Title | : | When Is The Best Time To Start Collecting Social Security? - Dave Ramsey Rant |
Lasting | : | 5.01 |
Date of publication | : | |
Views | : | 711 rb |
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1 Not everyone is worth millions and can invest their SS check Some people need to rely on itbr2 Not everyone will receive a pension and medical benefits So 65 seems to make the most sense if you want to qualify for Medicare You’ll also get a higher amountbr3 You can only earn up to approximately 20K if you collect SS at age 62 or they will start to penalize you for money you earn above that amount br4 If you don’t want your SS check, I’ll gladly take it Dave! 😅 Comment from : Paul Novello |
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I'm struggling in this market Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful Comment from : Henry Stewart |
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I took at 62 able to retire and enjoy it while I was well and young enough to do well I can afford it! Comment from : greg jone |
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Breakeven is like 78 You're ahead taking at 62 No one is promised tomorrow 😊 Comment from : Simply Noy |
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It all depends on how log you will live of course If you are still working and making a good income, it wouldn't make sense to take early SS, because you will lose a lot to taxes You get an 8 a year increase in SS, every year you wait I would not take SS early, if you have too much income and it becomes taxable Comment from : Micker |
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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 determine a lot of things My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k Comment from : Elizabeth ONeil |
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Yes we can’t die poor we gave to have money in mutual funds and savings Comment from : Floare Tudorache |
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Ramsey is dead wrong about his calculations Comment from : Daniel Green |
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Like we have a choice Dave! Comment from : Gleene H |
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This rant is a completely selfish view SS has helped millions and millions of less fortunate people than wealthy Dave Ramsey I wish there was a god to pray for you Dave Comment from : Scramble |
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IF you take all your SS @ 62 and invest YOU are holding 100 of the risk of loss from a stock market based mutual fund or 401K NOT SAFE Returns from mutual funds ARE NOT 12 DAVE is SO wrong it terrifies me that people follow this advice You are going to loose 50 of your SS benefit to taxation IF you are still working Go to a competent SS advisor and do not listen to his BS Comment from : one compass |
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Never mind the break even age, I won't be made whole until 69 (getting back the $180K I had taken from me) The first seven years will be like returning soda bottles that I paid an extra nickel for Not like they're giving me anything 62 for me Taking it while they still have it Comment from : Willard Armbruster |
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SS age should be raised from 62 to 65 so we can give more money to the people of the Ukraine Seniors in the US should not be supported by their children Comment from : Ernie |
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Another big determinant is if you want to wait till 70 for survivorship reasons for spouse Comment from : VoterFraud 2024 |
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My financial plan, which includes other income streams, calculates that 67 is best for me, since I plan to live to 90 BUT if I were to die early, who really cares? I won't know I'm dead and can't go back in time to change my mind So I stick to a plan they secures MY future and I won't run out of money after RMDs kick in Taking at 62, I will lose about $350k over my lifetime, assuming I live to 90+ Comment from : Scotty |
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The best thing to do is take care of yourself so that you can live up to age 70 I better start eating fruits and vegetables! Comment from : Neptune Dawn |
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Only a rich person would rant about social security it wasn't designed for them Comment from : Jim Carideo |
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You so right that’s what we are sheep’s brain washed !!! Comment from : Maria Kate |
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Listen closely Take it at 62 I will receive 2109 at 62, and 3709 at 70 The break even is 805 years for me In most cases, 62 is when you should take it The gov’t wants you to take it at 70, because a quarter of you will die before that Comment from : Matt Delany |
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something that wasn’t mentioned is if you draw Social Security and you’re still working you are limited to the amount of money you can make 21,240 a year is the cap this year & if you go over that amount, they start taking money back so it would be pointless Comment from : Sheryl Smallwood |
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Mutual fund usually make money However, it's down about 20 since December of 2021 Good job Biden Comment from : Liam McLaughlin |
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I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait? Comment from : Parrish |
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First time listener: Ohhhhhh!!! invest in a nice mutual fund!! oh, okay How did those do in 2022? They took a 20 haircut, you smug b*tch I've heard of you Thanks Comment from : Tim Isaac |
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But at a negative 4 they still can’t management it very well Comment from : Tony Bradberry |
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Now 65+ myself I've decided to wait until full retirement age I get more upset every time I learn about the taxation on what little there is I mean if you continue to work and earn you basically don't get it I mean before fully retired if you earn over 21K or so Poverty level pretty much Now as you approach 69 or 70 (if you make it) you can still get taxed up to 85 earning like 53K Don't try to live comfortably and ask for the money you earned No no no I mean that's worse than borrowing money from the mob and paying the vig I want to work until I die so I'm figuring I won't see more than 15 of a check when I get one Why does the US punish old people? Comment from : Nomadic Brian |
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Caller says he’s 61yo and keeps getting letters from ss I’m 61 haven’t heard a peep from anyone Comment from : Willard Armbruster |
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It’s insurance not an investment It’s not like a 401K Comment from : Pete Tittl |
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Yeah, Dave’s right, let’s storm the Capitol, no wait… Comment from : Jamie Simmons |
