75% of all Social Security recipients file for Social Security retirement benefits BEFORE full retirement age. Most of the time they should have waited. This video Lane Martinsen gives 5 good reasons to file for Social Security benefits at age 62 as well as 5 good reason to delay filing for benefits.
VIDEO HERE (15:46 minutes)
I filed at age 62. I did a spreadsheet and doing various estimates of increases found that my breakeven point was late 70's. If I live longer then I could be out some. We just don't know how long we will live do we.
ReplyDeleteMy dad was a UAW worker, for what at one time was the world's largest grey iron foundry, his entire life. The union told their workers that they should always take Social Security at their earliest age. They said that the time spent waiting to catch up would never pay off.
ReplyDeleteMyself, I always thought that having the same age for an office type worker, and for a person like myself, who made steel, and did hot, heavy work, as well as mentally stressful work, dealing with things like aerospace alloys and federal inspectors, etc., wore a person out much faster, was not fair. An office worker might well work until age 67, or a school teacher the same, but someone who is still pouring 3100 degree F. steel at the age of 52, like I was, along with certifying that a 10 million dollar heat was within chemical spec for the engine parts of a Rolls Royce jet engine, might not be a good candidate to stay doing that until age 67.
In fact, I left there at that age, finally going on disability around 55, doing various other jobs to keep going, until then. It was not that I did not wish to keep working, I just was worn out. My dad had at least 4 serious back injuries doing manual labor, over his 38 or so years of work, the shop doctor said he could not work any longer, and his shop still fought him for several years, over workers comp. It was partially over black lung funds. I hate corporations.
I know what you mean pigpen. I had a job that I worked 6 days a week for ten years. It required a lot of lifting and bending at the waist many times a day. I told the company as I got older that my back was starting to bother me. They laughed at me. By 33 my back was worn out. I knew I had to do something so as I worked there full time I went to college full time. To make a long story short I moved on to an office job but my back always bothered me especially when I bent over. After bending over the pain would just continue leading to a lot of sleepless nights. After watching all those morons on Judge Judy getting disability in their 20's for depression, ADD, and everything else under the sun I decided to try. At 59 I finally got it. I was a fool to do that job as long as I did. When you're young, at least in my case, I didn't realize the consequences that would occur to my body later on in life. Even though I retired 9 years early it wasn't worth it.
DeleteExtended family member died before getting one dime of her money back. Payed into it all her life and she should have used that stolen money for her own benefit but now it goes to the government coffers.
ReplyDeleteI pay as little in taxes as I can...
-Arc
The number is 62 ! let me add two reasons to the video's list:
ReplyDelete6) If you don't need the Social Security money, take it early and invest it all. Aim for enough such that it turns out better than the difference between your reduced amount and your full-retirement-age amount. Even if you don't quite beat that goal, you're probably close enough.
7) If the worst happens - think financial crisis + an AOC-style Democrat party - you are on the record as a current recipient. The future recipients will bear the brunt of the cuts.
I did it at 63 after I had three buddies, all single between 63 and 65 die suddenly within months of one another, all non-WuFlu. None had filed for SS, all thinking to wait until FRA (66/67 years old) and the extra cash in hand at that future point.
DeleteConcur fully with Headliners Game above. I find that it is a nice pile that is growing untouched under my direct invested control but there if I need/want it, acting as my own reserve bank.
I was self-employed for a long time resulting in my paying double into SS. I am happy to take it back under my control.
Waited 'til I retired last year at 73 to start collecting. Hadn't planned on taking it at all, but then again I didn't plan on getting burned out and losing everything. At this point, the SocSec keeps a roof over my head 'til we decide where we wanna buy a place.
ReplyDeleteStarted mine at 62. I figured if I died before I hit the break even point that I'd never forgive myself. So far, so good.
ReplyDeleteGlad to hear from you, Inbred Redneck! If you happen to catch this here's a story that just came out today about your old stomping grounds-
https://californiaglobe.com/articles/while-california-burns-politicians-fiddle-one-ranchers-story/
Elmo- I'm just glad I'm still around to be heard from. Don't know that particular rancher personally, but I sure know his story. What's just as hard is knowin' lots of fire-fighters who're fully aware of the years of bad decisions made at the top of the food chain, both in State and Federal hierarchies, and for how long.
DeleteThese days I'm not likely to go traipsin' around Berry Creek 'cause it's just too difficult to see about where friends' places used to be and there's not even enough left to see where homes were.
I plan on making the trip from Feather Falls thru La Porte and over to Quincy someday.
DeleteI spent two entire summers working on jobs on Lumpkin Ridge and I know it's going to be hard to see all that country I loved now, but I promised myself I'm going to do it.
