Title | : | 5 GOOD REASONS to File for Social Security at Age 62 |
Lasting | : | 15.46 |
Date of publication | : | |
Views | : | 3,1 jt |
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Professional Social Security Analysis and Strategy Report || FOR MORE INFO wwwsocialsecuritylanecom/ Comment from : Financial Fast Lane |
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Very good presentation, thank you! I'm a few years away, but I will claim at 62 The extra money I would receive in my 90s? Who needs extra money in their 90s? I need it now :-) Comment from : Robert GulfShores |
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Just Marvelous! Comment from : Roma Victor |
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This is one of the best and most simple explanation I have ever seen on thiswell done, Bravo! Comment from : Stewart Powell |
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I waited til 67 and am so glad I did I had a good job Had 5 more years to Jack-up my 401k and pension Now the extra money is really needed Don’t buy the BS to take a pittance at 62…chances are you’re going to live a long, long time in retirement and you’re going to need the extra $$ Comment from : Jack King |
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Interesting Two former Social Security workers in my home town have a business that consults people on Social Security benefits They almost all ways recommend taking it at full retirement One reason was it will effect your Medicare premium Especially those who can receive benefits at age 62 Unless some one has a short life expectancy Comment from : p47rr |
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Deal breaker is loss of health insurance in retirement at 62! Comment from : Henry Cook |
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if you look at the obituaries daily sure doesn't seem like over 80 is very reliable Comment from : D dfdefea |
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Thanks! Comment from : Hot Tub Sauna Shop |
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I plan on taking my social security at 62! I'm going to LIVE IN A VAN DOWN BY THE RIVER 🎉 Comment from : Mark and Rita |
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I can earn more than $21,000 per year after 62 So now if I exceed that amount I may get my SS suspended for an entire year, or I receive a percentage of my over earning over the course of 9 years? STFU! Comment from : Euchre Player |
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Every ones situation is different , most videos try to scare people ,in other words check it all out Comment from : Robert Kostoroski |
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My Mom did what the experts told her to do She worked full time at a stressful job along with a demanding bossShe worked till she was 67 which was her full retirement age 1 1/2 years into retirement she was diagnosed with non hodgkin's lymphoma She spend the next 1 1/2 years going to Dr's appointments, having blood drawn, filling prescriptions, receiving chemo,radiation and fighting for her life only to live to 70 years 2 1/2 months She feared she'd outlive her money She left 16 mil on the table If you can afford to take it at 62, by all means take it Nobody is getting any younger, The older you get to be in retirement, the less energy and interest you will have I'm 59 1/2 and taking mine on my 62nd birthdayEnjoy life and live for today Comment from : ZX-14R BROTHA |
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62? I can't (based upon my birthdate), until 67 Comment from : 4himsanctified |
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Outdated system Should only be based on what you put into it Comment from : Amari |
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The crossover is actually later if you assume the payments can earn some return, as when there is other income to live on, or they keep working Comment from : Michael Latta |
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Lets not forget the cola increases you receive My friend had to retire at 62-1/2 due to health problems and loss of his job pre Covid He was getting lass than $1k, now 5 years later at 67 is getting $1280, and an expected cola increase in 2024 will put him over $1300 He never caught Covid and is happily retired He won't be able to live alone, but he's ok with that Worst case, he gets a job and earns enough to support himself alone, since he is past his FRA and can earn what he needs to It wouldn't be easy, but doable Comment from : Cris |
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Consider life expectancy Comment from : Epati Lilio |
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Thank you! You explained very well in 15 minutes the pros and cons of getting your social security early and late I appreciate it! My hubby will be retiring at age 63 and we plan to do a lot of traveling This was very helpful with many points for us to consider Thanks! Comment from : Anchor Moments RV |
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I worked 34 years and 35 years I'm filing -62 I don't care what they say ever have two people don't even make it to age 70 Comment from : Jessie Harris |
