Social Security Timing: Age 62 vs. 70

Video quality	The size	Download

Information Social Security Timing: Age 62 vs. 70

Title	:	Social Security Timing: Age 62 vs. 70
Lasting	:	11.49
Date of publication	:
Views	:	1,6 jt

I did a few follow-ups to this video you may want to see, including changes in life expectancy:brPart II: youtube/f1Bzp44gVcQbrLife expectancy too high? youtube/fjv3too8yMgbrbrSocial Security going bankrupt? youtube/9J0q01hsXBU
Comment from : Prana Wealth

jut get over it THERE IS NO MORE SOCIAL SECURITYTHE DOLLAR IS TOAST
Comment from : Mike King

Why isn’t there an age for welfare?
Comment from : Christopher Hand

DUDE YOUR LIFE EXPECTANCY IS A JOKE!!!! WHERE THE HELL DO YOU THINK PEOPLE ARE LIVING INTO THEIR 90"S ?!!!!!!!!!
Comment from : Teresa Alford

I retired at 56 Taking my SS at 62 was a no go since I had to keep our income low for the ACA subsidies My wife and I now plan to take our SS at our full retirement age in our mid 60's
Comment from : gsquare

What's not mentioned in pilot Pete's situation is that most likely he has a nice pension that he'll be collecting at 62 That makes it a good reason for him to collect at 62
Comment from : Alex M

Take it at age 62 because social security may not be around at age 70 plain and simple
Comment from : rhino62

62 is over 100,000 ahead when 70 starts and will never live long enough to catch upnot hard to figure
Comment from : DONALD COOK

If you wait until 70 chances are you will not feel nearly as motivated to do things you would have at 62 I'm not going to sit on my porch at 70 with more money in the bank but no drive to travel or do things I could have Tommorrow is never a promise Today is My father died at 59 from cancer He never saw a dime of his pension, 401K or SS My mother who was a pain in his ass all his life is now 83 and still enjoying his money
Comment from : Greenpea

Spend $6000 a month in retirement? One million in savings? Live to 92 and 94? Is this joke? You are not talking about the average real American with these numbers Most folks can't save any to very little money Most folks do not make it past age 72 Most folks who pay into SS die early and their life long contributions go to folks that put nothing into SS Do some real life research and read the obituaries see who is dying and what they did for a living You are not even close to real life in America
Comment from : Gar

Uncertainty is a 100 guarantee Many people have to work as long as possible They know it means suffer as long as you can and delay your enjoyment of life That is a sad option, especially if you don’t have to do that
Comment from : Woodrow Boudreaux

92/94 Silly
Comment from : Jim Dale

Depends on how long you live If you only make it to 68 it won't matter
Comment from : TW

Define Living
Comment from : B B

If you are worried about what may happen to the trust fund in 2025 just remember old people vote many young people don’t vote What politician is going to take a benefit away from people who vote
Comment from : Paul Weiss

If you dont need ittake it
Comment from : Witsend Cottage

Sorry, 62 it is get it while you can
Comment from : D H

Now the pilot should just retire and work 2 days a week at local hardware Stay under allowed earned income Hard to put a price on that 5 day weekend every week for 8 years ❤
Comment from : SLEDFAM365

Retired at 60 Will be 62 in November Taking my ss asap Tomorrow is not promised Have your house, car, and bills paid down when you retire and you can live on a small amount of money I can easily live on just my ss, even at a 30 reduction The whole key is to have developed good saving and budgeting skills at a young age or your doomed I'm not college educated and have never made over 55k in a single year If I can do it, anyone can
Comment from : John Boertmann

The fly in the ointment is whether steve is alive at 70 to collect anything Also these calculations don’t consider that most old people don’t spend a lot of money or are able to
Comment from : no Name

Your life expectancy estimates are way off According to SSA actuarial charts (2019 TR 2022 so not screwed up with pandemic data), a 61 year old male has a life expectancy of 2101 more years and a 61 year old female has a life expectancy of 2396 more years Only 13 of men live to be 92 and only 15 of women live to be 94 Of course waiting to 70 will look much better with such high life expectancy wwwssagov/oact/STATS/table4c6_2019_TR2022html
Comment from : Peace of Cake

I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me Bought my third house last month and I can't be more proud that am i now I'm glad I made great decision about my finances that changed me forever but now I can't seem to make any other smart investment
Comment from : Liam Tremblay

I guess I need to be like Pilot Pete and Chef Steve and find a spouselolol :D
Comment from : REE Buffy3611

92 and 94 ages are unrealistic, most will be dead by that time
Comment from : Ted Tedness

NUTS!
Comment from : Tiger Bond

Unless you wake up dead before
Comment from : Peter Boyles

Why does everyone say SS will run out of money? Whether you believe in supporting Ukraine's war or not, one thing appears to be true The US has a huge amount of money just sitting around to give out When it comes time for SS to become depleted, wouldn't the US just dump some of those billions into SS to keep it solvent? I mean we have all this money we are not using anyway Just food for thought and I realize that my rules for following cash flow aren't the same rules the US government follows
Comment from : Kenneth Sharp

