regret this so much about to cash out and just take the hit.
@FinancialFastLane Күн бұрын
I would love the opportunity to discuss this with you. Please call my office to set an appointment 480-550-6556
@marantz747 13 сағат бұрын
@@FinancialFastLane Thank you. I did call. Lots of questions Thanks again
@topofthegreen Күн бұрын
If you take it early, you’re locked in at a low rate leaving money on the table.
@ishwinder65 Күн бұрын
Very inspiring...
@randomgrinn Күн бұрын
You are afraid it is going away...so you file LATER? How does that make sense? I can't figure out what you are trying to say there.
@FinancialFastLane Күн бұрын
Ward Council It will not go away. The worst case scenario is the benefits would be reduced by some percentage. If that were to happen it doesn’t change the claiming strategy. Here is a video where this is discussed kzfaq.info/get/bejne/bK52jNx41pjIgYk.htmlsi=e8D5isG0bN4q5D2B
@benetaue Күн бұрын
Need to introduce inflation projections .Most compelling argument today to defer untill 70
@OFFWIND Күн бұрын
Why did you not adjust the social security from 62 to 70 adding annual COLA increases? Your calculation differences in total funds received should be lower between 62 and 70 because of COLA.
@FinancialFastLane Күн бұрын
A COLA was included in all years.
@robertthompson5908 Күн бұрын
Nice video. Here’s an interesting thing: If you are eligible for both survivor benefits and your own benefits, but you have not started receiving either, then you can take survivor benefits even if your own would be higher, and delay switching to your own, say to age 70, in order to maximize your own benefit amount.
@FinancialFastLane Күн бұрын
Yes, true.
@channel367 2 күн бұрын
You have given me hope. Am 56 now and was in a middle of a crisis, thinking what to do. Now I have hope and that feels great.Thank you
@FinancialFastLane Күн бұрын
That's awesome! Thank you for your comment and God Bless!
@Werewolf0216 2 күн бұрын
Most these items really aren't ways to bring in more money
@FinancialFastLane 2 күн бұрын
True, here is a video about bringing in more money kzfaq.info/get/bejne/fbien5t_lZyuiKs.htmlsi=ubMwKnGqQS5ZKqF-
@robstephens 2 күн бұрын
Great video. I have a question. Say a worker and spouse decide to start social security at the same time. You stated that the worker would have to be drawing Social Security in order for the spouse to receive spousal benefits. In this example, would the spouse receive the spousal benefit for the start month, or would it start on the second month?
@FinancialFastLane 2 күн бұрын
As long as the spouse is over age 62 then yes.
@stevek343 2 күн бұрын
Live in your car and save, save $
@thetruth1446 2 күн бұрын
So I can put money in and let's say a emergency comes up in 1 year, I can pull that money out with 0 fees?
@FinancialFastLane 2 күн бұрын
Yes, zero penalties and zero taxes.
@comesatime123 2 күн бұрын
In your first example, since the elimination of spousal file and suspend, the optimal time to collect social security now is 67, not 70.
@500stoney 2 күн бұрын
Unless you are still working, drawing SS at the earliest possible date is an absolute no brainer
@FinancialFastLane 2 күн бұрын
Doesn't sound like you watched the video.
@ceebgabe3603 2 күн бұрын
I’m 63 and currently receiving a state retirement for life. I also work full time. However, I have not paid social security since 1998 and 10 months in 2006. The amount I would receive was around $700 at age 62 or $1200 at age 70. I could not live off that amount. I do have a retirement saving and I am set to retire again in about 5 years which would give me 3 sources of income without the social security benefits.
@fatcat6819 2 күн бұрын
Of course no straight answer for the best strategy, snd what is best age..
@FinancialFastLane 2 күн бұрын
It’s because it’s going to depend on your situation. There is not a one size fits all answer. It is surprisingly different for each individual based on their individual circumstances. The purpose of the video is general education not specific advice.
@fatcat6819 2 күн бұрын
Okay I have 150 k in investment and my age is 62, my fra is 67...what is the best retirement age please according to your books.i owe no home no property....Thanks
@FinancialFastLane 2 күн бұрын
@@fatcat6819 We cannot give specific advice through the comments section of KZfaq, but even so, I would still need additional information. Are you still working? How long will you be working? What are your income needs? What is your marital status, health, and longevity ? All of those come into play as well as taxes. Here is another video that you may find much more helpful kzfaq.info/get/bejne/qd-ddJlzy5nFk2Q.htmlsi=AVpK76CRuCU595js
@c46236 3 күн бұрын
If an SP500 etf returned consistently 10% rate in the last decade, Dave advice is feasible.
