7 GOOD REASONS to File for Social Security Benefits at Age 62

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Title	:	7 GOOD REASONS to File for Social Security Benefits at Age 62
Lasting	:	9.05
Date of publication	:
Views	:	3,5 jt

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get 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 : Ronald Ryan

5:20 — Average life expectancy of 78 years is reasonable, iif you’re talking about life expectancy /ibiat birth/i/b , the usual way it’s quoted brbrHowever, the statistics improve considerably, to well over 80, when you’re already in your 60s!brbrThat makes sense, because life expectancy at birth has to account for infant mortality risks, for example We’re way past that, so the average is higher
Comment from : Gary Morrison

How as a financial planner do you miss the time value of money when comparing taking SS at 62 and 67?
Comment from : Curt Fritz

You have clawback to consider if you are taking BEFORE your FRA None of the analysis considers clawback We're all taking a chance no matter when we take it Use your best judgement and JUMP!!! Good luck to us all!!
Comment from : butopiatoo

The only thing in life not guaranteed is timeI'm taking SS asap when I reach 62
Comment from : las347

Don’t forget to mention that at 62 you are not qualified for medicare yet
Comment from : Karl Bryant

Excellent Video A+
Comment from : Clark Pitts

Nonsense! I retired at 70 and know many people who retired at 62 and are now back to work because they can't make it on the reduced benefits A huge mistake and a horrible one Can you imagine 8 years later and looking for a job to just be able to get by at age 70?
Comment from : Auntie Nonimous

Wouldn't Obamacare kick in if you retire at 62 and have lower income? I struggle when people tie medicare to retirement when one can get subsidies depending on the state they live in
Comment from : deb s

After working 61 grueling hours a week for a snack food company my husband will retire at the end of the year when he turns 62
Comment from : Sherry Davis

You paid into it your whole dadgum lifeIma start getting mine next year at 62 by golly! No man is promised tomorrow
Comment from : lil poohbear

i waited until full age because i did not need the money and so glad i did wait at 62 i would get $1,827 and at 66 1/2 years i do get $2,741 so what do you think now ??? am i smart or dumb ??? lookin at $21,928 vs $32,892 a year, well what do you want ? the big money or the little money ?? i think i will live a very very long time, i hope
Comment from : John punch

Hes not talking about retiring, hes talking about filing for SS
Comment from : PNWSCOTTY

$ can easily double every 1`0 yrs with investment SS$ will be investment money for me so I will take it at 62 and by 72 the value of the money I took at 62 will be the same, I will just have more checks and early This variable is NEVER talked about and should be
Comment from : Trudi Clark

Why are you referencing "last income level"? Last income level is not used to dlcalculate social security payments as far as i know They use average of highest 35 years salary
Comment from : Gordon Van Amburg

I was an unexperienced stock trader and i lost over $30K when everything started to tank Not because I was in an exchange that went belly up I was just stupid to hold and because that's what everyone said I'm still responsible It just taught me to be a better investor now that I understand more of what could go wrong It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $5k profits weekly Thanks so much Mrs Brittany Utley
Comment from : William Walters

Go away Your advice is not exactly right
Comment from : Llo]Chop Slater

Full retierement at my age is 66 So this video is totally invalid
Comment from : Jim Lang

Please quit swallowing so loud
Comment from : B B

You are never going to "LOSE" for filing early You may MISS on getting bigger monthly payments, if you live longer However, if you know how money works, you will have a lot more money early TO MAKE MORE MONEY WITH IT, when you start early
Comment from : Anne Marita

Does your breakeven analysis assume that people work up until the point they retire? Or does it assume that a person retires at age 62 but defers collecting on Social Security until FRA or 70?
Comment from : Angela Goldman

How much should my wife and I plan to have in 401k/savings in addition to social security?
Comment from : JFC

Inflation at 9 with Joe Biden in office, is eroding future buying power with your social security benefits You can bet Uncle Sam wants to bump off all the tail end Baby Boomers and get them off of social security, ending up dead with poor medical care, and pushing up daisies instead, to free up more spending money for the Democrats to spend on useless programs benefitting illegal aliens, for more Democrat votes
Comment from : FeloniousMonk304

MAD Skills University | Learn, Grow & Help Others!