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I like how Ramsey just told people they can outperform the difference between the benefit at 62 versus 65, yet people still defend their decision to wait till 65 Nobody's saying you're stupid, he's just giving you the facts I plan on using it to pay my property taxes, insurance & utilities and still plan on working part time Comment from : Superbigblue19 |
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Isn't there an option to opt out of making payments into social security if you agree to waive the benefit? So if you think you can do better investing it yourself you can have at it Comment from : Marilyn B |
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I was never asked if I wanted the SS systemno one ever talked me into it It was forced on me for 50 years of working I would have loved to invest it on my own starting at age 15but most Americans don't have the discipline to do that SoSS was created to save those that wouldn't invest in their future from starvation in their senior years 10's of millions of senior citizen Americans are dependent on SSit's their only income That's why it was it was created Comment from : Hey Moe |
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Every year in high school Investing class should be mandatory Teaching trades teaching "Stop making Jeff Bezos rich!" Comment from : AK P |
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Day one of eligibility for me not a chance in hell i work one day longer Comment from : rolling acres farmstead |
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Retire at your FRA, (66-67) Apply for Medicare at 65, if you missed you will pay a penalty Medicare Part B when you retire and pay a premium $16490(2023) Buy a supplement to pay for 20 get the Plan N($143-$150)a month to pay for original Medicare does not pay Also, get Part D, Rx prescription coverage which cost around ($12-$15) a month, whether or not you are taking Rx medication Comment from : Miki B Hon |
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True The government scamming us when they are not stealing elections Comment from : Steve |
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Like we had a choice 😮 Comment from : Helen Snapp |
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I was able to avoid being fired while I worked Therefore I am not financially desperate I'll collect at 70 Comment from : Bill Pasaki |
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I have a Filipina friend whose husband died with cardiac arrest at workplace because he’s too old! Comment from : Goldy Baroa |
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Collecting at 62 is very foolish Why accept a puny check??? Comment from : Lee Reader |
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Nonsense Comment from : Flat Top |
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Do not file before your FRA Be smart No need to be first in line at the Federal welfare trough Comment from : Robert Stevens |
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Collecting SS at 62 is like eating desert It may feel good at the time, but you will regret it later Don't be fat Comment from : Richard Argst |
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I like the idea of taking it early All my plans are based around taking it early Comment from : Jermaine Stewart |
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It’s your money Take it as soon as possible Because you won’t get it all back regardless Comment from : Anthony |
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Quality of life at 62 is a LOT different than quality of life at age 80+ (the age at which you break even if you take SS at age 70 vs 62) Do you still have the energy to do the things at age 80 that you can do at age 62? The odd is not in your favor Comment from : Matthew Jensen |
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That "stupid thing" is what is keeping millions of retirees from living in the streets The vast majority of Americans are not capable of saving on their own Social Security is a godsend Comment from : GoldStandard Aviation |
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I heard it's actuarially balanced whether you take it at 62 or 70 I plan on taking at 62 and letting my investments not deplete, since those can be left to my kids and SS cannot Comment from : ROBLOX VIDS 2 |
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Hi Dave, assume i’m turning 62 and when checking my benefits at 62, 67, and 70 i get the three amounts that’s clear brbrmy question is if i take it now, the amount is stated and i will receive a COLA each year clear brbrbut, if i wait until i’m 67 or 70, will the two amounts on the screen today also receive COLA’s so that when i start SS at 67 or 70, the starting amount has increased by all of the COLA’s? brbror!! if i wait until 67 or 70, will my starting amount be the amount stated on the screen today? Comment from : Peter B Snyderman |
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I'm 67 and recently retired If I start collecting SS now, my monthly check will be $3,760 If I wait until 70 it will be $4,719 Collecting now would be foolish Comment from : Ed Rodgers |
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Agree with Dave that SS is far from a perfect program However, it is a "forced savings" program albeit not without it's faults Look at the high percentage of senior retired with zero or low savings and think how important SS is for them Some people don't/won't/can't save so SS is a life-line for them I'm waiting until age 70 so that my spouse will have a better income after I pass It's different for everyonesave when your young is my best advice Comment from : Bruce Fredrickson |
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If you NEED the money and you are not in good health I would say take it early It is always going to be a situation specific answer Comment from : Hal C |
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The problem with taking it at 62,if you are still working,is that you are limited to a certain incomeIf you go over it,you are penalized Comment from : steven evans |
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If you need the money collect at 62 If you were successful and saved some money collect at 70 Comment from : harold carson |
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I have four more years till I’m 62 and I talked to my husband and I’m done, I have a garden, chickens , canning and frugal in allot of things, working on paying off car payment which is not high because it was used I rather enjoy and do the things I enjoy doing because life is too short , nothing is guaranteed Comment from : carmen Wallace |
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I'm 67 If I wait until I'm 70 to collect SS, my monthly check will be $4,719 Why should I collect a small check??? Comment from : Walter Knox |
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Haha Love it The only problem is that 80 of people wouldn't invest the extra money, but buy three more 75 inch TVs instead 😀 Comment from : Andy Sch |
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I'm sick and tired of greedy seniors begging for a Federal welfare check Comment from : George Andrews |