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There is no reason for all of this BS!!!Your income was already subject to Tax when SS was being deducted from your paycheck So, taxing SS income again is indeed double tax!!!The complicated tax system is designed to keep the average person confused, and allow big business and the very rich to use write off to avoid paying taxes!!! How and why this happens??? It is because the people who make the tax laws in congress are getting Bribes (Campaign Contributions) from Big Business and from the very rich And it looks like we cannot do much about it Comment from : The Owl |
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But if your still working this is irrelevant is it? You'd lose most of it as you'd still be making a lot more working and yous be penalized Comment from : DeepSeadweller |
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I don't see where you have factored in the time value of the dollars received from age 62 to 70 in your example As you mentioned if you have IRA or other retirement assets or a life time pension to draw from, the social security benefits can either be invested or alternatively, your IRA or other investments that you otherwise would have spent will stay invested and grow between age 62 & age 70 The $250,000 figure you reference having accumulated at age 70 by taking benefits at age 62 would have grown to be worth a lot more than the nominal dollars in the example Even assigning a nominal growth rate of 5 annually to the social security benefit stream of income when invested vs being spent will push out the break even point to around age 84 The analysis treats a dollar of benefit earned at age 70 as equal to a dollar of benefit received 7+ years earlier at age 62 At even 5, that dollar at age 62 is worth over a $140 of benefit received at 70 based on the Time Value of Money concept Comment from : ParadigmTableGames |
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I suggest claiming your SS early because it grows overtime anyway! Appose to waiting and you run into a medical citation and do not survive god forbid, so at 70 you won’t enjoy your money! Comment from : MyBoldTannedSkin |
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Yes, lock in the lowest monthly check for the rest of your life At 62 if you need more $$, get a job At 82, good luck with that Sure, some die early and draw nothing, or not much But others are much older and stuck with a very low check Comment from : thifty bill |
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Thank you for this information I am pretty savvy when it comes for finance but social security always boggles my mind Comment from : FWW FLA |
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But, if I collect at age 62, I am limited on income from a job At 67, no limit on income from a job Comment from : Bob Wiley |
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Answer me thisI work 5 more years, earn $700,000, or retire now and draw $200,000 social security in those same 5 years??? Seems kind of dumb throwing away $500,000 Comment from : djlhobbies |
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I'm Soooo confused I do not collect ss or any other gov't monies I'm 62 Haven't worked (put anything in to ss) in decades due to an injury After being denied SSA, had to open my own biz in 2022 Planned to work til I drop Wife's been working steady She's 66 Was told I could get 1/2 her ss if I wait to full retirement Naturally, when I go to do that in 5 years, they'll say that's not a thing you can do Any simple advice? Comment from : Dbf Crell |
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Thank you for great advice Comment from : Thomas Davis |
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Retirement out of US Make your money go farther America to expensive to retire for the normal people Comment from : Andres parker |
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IF you retire at 62, what do you do for health insurance before medicare at 65? Comment from : DiAnn Cardona |
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This guy is giving you the straight scoop I worked until 67 Waited until 70 to max out my benefit Now I’m in fat city! Comment from : gary goudeau |
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I retired at 62 and they still pay me to stay away! Comment from : Robin Grattidge |
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I WILL FILE AT 62 BECAUSE NOT SURE IF YOU COULD LIVE TO 69 TO COLLECT 😊😅😮😅😊 Comment from : GIANG NGUYEN |
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If I’m die now my wife only 50 and my kids under 16 can my wife and the kids start to collect Comment from : No Mai |
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What do those who retire at 62 do for medical insurance? Thank you Comment from : Tammy Johnson |
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I retired age 62 five years ago and my social security has increased by half since I earn 4 times my current living expenses And I only worked 12 years between high school in 1973 and 2018 when I retired Comment from : Gary Palmer |
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Right on I'm 61 and a nurse Can u talk about the chance of putting the Xtra money I make into my IRA and if so is there a limit🎉 Comment from : Deanna |
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What about the fact that ss will likely impose a reduction in benefits paid due to insolvency coming in 2035? Comment from : 1 2 |
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Not after the toxic experimental coor injectables, life expectancies sadly may be less than that chart Comment from : Tamjam2011 |