This great, too! I just saw your updated one: Social Security at Age 62, 67, 70 | Pros and Cons of Each You should link it Both videos taught us a ton! Thank you, again! I did not know that SS, pensions, etc, are protected, so if you have credit card, medical or other bills, they cannot garnish your retirement funds This happened to someone I know, and sure enough it was true To get the creditors off her back, she hired a lawyer to send them a cease and decease order Done! Thanks again
Comment from : MAD Skills University | Learn, Grow & Help Others!

It should make no difference what your income is everyone should get the same amount if you put 35 years of work in,the whole system is a scam total bullchit
Comment from : Ray Osullivan

I had planned to work to age 70 At 67 my wife's health changed and that changed my plans At that point I was wishing I'd retired at 62 She died 6/1/21 we only had four years to enjoy being retired together
Comment from : Mark Goostree

One good reason not to You are trying to control your income level to reduce taxation because you are performing Roth conversions from age 60-70 because the 10+ year bull market was 'too' good to you and the RMD tax man with his wife IRMAA is coming for you later in your 70's and 80's
Comment from : peter

You didn't factor in the COL increase that's added It goes by the federal cost of living increase fir inflation Mine went up about 8 last year Another factor to put on your chart Thanks for your videos!
Comment from : jim nicholson

Thank you, Stuart! I loved your song Big Country
Comment from : Hail and Fire

so if i take social security at 62 will i get my full benefits at 67?
Comment from : Keven Reynolds

What about if you're single and born in 1964? What about Medicare benefits?
Comment from : Perry Skye Phoenix

At 62 I will take it early and enjoy life we are closer to death
Comment from : Johnnie Gonzalez

I thought you needed to be 67 to collect SS for anyone who was born after 1960
Comment from : pmaint1

Oh I desperately need assistance- any chance of hiring you ?
Comment from : MLC Barres

My family has a history of passing in their 70s I have been diagnosed with Coronary Artery Disease I'm eating right, exercising, and basically doing everything I can to stay on this side of the Bridge, but I don't know how long I have None of us do I retired from the Federal Government at age 59 I'm under 62 I don't plan on taking SS right at 62, but given my family's history, it would be foolish to wait until FRA of 67 or later
Comment from : Thullraven

There is no discussion of taxes on Social Security in certain states as in my case I went for 9 years from 62-71 because I lived in a state Washington which has no state income tax now living in Kansas state I have to pay income taxes because I have other income such as pension and IRA withdrawls
Comment from : Wayne Good

Am 58 retiring next year but the thought of retirement keeps me worried My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen It’s so difficult for people who are retired and have no savings or loved ones to fall back on
Comment from : Tommy

The Most Important Variable Is? The Cost Of Living From 62 To 78-1/2? The Rents Will Increase, Food Prices Will Increase, Taxes Will Increase, The Cost For Everything Will Increase And? The COLA Given Each Year? Usually Doesn't Cut The Mustard However? The Choice Is Yours 🤔🤔🤔
Comment from : commonman80

This was the best breakdown I have seen on this and I have seen quite a few
Comment from : Barry

Investment in stocks is a great way to invest your money The team is constantly checking the market for changes and make sure that you are always informed about the best time to invest As a result, I have made more money than ever before, and I don't have to manage my portfolio on my own! Invest in stocks, it's worth it!
Comment from : Laila Alfaddil

I am receiving SSDI, and my wife is planning to file for early SS in 2025 How does this works for a marry couple?
Comment from : G & J

All my drinking buddies in Cambodia are 62ers
Comment from : Ed Gregory

Take it early and enjoy life Your RMD's from your 401k should supplement if you saved and im assuming by now your mortgage is paid
Comment from : Balthier

Last yr i grossed $60K but after All deductions, taxes, Roth 403b healthcare ect i net $31K! I ONLY Bring home Half of what i Gross! 20 goes into Roth 403b but i cants access it yet? I will get Pension and when i take SS it will be More than i am living on now! Unfortunately the Pension is frozen - no COLA? So i shud be avle to afford better cat food? 61, single so i dont need to leave a lg Legacy? Retire July 4tg🎉 will work Part-time w full Health care until i dont want to anymore?
Comment from : Joseph Juno

This information is outdated
Comment from : Dean Carrico

A reason to wait would be - money in 401k, Real-estate, pensions etccan be lost to lawsuits, theft, divorce, bankruptcy etchoweverSS cannot be touched or garnered and is a guaranteed source of income This is rarely discussed
Comment from : James L

As of 2023, in our luckiest country downunder, the life expectancy 8394
Comment from : Catherine Prendergast

