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

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The #1 reason really should be work sucks and I’m sick of it
Comment from : @pierreaucoin2480

If I came to the USA at age 60, because I married to an American and I work till I’m 70 here, what is my Social security calculation going to be as I will have earned to 40 credits, but not claim till I’m 70?
Comment from : @MrRoyum

Sorry, but if you're still working and earning more money than social security, don't file Your benefit amount will be reduced to zero
Comment from : @stevenwalker4923

what if you live into your 90s
Comment from : @phairygirl

I would file as soon as I turn 62 , I won’t wait any longer since who knows what will happen tmr 😅
Comment from : @victorylee5381

Is the lifespan table considering people that are in their 60’s?
Comment from : @jerrymaushard3835

I'm 58 and I'm done working
Comment from : @cnn787-i9e

If you have no savings or other retirement pension you wait til 70 if you have savings you might go earlier than 70❤️
Comment from : @Jack51971

All the money we put in for 25 to 50 years plus employer match just invested in a Standard and P 500 over that time would pay far beyond any government social security 😡
Comment from : @Jack51971

All I worry about is SS runs out of moneytherefore, why not consider taking earlier than full retirement age??
Comment from : @barrycohen79

What about the earned income limitation if you file early? Any strategy on that? I turn 60 tmrw 😅
Comment from : @mfscpa

If you want to make this longevity discussion more realistic, you need to have an actuarial table based on adults that have reached their 60s That table is very different than when you take in all people starting at zero years because there are a lot more threats when you were young If you make it to 60, you have made it through those threats CFA and accountants need to talk to insurance actuaries
Comment from : @banon7853

Beating the clock is not a good way to make this decision!
Comment from : @kristiG5259

Holy Schmitz why do you worry about other people's money anyway
Comment from : @petercollette6709

My wife has stage 4 breast cancer and makes more than me And is younger Our original plans of living happily ever after, gone!
Comment from : @allen7218

I think it depends on how much you have saved, and how much you need Also what your health is and the quality of your life
Comment from : @allen7218

The big deal is health insurance
Comment from : @chuckfacemire1821

Life is good I retired three years ago, at the age of 59, and I plan on filing as late as I can at least until I'm age 67 and quite possibly until I'm 70 A 4286 increase in benefits, by waiting to file at 67 rather than 62, is large enough of an increase it's something everyone should strongly consider Why settle for a guaranteed little bit now, when you most likely, statistically, will be able to collect a lot more just a bit later?brbrOf course, if you need the money now, file early That's fine If you know for sure, or have a pretty good idea you won't live to see 80 or above, file early That's fine too brbrBut to take SS early just because you "don't know how much time you have left, is a poor reason to take it early That's one of the very reasons why I'm waiting as late as I can because I don't know how much time I have left! I'm betting on myself
Comment from : @MrEdwardCollins

I'm 60 & just retired, doing greatbrbrHere's something few ever talk about: The $$ I take from SS at 62 are $$ I bwon't/b be taking out of my 401k Thus, those $$ will grow I checked my benefits at each age from 62 to 70, and it turns out that if the $$ are invested and make a mere 5, the "break-even" point between taking at 62 & 67 isn't 76; it's *88* The break even between 62 & 70 is age 91 At 6, the ages end up over 100brbrAdd in that SS may not even be solvent or be reduced in 2033-34 or so, and I'll take mine at 62, thanks
Comment from : @everlastingarms3065

File early and put that money into the S&P 500 averaging 10 a year and you’ll have more than waiting for FRA
Comment from : @Brian7547

I am planning to retire at 55 y/o I would have been working 30 years at my job at the time and will be eligible to retire and get 80 of my total income, same with my husband That would be a total of $200K/year I think we should be ok We have 9 years left to work I cannot wait
Comment from : @triciaembesan5436

Several of the comment threads on this video are scammers trying to steal your money Never contact or take advice from anyone named in YouTube comments they are all scams
Comment from : @larryellington3543

You are right, at 62 I needed the $
Comment from : @michekids

The breakeven calculation does not account of the time value of the money If the money received at 62 is invested even with a moderate 4-6 return (well below average S&P500), say, till FRA of 67, this will push back the breakeven by several years Of course, this assumes you have alternate sources of income (job, savings), and can invest this money I'd like to see this calculation that takes into account investment returns, taxation etc
Comment from : @justthefacts8239

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life Make prudent investment choices to secure good returns and ensure a comfortable retirement
Comment from : @Casey-summer

christi wish there was an option to opt out of social security it's such a poor return on investment
Comment from : @hibiki88

So retire early, make way less per month for a longer amount of time? So that means you'll be living longer barely making ends meet? Yeah that doesn't sound so good
Comment from : @Papamac67

Everyone has a different circumstance and retirement is relative to each
Comment from : @floydburgoz7908

1 good reason to wait till fullbrAfter Medicare payout, my wife's and my combined payout out is$5,89000 a month brWe have no pension
Comment from : @OLDGUY7301

No mention about staying employed after age 62 much less continuing to be employed after age 75
Comment from : @brax2364

Age 65 male life expectancy is 816 You do not look at life expectancy at birth, but your current age The analysis is flawed
Comment from : @geordiecrossan3066

I think the retirement crisis will get even worse A lot of people can’t save because of low paying jobs, inflation, and insane rental rates And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either
Comment from : @Riggsnic_co

SS could be gone by 2033
Comment from : @zeke5491

Please explain the 60000 last income level
Comment from : @afish43

Def collecting at 62 sure I won’t live long based on job stress and beat up blue collar job on myself
Comment from : @robert_b9251