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Good analysis with supporting statistics What you aren't accounting for is the probability of the government changing Social Security policies (which will always be detrimental to the recipient), which is more of a risk to those that wait to file than those that file early Comment from : BillyCrash |
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Im 61 and have a state retirement and also own my own business Really not sure what Im going to do Business is easy money and I really dont work hard at all and still do whatever I want to do Good problem to have I guess Comment from : sa |
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If you have money from a pension or 401k I think you should claim early but if you don't have those things you need to work and collect as late as possible because you can only make so much money while collecting at 62 Comment from : Part1 |
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Honestly everyone should retire at 62, Who knows if america will give social security for how long Claim early and invest yourself, your money and your control I will definitely encourage my parents to retire early I have helped them with maxing out roth as well My dad have overworked himself and he is handicap too I told him, hey don't trust government at all I will make sure he lives his life to the fullest Old man has done a lot for me and my brother Comment from : nik maknojia |
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The takeaway from the comments is that most people who take it early have some kind of savings/retirement/pension For those who live in major cities with a high cost of living, the difference (described by some as “negligible”) would be the difference between affording food and needing additional support It is ideal to spend this stage of life not tethered to one’s job Thank you for the guidance Comment from : Erika F |
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I'm an "evil" professor, so I don't get Social Security I will never be able to afford to retire Comment from : D O |
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The government is betting that you will die before reaching full retirement age What better reason to start drawing out your money at 62 You want to leave it to corrupt Joe and his money spending democrats? Comment from : Scott |
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im 61 in july ill be 62 if I sell a rental property l valued at 900k will this hurt? Comment from : PAPA JOE |
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I am 60 years old and I keep investing without having to worry about my retirement benefit because my future is secured I have a guaranteed lifetime income on top of my SS that generates a steady stream of retirement income and future growth At an early stage When I was investing by myself, I had great losses For every stock that I bought, I was out of luck because I bought them when they were expensive I feel I missed out on all the stock opportunities so far for the tech stocks until I met my financial advisor who helped me with a new investment plan I started with a modest portfolio of $70,000, and within just a few months, it has skyrocketed to over $645,000! I have made an excessive return in the past years Thanks to my financial advisor Jacqueline Kobinski I will forever be grateful to her Now I have a staggering amount in my portfolio All I have to do now is live, travel, and enjoy the rest of my life Comment from : Marian and Rose |
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what does that mean????crossover point? Comment from : TreeHugnHipi |
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I can see on your chart 77 1/2 is the breakeven point, there is no Flippin way id wait that long to collect Social Security While longevity is in genes I am loving it and I collected it at 62 while it’s only 70 of the maximum allows me to join my life, traveling, and not pennypinching I have two houses for equity to fall back on if I need senior care and my house is paid off My 70 amount pre-tax is 2232 a month Comment from : Foster Smith |
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when can I file "spousal benefits"? when my ex-husband applies for his Social Benefits or when I turn 62y? he is 2 years younger than me Comment from : Silvia Maria Feischl - The Baby HOLDER |
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I dunno My grandparents and their parents and grandparents lived to their 80s and 90s Looking through records I have found that it was not uncommon for people to live to 95+ That is if they didn't get hurt on some farm implement, or like one grandfather, die of alcoholism/liver issues brbrI just read where "cancer" was never really a thing until vegetable oils were introduced into the American diet Plus, I'm guessing all the other manufactured foodstuffsbrAnyway, I find that many people today are dying at younger and younger ages due to various toxic substances introduced, plus less sweating fromworking, etc, and just too much loafing Comment from : Amy |
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How are you handling health insurance before hitting 65? Comment from : Emilio Corsi |
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MY wife pass in 2010 she worked 20 + years i just turn 60 and worked 37 years wat is spouse survivor works Comment from : jaime camelo |