Yr smile on title pg is inappropriate! Yr not announcing a lottery winner!!
Comment from : Bill Kramer

Took it at 62 Am now 72, not sorry at all Who knows how long I have left This is the reality of life
Comment from : Spot4art

In my not so humble opinion, the only time I would not file early is either I'm still working and enjoy what I'm doing any make over the income threshold or, using this example, the potential loss of $500 per month if I am still alive after 78 would not allow me to live comfortably If getting $500 less after age 78 would not hurt my budget, than why worry about it when you can retire 5 years earlier and enjoy retirement when I'm younger
Comment from : Tony C

Videos like this could be helpful, but instead they pander to weak seniors Resist taking a check at 62 You will regret this decision later
Comment from : Lee Reader

Pretty cool! I'm going out at 62 If I wait until 65, I will leave behind $135,900 It will take about 9 years to recoup that $135,00 if I file at 65
Comment from : Frank Wells

Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy I'm curious if people who went through the financial crisis in 2008 had an easier time than me right now The stock market is making me really worried because I've lost over $ 27,000 in just this month and I'm not making as much money as I used to This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings
Comment from : Tom Nolan

To be honest most americans ( nearly 80) live well into their 80sbrWhy retire and claim SSI and become a very poor elderly later in lifebrIsn't SSI is for very last part of life when we are weak and cant work or move around much but keep livingbrSave your money for later in life❤
Comment from : ABC

This totally assumes that you die at a certain age My family members all live until their 90s so sorry I totally disagree in my case Waiting as long as possible to file or social security
Comment from : Marcia Lome

No good reasons unless you want to lose a whole lot of money
Comment from : Marcia Lome

I filed at age 62, (in 2020, as I thought I would retire) and my benefit was $1,430 monthly, but after a few months I decided to not retire and went back to work full time Now, I'llbrbe "re-filing" in January 2024 at my full retirement age (66 1/2), and I'll get about $1,800 monthly, as I've earned a lot and paid a lot into SS in the last several years I'll be moving brto The Philippines, and that $1,800 is BIG money over there, also I'll be collecting about $900 monthly from the interest on my savings, and as I can earn up to $59,000 yearly, brwith no penalty applied to my SS benefits I'll be working about 50 hours monthly (for a US company) earning about $1,600 a month, which I'll just add to my savings, and with brmy plan I'll be able to live VERY well (in PI) just spending my $1,800 SS income, and easily save over $2,500 monthly, increasing my (starting) $220,000 savings to over $380,000 brin five years, so I feel pretty secure in my (retirement) financial future
Comment from : CD Morrissy

Why non-immigrant spouse like me are being deducted by Social Security Administration and Medicare which are claimable after 60 years of age???brbrWhat is the point of these deductions when I am a non-immigrant spouse???brbrIn case I will get deported how I will claim that benefits???
Comment from : Goldy Baroa

How much are your “free” years worth between 62 and 67? I would argue they’re priceless
Comment from : John Bruenn

Here’s the worst case scenario - leave the US You can have a MUCH higher quality of life becoming an ex pat
Comment from : John Bruenn

Im 63 and lost my job having trouble getting another job due my age I need the money now but I would still like to work if or when I can find another job Does filing early mean Im barred from future working?
Comment from : Faith Matthews

And if u die before filing you get 0$
Comment from : mahfugga

Sad thing is in my 20's I thought 401k was a government scam and a single mom on pay check to pay check So now at 63, and I'm about to lose my job due to changes and my job is not the same NOW WHAT?? 63 only receives $990 Who can live on that? Finding a new job is not working I've been looking for a year now!
Comment from : Karen Graham

Investing in the stock market is the best option to make a passive income Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio
Comment from : Green Quake

I have to work till day I die so Ill wait till 70 and get max
Comment from : Stephen Husak

Elder people should retire already and stay at home! It looks horrible when I see old people working with bad health condition! brbrAre these elder people suffering with so much debts in America that they still keep working despite of their old age? 😂😂😂
Comment from : Goldy Baroa

Inflation, government clawbacks, government changing of the rules, all these factors impact your return or even IF you will have a return You're counting on a false narrative
Comment from : wtopp345985

Collect before full retirement age and the gov't deducts some of your benefits if you earn more than the current threshold amount That's $1 taken for every $2 you earn over $21,240
Comment from : Barney Fyfe