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According to the SSA the life expectancy of a 65 year old today is 20 years It is crazy not to wait until 70 to collect SS Don't be stupid Comment from : Ed Rodgers |
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The “broken” Social Security system is fairly easy to fix The reason why it’s mandatory is most people will not invest well on their own, like Dave would If we abolished Social Security and let everybody invest every dollar, wisely, on their own, 80 would wind up broke, begging, and pleading for welfare in retirement Comment from : Karim Bennett |
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No need to watch this video Look at your SS statement You will clearly see that by waiting to 70 you will get a much larger check Don't be stupid! Comment from : Tom Blevins |
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Wife & I both Retired at 50 & saved money up thru the years , have good monthly annuity incomes & for us , we did the math & it makes sense for us to take it at 62 !! Comment from : Waylon McCrae |
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People make many financial mistakes, leaving school early, borrowing from a 401-K, retiring too early, getting divorced Don't make another one, wait until you are 70 to collect SS Comment from : James Ripton |
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The caller stated he will still be working SS has an earnings test so he would probably be better off deferring until he quits earning an income Comment from : Oahu Guy |
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I have two pensions, IRA's, 401K, rental income so plan full retirement by 62 or earlier so I will take SSA at 62 Comment from : Bob Tomlin |
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I have a small online business and was thinking about retiring at the end of this year, but would it make much of a difference in my ss check if I waited until my taxes are filed at the beginning of next year before I take my social security? I do not pay tax estimates throughout the year, so that income won't be counted until I file the following year Would my ss check be any larger if I waited a couple more months into the next year to include this year's income? Comment from : Mikey Mike |
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62 vs 67 Break even around 78 years old More extra money at ages 62-78 is better than no extra money 62-67 and less till 78 At 79 I’ll slow my roll slightly Comment from : John Ambro |
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Almost every time Comment from : craig4811 |
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Dave Ramsey may be able to afford to invest his money and come out ahead, most people, in my opinion, cannot do that It's a gamble either way you could wind up never collecting because you die early or you could wind up living to 100 and collecting for that long The definition of when you should collect, in my opinion, is based you your best educated guess, family history, and your lifestyle Good luck getting it 100 right Comment from : Suresh Menon |
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Ramsey is 💯 percent right if you are smart AND a saver But if you are not smart like most of us and not a saver again like most of us, you would not put that money into a mutual fund, you would waste it Comment from : Reginald Mombrun |
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Dave, in your "rant" (your word), you suggest that if you didn't have to pay SS anymore and just invested what you would have paid into SS, you would get more income than what the 40 years of benefits would have provided I'd like to see the math on this I'm 54, and SS says I'll get $3400/month when I'm 67 (assuming I keep my current income, which very possibly will not happen) I'm sure that whatever I pay into SS over the next 13 years could not provide me with $40,800 in yearly income if I invested it instead of contributing it to the system I'm not defending SS I just think your "rant" is way off base Comment from : Stephen Gower |
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I would love to retire at 62 however Medicare benefits don’t start until 65 so unless I pay a fortune in premiums for private health insurance I guess I’ll have to wait Comment from : Double X |
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Your check will be 64 less if you collect at 62 vs 70 It is stupid to collect at 62 Comment from : Carlos Ruiz |
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Daveyou're wrong Social Security is one of the best things in life for seniors entering their darkest days of their life brThank God for social securitybrFor some peopleno matter how much money they made in their lifetimethey are not saversbrSo without social security, they would have nothing in their greatest time of needbrThank God for Social Security Comment from : BigORat |
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Without this broken system, most people would have nothing at retirement, and wind up homeless and starving You are an idiot Comment from : Doug Evans |
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Can I get a refund on ss Comment from : Armani McKoy |
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He’s LYING!!!! Social Security NEVER contacts ANYONE to bug them about what they want to do!!!!! Comment from : R Voit |
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Videos about getting your Federal welfare check at 62? Greedy seniors should be ashamed of themselves Comment from : Ed Rodgers |
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Take it at 62 so there's more available for the rest of us Comment from : John John |
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Dave says to take social security early, i wonder now that he is 62 has started taking his social security? Comment from : Cathy King |
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What Dave Ramsey should explain is social security is there for the main reason that a large percentage of people are foolish with money and live paycheck to paycheck so the system is there for these people to at least be able to have a monthly check when they retire as they have never invested anything and have no savings Comment from : Eric Jennings |
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Most people in comments HATE workingbrIf you do, retire at 62brIf you don't, work Comment from : Sam Mencia |
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I waited until 70 and glad I did Life dealt me a layoff and pension cut and small savings to make up and I finally have I have a good job now, saving more in 401k and am in good health I'm very thankful for what I have Comment from : CaptainQueue |
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Greedy seniors should be ashamed that their kids are supporting them SS is Federal welfare Comment from : Jack Summer |
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Since the program is so "fAnTaStIc" don't take it at all Comment from : lamar truth |
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I watch people who need the money now scrimp by hoping to get it at 67 or 70 Comment from : Todd W |
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