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You’re aging very well & your dad was very handsome 😍 Comment from : Rosemary Ramos |
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Ur a predator! Comment from : Jerome Dodd |
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How do you predict life expectancy? I know quite a few that suddenly die of heart attack with no warning, family members diagnosed and die of cancer Can happen anytime Something to consider Comment from : magic2506 |
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It is always very helpful to listen to a smart person Thank you Comment from : Gail Sea |
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What happens to your SS benefits if you want to work past "retirement age"? That is, if you like working at least part-time and can draw a modest monthly income, can you still claim SS at age 70, 72, or whatever later age? I figure on trying out a job or jobs that I'd like doing, meeting new and interesting people at work, and just enjoying a daily routine of helping other people (and, of course, still getting paid for it) Comment from : AEOlvido |
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I’ll be 63 in 3 months I haven’t worked, on record, since 2010 Will that affect my SS in any way? Comment from : Eagle 2 |
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I started drawing at 62 My dad never got to draw a penny Some have mentioned it, but if you can, take the money and invest it: stocks or even real estate Enjoy life while your health is good, but be smart about it There are a few angles about when to retire during the year, so talk with others and watch lots of videos Its your decision so invest some time to learn My cross over(break even point) was 78 years and 10 months I don't know that I will live that long even though I have always considered myself in good health Play with the dollar numbers that social security will give you Figure out your break even point age My situation was simple Everyone's situation is different so do your homework and look at all angles Comment from : Tom Palmer |
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I had kids late in life and will have 3 kids in school when I turn 625 The dependents allow me to collect more but I can't afford to not work since I will have three kids in school Does SS doc me for having income? Comment from : Chuck Hall |
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Most people don't get to make the final decision on when they retire Bad health of themselves or a spouse/relative, or being pushed out by an employer sometimes make it impossible to work past FRA Comment from : T&L W |
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This guy is so slow with his explanations! Pisses me off Gonna try another site Comment from : Stephen Patterson |
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One great reason to wait until 70: great health and lots of nonagenarians -- and a centenarian -- in the family tree Comment from : John Eldon |
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My husband filed for SS when he was 62 He passed away a year later You never know what is going to happen to you Comment from : Portia Brown |
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My sister in law retired age 65 and died on her birthday and never got to collect a single check Comment from : Kimberly Griffin |
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With the emerging geopolitical world, I have told my dad that it behooves him to retire as soon as he becomes eligible I will forward this video to him, hopefully, he will be prudent, he is greedy, so Comment from : Commonsense the Cynosure |
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Open a Private Non-Statutory Irrevocable Trust with "Team All Trust" and gain privacy and freedom Comment from : M M |
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Great explanation of this comparison One thing that wasn't mentioned is with having a 401k, that money is still being invested and continues to grow as well, presuming that is being done So the well isn't going dry, at least not fast if you have invested in a 401k Also, as you get past 80, note how much spending those over 80 are doing, like my mother who is 88 Other than, groceries, taxes and utilities, insurances on home and a vehicle, it isn't a lot of spending It isn't as much as in those in their 60's While still accumulating money through your investments, shouldn't that spending curve drop, which means your overall accumulative number should go up, right? Comment from : Kevin V |
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When to file for Social Security benefits depends on a few factors that most people should be able to figure out #1 how long do you plan on working and the age of retirement, when I retired at the age of 62 i worked at the Department of Corrections for 41 years And prior to that i had worked a few years both part and full time so i paid into SS for just over 43 years full time, my job in Corrections was demanding mentally and physically and at the time that I retired my pension would have not increased much had i stayed in for another year or two my SS benefits would not have increased much in this time so fo me it made sense to retire It was the end of August that I retired and in less than 5 months the world changed because of covid so I got out just in time, #2 how much would Social Security