This depends what your making at the time of 62? You can still take your SS at 62 and then go work part time and make another $2000.00 a month on top of your SS without pentalties. This allows you to work much less and on your terms instead of a 40 to 50 hour work week job you don't enjoy. Most people should be close to being debt free by the time they see 62 so they can take SS. If not then you didn't plan good to retire at any age.

My plan exactly 💯

Don’t forget you have to buy your own medical coverage until age 65.

@@DMUSA536 I use Health care.gov. My medical insurance plan cost $37.00 a month for my wife and I with either BCBS or Priority Health. NOT SURE why people don't know this or use this? There is plenty of options for medical coverage when your under 65.

That is why I started at 62. I get my medical through my working employer.

I started at 62!!

As long as u have insurance figured out good for u

40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.

But is little money. Financially I need to wait till 65

You will make it. You will love it.@@ceciliar2449

Same. 62 and out. Life is way too short.

Some people work because they do not know what else to do with their time? The brain gets institutionalized to work?

@@JS-gt5bh I feel sorry for folks like that, I enjoy goofing off, fishing and hanging out, or just watching silly you tube videos.

Yes, it’s a very personal decision for each person, depending on many unique circumstances:

I so agree with you!

@Gabrielyoung- However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

@Gabrielyoung- Judith Ann peace is her name

Lookup with her name on the webpage.

@Gabrielyoung- You are welcome

You are 100% correct. ❤

I am thinking seriously about your comments it is the reality you make a lot of sense

And the government knows you won't much past 65

I work on. A high stress job I. Am 58 And have stage 3 kidney disease and I am not waiting. I want mine. At 62 believe it. Or not I would get more on disability right now than social security at age 62.

Very well said for many of us thank you

Nurse here. I’m for sure taking mine at 62. The stressful nature of my job is the reason.

@@marshadavis260apply for disability as soon as you can…

@@marshadavis260 Yep. I had stage 3 colon cancer, and I am currently in remission. I would get more from disability right now than social security at age 62. But I can't get disability because I can still work at my job. I might not even make it to 62, because 6 years is a long time to struggle.

Remember you also have a monthly earnings to worry about $1770.

@@Satjr35031 🧐🤔 Thought it was based on a yearly basis. Does not matter if you earn it in 1 day or 365 days. It is Yearly. If your on SSDI, then your limited to a monthly earnings cap. This is my understanding, could be wrong. Thanks for the heads up, I will seek professional advice on the $21,000 earning monthly limits, if there is one.

​​@@bluecollarmarkit is also my understanding that the earnings cap is based on annual income of $21,240 for 2023, and it doesn't matter if it takes someone 6 days, 6 months or 12 months to reach that cap.

Why do you think they have a monthly earnings test Check it out

@Satjr35031 I will. I am not planning on collecting SS until sometime in 2025, so I have time to look into this.

I hope you stay healthy and enjoy your retirement.

OK, let's do that. Let's say "you" are the takes at 62 example and "I" am the takes at 70. FYI...I did these computations for myself...not to debate the point. I'm trying to decide too and you posed valid questions. It's a complicated thing to compute apples to apples. I made mistakes a couple times and had to redo the numbers. Not 100% they're right. This exercise has given me a new perspective. Making me rethink waiting until 70, but I personally have other factors to consider, so will likely continue to wait. At 70 you banked all SS at 5% and now have a $187k reserve, mine is $0. At 70 you're getting $1837/mo and I'm getting $3235. We're trying to compare apples to apples right? So you have an $1837 lifestyle, so I should too. That leaves me with $1398/mo extra which I can bank and I can earn 5% on while you can't because now we're both spending $1837/mo. At 75 your reserve is $239k and mine is $97k. At 85 your reserve is $389k and mine is $380k. At 95 your reserve is $633k and mine is $840k. Once again the breakeven looks to be near 85. Seems every way I look at SS numbers the breakeven is always about 85. My life expectancy using current health data is 91 with a 25% chance of reaching 96. I like numbers and science so I'm planning for 95. Can a person actually get a 5% return? Don't know. I do know there's risk there. One thing I like about waiting until 70 is growing at about 8%. Plus COLA is a pretty sweet perk too. It's a compounding COLA. We both get the same percentage increase but my dollar amount increases more because of COLA on all previous COLAs. Not a lot, but nice. HOWEVER...the biggest factor by far is human nature. Can a person actually take at 62 and not spend a penny until 70? Such a person imo would, assuming no big Lottery win, likely be good with numbers, believe in science, be a disciplined spender and have their act together in general. Such a person could see the benefit of good health, realistic life expectancy and the benefits of waiting until 70 to take SS.

It’s not easy to wait to 70 let’s be honest. Especially in this inflation if you wait to full retirement age and work a decent paying part time job it can work.

This is a fallacy. This scenario has been analyzed ad nauseam over the years and the outcome of that analysis is always the same. Delaying SS is definitely the better choice, as long as you are able to support yourself or continue to work in the meantime and your life expectancy is beyond 80 (to be conservative). Investment returns are never garunteed and will fluctuate wildly over any 8 year period, but the SS increases are garunteed, as are the COLA increases on top of that. This is not complicated.

Dennis in theory you make a good argument. In reality, 40 years plus as a CPA, I've never seen a client, or known of anyone's client who is able to do this. Not saying it's impossible, but for most not realistic.