My accountant told me to go ahead and claim it. I was 65 and still working. Extra money was nice, and I had to keep my earnings down a year or so so I would often call off and still be a full time worker.
ReplyDeleteSH*T !!!!!!
ReplyDeleteAfter watching that, I'm done the day I turn 62 !!!!!
I took it at 62 with no regrets! I was already out wandering about in my RV being a tourist, that $36,000 over the next 3 years was good!
ReplyDeleteIf you don't need it then let it ride, if you have a job you LIKE then let it ride but if that $1,000 a month will help then grab it while it's still there...
I filed at 62 after doing my own research. My pop was a " notch baby" - those born between 1919 and 22. They got nothing for decades of enforced taxation.
ReplyDeleteTook mine at 62. No job prospects in my industry. Had not worked the previous 5 years = lost $.
ReplyDeleteBut moved from the north to SC and bought better house. Have renters, less SS but it works. Especially projecting the next 2 disastrous years.
I went out at 62 and don't miss working out one bit. There is enough right here on the farm to keep me busy for the rest of my life. Always a friend or family member needing help with something from time to time too.
ReplyDeleteHTR
Sounds like a fine life....
DeleteTake it. Don’t take it. Invest it if you do. No. Spend every living cent. When your heirs write the check out of your bank account to pay for you own funeral? Make sure it bounces.
ReplyDeleteHow very Boomer.
DeleteQualitarian! Ok Boomer? It was Lyndon Johnson that came up with the “Unified Budget”. Stole all the money out of Social Security to pay for his war in Vietnam. That war killed off a lot of Boomers. Boomers that made a living found themselves “in the bubble” with taxes. 33% to the Feds. 9% to the state of California. Do the math. A silent partner taking half your earnings. What, Q? You want me living in a mud hut eating rats so you get what’s coming to you?
DeleteThe actual question is: why are you OK with a gun being held to my head to pay for your expenses? That sounds pretty commie to me.
DeleteMy generation didn't take the money out of the SS system to pay for social programs, that was the WW2 & Boomer generation. The "trust fund" is GONE and has been for 40 years
My generation didn't promise free shit to people to get their votes. That was the boomers.
My generation didn't decide that world policing was a grand idea. That was the boomers.
My generation didn't send us to some desert shothole to fight for "freedom" (after making damn sure they weren't drafted, and that their kids were safe). That was boomers.
Look in the mirror. It's not fun.
JFC it wasn't boomers who did that, it was fucking POLITICIANS ya dope.
DeleteWtf is wrong w people blaming each other for what POLITICIANS do???
They got you doing their dirty work dumbass.
ch
Social security's sliding scale of what you would get at different ages is based 100% on actuarial tables of your expected age of death. If you expect to outlive that, it pays to retire sooner..
ReplyDeleteI took it at 62. Had cancer treatments and afterwards wasn't able to work. Red
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ReplyDeleteWhen you check out, you don't take anything with you....enjoy it while you're alive...
ReplyDeleteBeing retired, I've found out that working for myself ( which, I would never want to give up) that I'm my best employee and best boss...conversely, I'm also the worst employee and the worst boss....so I've got that going for me....
ReplyDeleteMy father taught me many things including this: He died of cancer about 3 months after he took SS at 65. I was like stink on shit at my local SS office on my 62nd birth day.
ReplyDeleteHeld out to 67. Number tell me I would have more money this way til 89 or so. Seems like I can stay busy with my own stuff. Now if the feckless bastards running things can just keep from burning it all down. Nuts
ReplyDeleteRetired at 61 1/2 from work. Started ss at 62.
ReplyDeleteNo question in my mind.
Bastards been taking it for all these years, I'll take back what I can.
Nice to do as I like everyday.
Living in the one of the most expensive cities in the Untied States I can not live on SS alone. Too much surfing, partying, hunting & fishing in my younger years that necessitated me to purchase toys (read guns, surfboard, rods, reels & boats) so never invested. Milk here in Honolulu is now $8 a gallon & bread is $7 so I will have to work even when I do collect. Good video. Mahalo, Chris
ReplyDeleteI'm a state retiree. I retired at 52 after working the required 28 years with the state SC. I'm 56 now and recieve a monthly retirement check the rest of my life, (my grandson gets it for life after I'm done). On my exit interview, the HR director told me to collect at 62. He said I wouldn't be paying anything in for 10 years and my benefit drops every year. He said my state retirement would not affect my ss benefit amount so that will be put up money.
ReplyDeleteQueston for those that claimed SS early, what do you do about medical? That is the one concern I have about claiming early.
ReplyDeleteI worked at a warehouse as a carton picker & there were a number of gentlemen there in their 60s doing that until they were 65 just for the medical insurance.
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