With respect If you take it at 62 you probably still have health and energy to enjoy what pleases you If you take it at 70 you may need to use the money for medicine and diapers
Comment from : @norbertogandara17

What if you die at 63 like many others have
Comment from : @andrewzaltman6934

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings
Comment from : @Greggsberdard

I’m new to the game so this may be a silly question Shouldn’t inflation rates adjust the numbers? In your example, $1789 today isn’t the same as $1789 in 5 years So getting $609 more a month for waiting won’t get you $609 dollars of buying power in today’s value I probably said that wrong but you probably get my point
Comment from : @MikeStedman

Take it as early as possible,put ten percent into a mutual fund and you win
Comment from : @danielstevenson1250

Ageism starts at 40
Comment from : @passionfruitpassionfruit2034

What about possible new changes of full retirement raised to 70, early raised to 65 or even eliminated, max raised to 72 I do not know this is being considered but isn't this a threat regardless? Some may want to consider early if benefits are affected before they qualify for full I understand that SS is on shaky ground in ten years
Comment from : @martinishot

My grandfather and my uncle died at 63 My dad died at 72 I would be glad to make it to 76 I am filing this January at age 62 I already have a great pension I am taking that money to help my kids buy their own houses
Comment from : @Thisishard2333

stop saying that you are LOSING something If you wait to 70, you may lose your life and never GET anything
Comment from : @gregarioussolitudinist5695

what if you took money at 62 and invested that into edward jones taxable account and you didn't mess with it for 5 years ?
Comment from : @iron1215

Are you accounting for the drop in the value of the dollar each year? Doesn’t look like it Those dollars you are getting when you’re 70 are worth a lot less in purchasing power 8 years later than the dollars you get at 62 Considering the govt lies its ass off when it comes to the inflation rate Waiting until your 70s is a loser In addition, if you have to use savings, that can be invested at a higher return in the market…you are really losing out waiting until 70
Comment from : @brianbailey4577

The avg SS payment is under $2k monthly definitely less if you go out at 62… If you keep yourself reasonably healthy, living another 20 to 25 yrs is very possible before you pull the plug, make sure you have resolved big ticket items, for example, will your home need a new roof during that time? How old is your HVAC system, will your car last another 20 yrs
Comment from : @bman6502

If you still have minor children at age 62, your kids are eligable to collect SS until they turn 18 Could be a significant sum Another reason to file early
Comment from : @JohnSmith-dj5gf

What about your health, and mental health? At least at that age, more people will know
Comment from : @kendallfountain3729

So, I'm trying to figure out the 1st year retirement income limits I turned 62 this year and started collecting as soon as I could For the remainder of the year I can make a max of $1770/mo For example I started collecting in June Some months I make 2400, some months I make $500 Is this $1770 averaged over the 6 months or will I have to document each month I went over $1770? Thanks
Comment from : @rickleclair6781

My family has excellent longevity and I am in very good physical condition Yeah, I am making it well past 76
Comment from : @johnmorrison2645

Another consideration not discussed is how to decide when to file if you are still working for an employer How do we factor in the income from employment and the reduction in SS payments because if the income?
Comment from : @brendareed5050

I think the answer is living within one's means and having no debts I am a widow living with survivor's SSS, with house and debts paid off and staying within monthly income and having no prescription expenses and eating healthy No excesses but very contented
Comment from : @closer47

While this is a morbid topic, but very relevant - individual health issues that might shorten your life expectancy For example, Diabetics, even well controlled, have a 5 year life expectancy reduction Less controlled, the greater the impact It also depends on how ilong/i you have the chronic illness - there is a big difference between someone being diagnosed later in life (50s or 60s) than someone much earlier (20s or 30s) For myself, I will likely take Social Security at 62 simply for health reasons - provided I make it that far Of course, I could end up with my great-grand-father's longevity - he was running a saw mill by himself until he was 95
Comment from : @JasonTaylor-po5xc

I'm 45 now and I know for a fact I'm filing for SS as soon as I hit 62 Plus I'm not planning on staying in the US I already have land in Costa Rica and the estimated materials costs for the size of house I want in less than $30k and that's at the extreme upper end
Comment from : @Live-Life-Freely

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 : @mr88cet

How as a financial planner do you miss the time value of money when comparing taking SS at 62 and 67?
Comment from : @peterpoyer4332

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 : @karlbryant5706

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 : @auntienonimous1688

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 : @debs7252

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 : @sherryBLUE735

You paid into it your whole dadgum lifeIma start getting mine next year at 62 by golly! No man is promised tomorrow
Comment from : @lilpoohbear653

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 : @johncasor9698

Hes not talking about retiring, hes talking about filing for SS
Comment from : @PNWSCOTTY3

$ 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 : @trudiclark4449

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 : @gordonvanamburg8932

Go away Your advice is not exactly right
Comment from : @llochopslater1185

Full retierement at my age is 66 So this video is totally invalid
Comment from : @jimlang7461

Please quit swallowing so loud
Comment from : @BB-gs5rs

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 : @annemarita4259

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 : @angelagoldman5899

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

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 : @rayosullivan4398

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 : @markgoostree6334

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 : @jimnicholson6678

Thank you, Stuart! I loved your song Big Country
Comment from : @hailandfire1822

so if i take social security at 62 will i get my full benefits at 67?
Comment from : @kevenreynolds333

What about if you're single and born in 1964? What about Medicare benefits?
Comment from : @PerrySkyePhoenix

At 62 I will take it early and enjoy life we are closer to death
Comment from : @johnniegonzalez6940

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 : @mlcohan

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 : @thullraven1

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 : @waynegood9233