benefits be a part of your retirement, if it is to be the main source of income it pays to wait as long as possible to collect for myself Social Security benefits would supplement my retirement income and my pension benefits would be my primary source of income, between the two and my savings my monthly income is about equal to what I was making while I worked, now taking SS at 62 did reduce my benefits but by the time i reached 67 in that 5 years time I would collect 110 thousand dollars my age that i would break even would be about 77 years old, had i not taken Social Security benefits at 62 i would have had to take a part time job and after working in Corrections for 41 years that is something that I did not want to do and with covid being such a big problem for the first few years of retirement it did not pay for me to put my self in a position to infect my self, also because of my pension and Social Security it allowed my wife to retire at age 62 Comment from : James Mlodynia |
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How does the spousal benefit work? My wife has already been getting SS since she is older If I take SS at 62 will she get more SS? Comment from : Michael Stetzer |
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The idea is don't depend on SS checks Comment from : Stoptechaccord |
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Thanks for giving reasons to collect SSA & reasons not to collect SSA informative Comment from : Joab Cochrane |
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Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family Comment from : William Ethan |
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To understand one's breakeven point a discounted cash flow analysis must be employed, meaning the point at which present values of discounted cash flow are equal The results will of course depend on the assumed rate of discount but the results will be substantially different at any reasonable rate Of course impacts from income and taxes should be considered as well I would also consider the possibility of partial government default in inflation adjusted terms at some point in the future Comment from : PNWcruiser |
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if earning passes $19560, is the ss of $1,098 included in the earning income? Comment from : Maria Konishi |
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if i keep working making $25,000 a year, filing at 62, i will be receiving $1098, total income will be 26,098 yearly, how much tax will i pay? Comment from : Maria Konishi |
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If I claim early i can't make more than $40,00000 per year without decreased benefits? Comment from : myles prior |
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I am almost 59 now I make about $52,000/year (gross) I would like to semi-retire at 62 where I would drop to part time status which for me would be about 2 days (10 hour shifts) per week, to retain some healthcare benefits, but I'm afraid I'll be over the $19, 560 per year limit working even part time How could I possibly make this work? Any ideas from anyone that has worked some even after retiring early? Comment from : Greg Kisinger |
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The crossover point is usually around 80which by crossover I mean, that is when you get to meet your maker Comment from : Trevor Regay |
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Reason 6: Get the hell out of a job you dislike that's draining the life from you, and start enjoying the years you have left Tomorrow isn't guaranteed! Comment from : Wil OBrien |
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Great Video, thanks My questions is this- if I decide to claim at 62 and work and earn over the 21,540$ yearly limit and take the 50 reduction penalty for it, does it benefit my SS claim later on? and is there any information focusing on the specifics Thanks in advance Comment from : GRpd24 |
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i would think 5 reasons why you should not collect early on reason # 2 would be if you were able to save adequately and not depend on SS??? Comment from : Southern Cal |
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As far as working as long as possible so the surviving spouse has more income, doesn't it matter when the wife files for the spousal support as apposed to how old the husband is when he files? For example if she waits to file when she's 67 even though the husband filed at 62 she gets the full amount? Comment from : Angie Mad Cat |
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The only question you need to ask yourself in planning for when to take social security benefits is "when do you plan to die?" From here, it's just an exercise in mathematics and a direct function of how well you planned for your retirement while you were working If you plan to die after 80, you will want to defer benefits as long as possible, especially if you plan to live on beyond your 90's Comment from : Bob Calder |
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Great info and food for thought, good volume, calm & peaceful delivery, great visuals Liked that you presented on both sides: get it now OR wait to get it Liked the feedback in the comments too! Just need to give a clear explanation of what you mean by "break even!" Comment from : speakrighttogod |
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