Invest and gamble rather than taking a sure thing? Good luck recouping that money when you're retired The least successful investors are those who do it on their own Those with brokers do only marginally betterThe MOST successful investors are members of Congress Insider trading
Comment from : Barney Fyfe

Can anyone tell me why would I file for benefits at 64 while still working?
Comment from : Lawrence Cisek

Easy choice for me and my young Wife and our 7 year old Daughter My Wife was a non working Mother so following the rules of the SSA I drew my check and she drew half that amount and my Daughter also drew half that amount Basically that meant we as a family drew two SS checks until my Daughter turned 16 At that point my Wife lost her half at 18 my Daughter lost her half When my Wife turned 62 she filed for spousal support which made our combined SS income $30,000, my retirement amount from the military and minimal IRA withdrawals is $40,000 $70,000 a year with house, cars paid off makes for a good life I am 85 and still getting up every morning looking for something to do I hope the upcoming generations can be as fortunate as we have been Life in America today looks scary as far as the ones who have to pay for the destruction of our economy Our Grandkids will suffer from the failure of this administration and their insane wasteful spending and unlawful taxation
Comment from : Steve Farris

CORRECT
Comment from : Michael Piwcewicz

Has anyone calculated the SS cuts of 20 that are projected to happen around 2034? This makes me think that retirement at 62 in 3 years might be financial beneficial to me if SS benefits are going to be cut down the road
Comment from : Lisa Pfettscher

I was way ahead by filing at 62 because I still had children under 18 for which I received checks for every month until they were 18 Had I waited till I was sixty-five I would have missed tens of thousands of dollars
Comment from : P G

62, Forget about all the babble
Comment from : Juggles Dimensions

At an inflation rate of what the CPI fake numbers say is 6 getting dollars worth less in the future is not attractive COLA does not keep up with inflation
Comment from : Elon Musk Ox

And you leave the money you have invested alone, instead of using it as a revenue stream 7 a year compounding really adds up
Comment from : Brian B

reason #8: they might go bankrupt!
Comment from : Shelby Indiana Jones

I will say this and I'm outta hereI waited until 70 and deeyham glad I did My buddy is getting a little over 1100 a month He took his at 62 I am getting about 3400 a month Hellava difference huih? I know everybody cannot wait But if you can, its well worth it CHEERS!
Comment from : Michael Wright

First off the Republicans just said that they will be cutting everyone's social security benefits quite a bit all because of Kevi McCarthy He still doesn't get It does he He is the reason why so many Americans are right now struggling to pay their bills and put food on their tables He doesn't want to help us who are on social security he is just laughing at all of us We should not be denied our social security benefits and we should be getting a big raise this year like say $2600 a month to help pay for food and our bills and even that's not enough
Comment from : fred reed

Minor point but the life expectancy estimate is wrong At an attained age of 62, life expectancy for a man is about 21 more years and 24 for a woman
Comment from : David Mark

Nice video - life expectancy should be done for those that are already 62, so 82 for men and 84 for women are the current expectancies However, there is also what the money can earn in the first 5 years (for example at 62 vs 67), so when factoring this in breakeven is around 82 With today's higher interest rates there is definitely more value in taking early and leaving the money you would have to withdraw earning 4-5 guaranteed income
Comment from : John Little

Only God knows our last heartbeat!!🙌🙏
Comment from : Jimbob

What if I am still working at 62? Making about 39k a year? I need an honest answer!!!
Comment from : MultiHankdog

Too many people think about "what if I die early?" They don't think about " what if I don't die early?"
Comment from : Mount Doom

Thanks so much for your sharring 💝
Comment from : an ng

62
Comment from : Tulsidas Puthran

Filing at 63 worked for meI should have done it at 62but I'm glad it worked out the way it did
Comment from : Martin Chen

You have not covered the second best reason of all You don't need the money and you can invest it in a modest portfolio that would earn a conservative 5 rate of return The break even point is pushed well beyond the age of 80 - more like near 100 years old How many live that long
Comment from : Northern Illinois Trainspotter

Great video! Several other reasons for filing early might be: 1) the net present value (NPV) of money and, 2) the future insolvency of the Social Security system These could be especially important for high-income earners who get a large dollar payouts brIf you get your money early and invest it in an income paying asset it might also appreciate Or, get your money early before the SS system collapses or they institute ‘means testing’ for higher income recipients brI worked in finance for decades and we always said, “One dollar now is worth more now than the promise of more dollars in the future”
Comment from : G S