You put no time value of money on the earlier payments What about the investment opportunity losses on Chef Steve drawing down his investments?
Comment from : Anthony Osborne

I assume if the person dies earlier - say at age 75, Pilot Pete would be far better off than the Chef Steve
Comment from : T M

Does anyone live overseas? Can you apply @62 without getting deducted benefits if you still work full time overseas?
Comment from : Bcusa aus

I'm retiring at 62, life is too short!
Comment from : Scott Lavoie

Americans are not having enough children to sustain Social SecuritySo bring in some immigrants and give them social security numbers, and let them work brIt will SAVE Social Security
Comment from : BigORat

Pete always wins when Steve croaks at 68
Comment from : Jenkins L Jenkins, Squire

Nobody is going to be able to retire if they don't decrease their spending Those who make more tend to spend more Money dictates people's behavior You can make 62 and 70 work equally if you can save and minimalize People like to blame inflation when really it's their spending habits not allowing them to plan for inflation
Comment from : Gabriel W

Who are you talking to??? If I had 1 million of investment what in the world would I even need social security income???
Comment from : Bedtimes D

The republican robbed social security for the rich tax break time for the rich pay it back ! 😊😊
Comment from : Donald Olson

Paid off house and retired at 44, getting 401k at 55, roth at 59, pension at 60, and social security at 62
Comment from : boredoreos

The thought of retirement makes me cry 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 weren't to blame forit's especially difficult for people who are retired
Comment from : Parrish

I took SS at 62 By the time I reach 70 I will have received $144,000 dollars in SS benefits I funded a 401K account like a madman and retired comfortable My wife is a retired teacher We both took 100 from our perspective retirement as I didn't need her retirement income and she didn't need mine We wanted to get as much as we could from those holding our retirement funds By doing this we are able to max up a ROTH IRA annually with our retirement income Our heir will be the beneficiary of this not the retirement income holders
Comment from : David Melton

I ask people the same question, You find a lamp with a Genie in it He gives you two choices you can be 18 and broke or 75 and a billionaire Just pick one I have yet to run across anyone that didn't want to be 18 and broke You can get back everything, but time Live while you can
Comment from : Fl man

good video except when you got into the fractions like 2/3's and 5/9's how about just sticking with 8 per year i have a feeling you are a big math person :)brUnfortunately as the video continued so did the complexity, thumbs down :(brBy the way how many people really have a million dollars in savings at retirement
Comment from : Dave

wow! 92 and 94 years old ave age expected to live now around 77 yrs
Comment from : Linda Cunnington

Returns on assets spend down waiting for Social Security - was that factored in? I assume no, if factored in results are close and when factoring in increased sequence of return risk on assets being drawn down to cover delayed social social security income I see no reason to wait This is run at a modest 55 Rate of Return on Assets and 25 Inflation
Comment from : Deborah Flanagan

Planning to retire at 62, 3 more years to gobrI think the key is be debt free and live below your meansbr92? Not promised to anyone
Comment from : Isidro Fernandez

Very complicated financial answer to this question I've never met anyone that has regretted taking THEIR money back early, mostly because the financial aspect to this question is actually a very small part of the total consideration Standard of Living is an economic term that financial planners and economists love to talk about, rarely do these professionals consider Quality of Life And to my way of thinking and others I've spoken to, having the time & health and opportunity to live the final years of their life on their own terms FAR OUTWEIGH concerns over social security payments
Comment from : Sean Lannin

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

Here is some reality; Chef Steve dies 4 years before FRA due to poor diet…collects no distribution of the money he paid into the account (aka benefit)
Comment from : Mr1T2X1

The SS "Trust Fund" has been depleted for 30 years America borrows 15 TRILLION $ a year more than we receive in actual tax revenue That means we are negative every year by huge amounts You aren't getting this money National debit is 335 TRILLION in the negative as of 2023 2024 we will see 35 Trillion in debt Tell me again how the SSN "Trust Fund" has any money it at all? Btw, we just gave 150 BILLION to Ukraine, rather than people here in this country That's not a political statement, both parties and multiple presidents from both sides as well as are the 535 people we elect to congress which are all equally to blame Btw, Illegal aliens now get $2200 a month and a free cell phonedo you get that?
Comment from : RTZ ZZ

of course, if you want social security benefits and if you continue to work and make 4K a month, you get no SS benefits at all
Comment from : RTZ ZZ

I've had two heart attacks and now at age 61, I have cancer! I'm betting on that I won't live until my full retirement age 62 looks great for me!!
Comment from : george hall

They should end the cut off wages for taking SS out, and stop the increase after FRA
Comment from : larriveeman

Excellent video Simple and helpful Thank you!
Comment from : Itsy Bitsy Snyder

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k On retirement, my mom retired with about $5million, while my dad retired with roughly $38million
Comment from : bernado felix

