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Are you nuts? Why would I want a puny check every year after 62???
How can you call social security a benefit? Something you pay for your entire working life is a right, not a benefit. What your forced to pay into a system without choice is not a benefit, but it becomes a right to receive not a benefit .
I have worked since I was 14. I will be 62 in July. I’m gonna take it and work a small job. I’m broken, mentally exhausted, i successfully raised two hard working kids. I have earned my benefits.
Did we really need 20 min ?
Strange not to account for time value of money.
We were all given the answers long ago, stay in school, no arrests, no tattoos, no out of wedlock children and save 15% of what you earn every year. Bingo!
Now do he break even if you die at 66… oh that is pretty easy math really.
I receive VA benefits for medical. Do I have to take Medicare when I apply for social security benefits?
Something important you forgot to mention is if you claim early you can use those monies instead of dipping into your other retirement accounts so you end up earning more money on your money
I have a lifelong friend who worked with the SSA for over 25 years. He told me to take SS as soon as l was eligible. I turned 62 last year and put in for my SS benefits a couple of months before my birth date. I've been receiving my benefits since the beginning of 2025. I also have a pension, so the SS benefits were like getting a raise. Absolutely no regrets. The key to a decent retirement is to get out of debt before retiring. I have no debt, and that is huge.
Subscribed! Very informative. I was aware of most of this but you do a great job of presenting it. I'll be checking out your other vids. Thank you!
Those are some pretty high age 62 benefits. The average benefit at age 62 is only $1400, so both members of this couple made an extraordinarily high amount of money during the course of their career to be so much higher over that figure. Definitely not your regular Joe and Jane.
What if taking social security at 62 pushes total income over the cliff for ACA subsidies? That’s my situation and will cost my literally thousands more in healthcare premiums. It’s why I’m not filing until I’m 65 even though I retired at 62. I’m married and my husband has a large social security check which is why. My age 62 benefit is higher than average for 62, as well.
SO CASH OUT AT 62 IS PROBABLY THE BEST
No social security payment should be taxed whatever.
Let's face it! The government would love to put your first year of eligibility at 95 years old!!!
I've had friends who retired and passed within 3 or 4 yrs. My brother died at 74, my father at 79. I'm 65. I took SS at 62.
@8:00
I'm going to be 62 in 5 months, and I can't afford to retire at all then. I have no debt, but it doesn't matter. Between what 401k says I'm projected to get at 67 along with my social security, it would be less per month than what I'm getting now.. and so even less if I were to retire at 62. 😓💔
All the people that say that they're going to be retiring at 62 can afford to. That's the difference. 😞
Everyone likes to scare. Vote red.
is there a penalty if one is receiving ss benefit and still working?
Feeling inspired after this. I've been thinking a lot about early retirement lately. Does anyone here have firsthand experience achieving financial freedom earlier than expected?
They got billions to blow all over the world but can’t seem to find any money to make SS solvent. It’s all smoke and mirrors. They took from and never paid it back. Pay it back!!!!
Video's like this one should be removed from YouTube. I can't think of any legitimate reason someone should collect SS at 62. Your check will be tiny unnecessarily for many years.
Is anyone paying insurance after retirement… is it affordable??
It has never been a good idea to collect at 62. If you didn't save enough to collect at 70, you'll need to delay retirement.
No worries,I’ll just start a fake daycare in a democrat city
If you plan to retire early and mke Roth Conversions from IRA and 401k, then delaying SS until 67 can be a smart move. Of chourse you would need bridge financing until 67, but this could be planned for.
I'm going to delay SS as long as I can. Since my AF retirement will stop upon my death, I want the survivor benefit (guaranteed income) to be as high as possible. I consider this to be similar to an insurance policy. In the meantime, I'll use my portfolio to help bridge the gap.
At 62 you get roughly 70% of your full benefit. At 70 you get 124%. Every year you wait your benefit grows 8%, guaranteed plus inflation. For couples the math matters even more. There is a 50% chance at least one spouse makes it to 90. Why is this so hard to understand?
Have pension,have 401k, two small IRA 8,000 each. Then Social Security.
Nice job 👍
Social security would have plenty of money if they would just raise the wage cutoff point to $500,000.
I'm a couple of yrs older than my husband. I got my 1st payment recently!!!
People forget that SS runs out of funding around 2032. Take SS ASAP!
I understand life expectancy, but the problem they don't address is your ability to enjoy life. We won't be as active or mobile at 80+ as we are prior to that age. Most won't have the bills later in age that we have now. I don't use life expectancy for this, I use ability to enjoy life and be self-sufficient. If I project to be 95, but have issues at 75 and can't travel to enjoy my benefit. This is where I find we need the break-even to be based on self-sufficient mobilty and travel versus just being alive. If I can't be self-sufficient at 75+ and delay until 70, I can only enjoy 5 years of social security before I'm hampered. Why not draw at 62 and enjoy self-sufficiency and mobilty rather than waiting. Everyone gets hung up on the total amount at the end versus enjoying it rather than looking at it. I honestly don't think I'm going to be that mobile at 80-85 as I would like to be based on current health. Why would I delay? If I delay, I run the chance of having the larger monthly amount, but unable to fully enjoy it. My break even based on projected health and mobility, predicted using a cracked and cloudy crystal ball, is 83. This is what should be used versus when you die. Using death makes the assumption that you're going to be as mobile and self-sufficient then as you're now. I believe this to be a huge flaw in this discussion.