@FinancialFastLane 2 күн бұрын
I would encourage you to read the article that is linked and discussed at the end. The issue has to do a sequence a return risk.
@daviddavis9727 3 күн бұрын
I like the SS 😀
@gwenbardon6025 3 күн бұрын
I was trying to see what the break even point will be if I collect at 67. I only saw 79 if you collect at 62. Why not give the other stats? Curious.
@FinancialFastLane 3 күн бұрын
The break even point is very similar for each age. They differ only slightly.
@mattpecevich3749 3 күн бұрын
Best video on Roths on KZfaq!
@KimberlyWillowWood 3 күн бұрын
BanninkSolutions Asset Recovery You are doing honorable good work, Continue bringing these scammers to justice and pay back everything they've taken.
@yippie6862 3 күн бұрын
Question. What if I moved a 10 year old Roth IRA to another financial institution and also changed mutual Funds in it? Does the 5 year rule start from zero then? Thank you.
@FinancialFastLane 3 күн бұрын
No definitely not.
@misseyespy1 4 күн бұрын
Hi thank you. Yes avalanche automating payments is great months go by when I wouldn’t have paid it down. Tempted to do snowball but I have stuck to avalanche. Automation omg also is one of the main key to the solution . Thanks for your video
@Amy-hs1qe 4 күн бұрын
This is the best review of the topic I've watched on youtube. Thank you, one of your points confirmed I've made the right decision for me (despite getting advice to do the opposite when those giving the advice didn't fully know my full situation).
@augustwest9339 4 күн бұрын
When Pelosi was the majority leader in the House she was stirring the dust about ways to get legislation to tax Roth Accounts.
@rivitheadlab2523 4 күн бұрын
Thank you for your guidance and understanding of retiring at 62.
@dupaacct5956 4 күн бұрын
Your video is too confusing......do you have one for dumbasses? Too quick.....idfk wtf a cross over is.....fk it :/
@alessandromone9313 4 күн бұрын
This assuming that you do not invest 1 cent of the SS monies you have coming in from 62. I will take money as soon as I can,I do not trust the government one bit. I have a pension and 401k to draw up on, plus no debt at age 56
@FinancialFastLane 4 күн бұрын
Did you watch the video?
@KritTeekDeZigns 5 күн бұрын
Wow. A breath of fresh air. I'm 72 and both my husband and I are retired. Although I have an online handmade gift shop, only a mortgage note plus utilities, it is still a struggle. We're in the midst of trying to get my husband's VA benefits approved to add more monies to our current social security income. Believe me when I say we live pay check to pay check. God bless.
@Bitcoin_Gold 5 күн бұрын
Social security should never be taxed
@larryuw 5 күн бұрын
You can convert pretax Ira to 401k, and then do the backdoor conversion. In this way, all Ira will be non deductible.
@FinancialFastLane 5 күн бұрын
Yes! if you have an 401k
@casienwhey 5 күн бұрын
Two reasons to take it early, one, it's a sure thing versus the unknown of waiting. Two, you can invest it even if you don't need it right away.
@sanchezechenique8141 5 күн бұрын
Take it early!!! You never know if you will even make it to 79. lol
@FullAttach 5 күн бұрын
Of course the national averages starts at birth. Just because you make it to a certain age you don’t get to adjust your life expectancy. The average life expectancy for a male in the United States is 74 years old.
@FinancialFastLane 5 күн бұрын
Yes, you do get to adjust because your odds or life expectancy is longer for people already in their sixties.
@avag.1640 5 күн бұрын
Excellent. I want his book -NOW! Thank you so much! 🎉
@garyt-of6yb 5 күн бұрын
THE DEMOCRATS CONCERN ME!
@MetHerInBaghdad 5 күн бұрын
Solid video!
@familylifetoo9541 5 күн бұрын
Also depends on if if they invest right ? At 62 ...
@FinancialFastLane 5 күн бұрын
Reason #4 discusses the investing concept but if you are still working the earnings limit is problem. Here is a video on that kzfaq.info/get/bejne/pNmDicx6ra_RY58.htmlsi=yvrG7lnFEMq2Tzgw