Life expectancy of 92 You are not being truthful Life expectancy is much lower You must be a government man
Comment from : Michael Morrow

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

Get your money asap a check every month asap brThat monthly money adds up to more money to go have fun while your young enough to have funbrMove to a country that your monthly nutbrLive the single life brDon’t worry brTake life day by day brDon’t look for a woman to live with brJust enjoy the day you’ve been given
Comment from : Shawn Miller

ANYONE who falls under the "WINDFALL" program (thank you Ronald Reagan) should start collecting at 62--immediatelyHe severely punished those who had earned moniesMine went from $600 down to $300
Comment from : Gary Jensen

Boss, People aren't living to be 92 and 94 yrs oldA Fat chief will be lucky to hit 62 my man brAll the experts say take it at 62 & everyone I know has, because U don't know how long you'll live
Comment from : Ross Templeton OG Skater

pete was making money with his investments and not using any of it but chef will have less money by the time he is 70 and he will not be making money on that investment because he had to use it
Comment from : Chooki Mongoni

I am interested to see what it looks like to retire at 64 (36 months early)
Comment from : Soren Brockdorf

Are you saying the average life expectancy is 92 and 94? That seems pretty high
Comment from : Tom McCutchan

this one is easy, the one who wins is the one was a slave for 8 less years hands down
Comment from : Jimmy James

bROCH DUNGCA-SCHREIBER/b showed me great skills and knowledge about the market since I started trading with her company I enjoy full profits and easy withdrawal with no complaints, trade with the best I say
Comment from : Steve Ben

Why are you using $90,000 a year,as your example? Most people don't make that much in a year
Comment from : steven evans

People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics Despite my husband and I having equal tenure in civil service, differing investment approaches yielded disparate results Guided by a financial advisor, We are both retired and still earn monthly from our investments
Comment from : Dorris Macklin

When did 94 become an expected age to live to ?
Comment from : Mark Me

You leave a lot of considerations out of your assumptions!!!!!! Most people will not have good health to enjoy the extra money!!!!! And they will have to work longer! Many will not live long enough to make up the difference!!!!!! It's great if everyone lives into their late 80's or 90's
Comment from : Doyle

friends take it at 70 2 pass at 74
Comment from : gary martin

I retired at 62 What price is freedom?
Comment from : N W

At 62 I’m waiting because I’m making six figures and will until I retire or die
Comment from : Bart Lawhorn

most the men I worked with didn't make it to 70, Take it as soon as you can,If you still want to work get a part time jobwould not leave anything on the table, Plus if you do wait till 70 what would be your quality of life
Comment from : John Allen

Where in the hell did you get 92 and 94 of life expectancy? 🤪
Comment from : bryan brown

I made a decision to take SS at age 70 after taking care of my parents the last 3 years of their life Their expenses dramatically increased in the nursing home I don't want to be a burden to my family when that time comes I'm currently 68 Every situation is different but in my case I'm glad I made that decision because inflation/COLA dramatically increased far beyond the 3 in your example during my window of time to make that decision
Comment from : DALE VARLEY

I took it at 62 and dont regret it!
Comment from : randy K

The one that wins is the one that lives longer Nobody knows the date of their death will be Retire when you can
Comment from : maccattack

62, as I don’t take it as a given I’ll live to 68 or break even date
Comment from : Exploring with Nelly

I still had dependents at the age of 62 By delaying just 4 months, I failed to collect a significant amount of money Evaluate YOUR situation, because there is nothing that is right for everyone
Comment from : Dan Spencer

SSI trust fund is expected to run out in about 10 years After that, benefits will be funded directly by payments This will result in a cut in benefits of around 23 As someone already retired, I say "By all means, delay taking Social Security, and please, continue working"
Comment from : Willie Wonka

Chefs don’t retire They die at the stovebrI’m a chef I’m retiring at 62
Comment from : Mark wucher

This guy is an idiot There's a lot that he's not even thinking about! I took my SS early because it enables me to travel while I still have full health I took my SS early because I wanted to buy a new car and didn't want the payment to come out of my pensions or savings I took my SS early because my life expectancy is only 72 and, if I do live longer than that, it probably won't be that much I took my SS early because I have two pensions and don't rely on savings so there's no reason to wait
Comment from : dubarnik

Call your examples are living in retirement per month, or more than I make at my full salary, if they cannot live on that much money, they are the problem
Comment from : My golf balls annoy

I want to retire
Comment from : Patty Rice

YOU GET NOTHING AFTER YOUR DEATH
Comment from : Paul Hailey

There are two equations here: The mathematics of 62 Vs 70 and two, the factoring of ones health equation: The average "healthy" and quality of life at 62 is quite different for the average person at 70 Enjoy while you can
Comment from : Tom Markoski

SS is also being depleted by the illegals who just walk across the border, but we wont discuss that
Comment from : XboobtubeX smith

Reducing Social Security payments by 20 would be a great stress test for anyone running for Congress Raise your hand if you think they'll let it happen
Comment from : Don Stevenson