@@JohnJohn-wr1jo Actually, I know several people that have been able to collect at 62 and bank their entire SS benefit. Typically, they have a spouse that is still working, a pension (or other retirement money), and/or a side hustle that covers their living expenses. One such person was very glad they collected at 62 because, at 67, they needed to use some of that banked money to help pay for expensive cancer treatments. Had they waited till 70 to collect, they would not have had any rainy day money reserved.

I’m in the same spot as you my wife 6 years younger,67 is beneficial for me cause she can catch me up till she turns 62 , she can collect out my ssi, ,,I thinking 1/2 way of FRA , 64 , but I quoted from my employer $1100 a month medical now , & it will increase 3 years from now , I’m 60 now 7 more years long time

@@jpaul4788educate yourself on spousal vs survivor benefits. They are completely different and have different rules. Spousal benefits are reduced for early claiming, they will not get 1/2 your PIA if they are too young.. For survivor benefits it depends. Unfortunately quite complex

I'm 46 and will get it ASAP. Screw mandatory overtime while driving through a foot of snow.

You don't have to wait til age 70 to retire, you can retire at anytime between 62 n 70, yet wait til 70 to start collecting S.S., IF you have other retirement savings to rely/live on til age 70.

Remember, at 65 Medicare takes your payment out of your monthly SS check. Forever.

You will live to 86 to 92, 50% chance.

@@bhinbayoucity5691q

@@bhinbayoucity5691😊

Very true! Like I say, it is a very personal decision.

You need a better hobby.

Does it taste better than the old cola?

This is correct and the reason i took it at 62. You may not be here tomorrow.

Taking SS earlier doesn’t make you undisciplined.

That makes no sense. It is the same amount of money and more money claiming early until 80 years old. You can enjoy 7 young years or have extra money in the old years. Very few men make it past 83.

It still comes down to if you have poor health, financial need or if you are wealthy you take it right away.

@@anthonybatulis6516 in other words, no one knows. Lane certainly doesn’t.

Your PIA is listed on your mySSA account at your full retirement age.

@@Joe26003 yes, I get that. However, no one can ever definitively give you a “ best” time to take your benefits. However, if you’re still working, it’s best to wait since you don’t need the income. What he should have been clear about is for every year you wait past you full retirement age, you get an 8% increase in benefits until age 70,in which case there’s no reason not to start taking benefits.

You don’t need to worry about it. You have no control over it, and it doesn’t change what you can receive in any way.

@@TennisPlyrMom as she is a partner in a reputable accounting firm, and would normally have no reason to go out of her way to help me, I will surely take her word over some rando on youtube.

If you have children, take social security so that your 401k money can be left to your kids.

@@heythave and use the governments $$$$ not your kids $$$

Suppose I can get out of bed just fine at 62 and- while maintaining a healthy and active lifestyle- can still get out of bed just fine until 70? I won't regret it if at 75, or 80, or 85, I can barely get out of bed but knowing I exited the rat race and enjoyed life for the 8 years that I was able to do so.

You don’t wait till 79! At 79 you start pulling ahead. Certainly for a female that is highly likely since one half of women at 62 live past 84

Medicare begins at 65 unless you don't want it to. I'm based on what I've heard from other people UKposts approximately 3 months before you turn 65 if you're planning on using Medicare, you should sign up for a Medigap supplement it's appropriate for you because you only have a window of time before and after your 65 to get that insurance without underwriting.

I'm 67, retired at 45. Haven't taken SS yet. I don't invest at all so my reportable income has been about $0 for 20 years. With Obamacare and Medicaid expansion my health insurance premium subsidy wasn't available, only option was Medicaid. Turns out I loved Medicaid more than any other insurance I've ever had. And it's $0 cost, $0 copay, $0 deductible. When I turned 65 I got Medicare with Medicaid so $0 cost stayed with Parts B and D. Now getting Medicare Advantage at $0 cost with some huge cool benefits like $5000/y dental. Medicaid then qualified me for a free smartphone and plan (Lifeline) and recently free home internet (ACP). These programs are based solely on reportable income...not wealth. Billionaires can be on Medicaid. So if you have the cash to fund your retirement from 63 to 65 you could keep reportable income below about $16k/yr and get Medicaid, phone, internet. Betcha better than your current health insurance. You do have to live in a Medicaid expansion state.

Absolutely!

Absolutely! I address that in this this video ukposts.info/have/v-deo/bHehrq1srpl30Gg.htmlsi=Ro0JFVwzaGomGd6r

Read my post re married couples

Yes......and if 1 dies their SS goes with them. Collect 1 at 62 and wait for the higher earner to collect their SS. At least you can get some of the SS b4 one or the other dies and the still living will get the higher SS.

Love it!

Thank You for a nice detailed and organized summarization of this video 👍. I know Lane has covered the taxation limitations and implications on his previous videos, but the main point and takeaway for me is the “break even point”. 😊

thank you for the summary! He mentioned he put the link of the video below that covered taxation and earning limit, but I did not see it. I guess I can search for and find it . 😊

That depends on your situation. If you are planning on living primarily off of Social Security and have few other retirement assets, then yes, you absolutely need to delay. However if you have plenty of money saved, taking Social Security early allows you to withdraw less from your portfolio, giving you several extra years of compound growth.

​@@SR-ob3wnExactly, it's shocking this is not mentioned more often.

@@pregan66 Furthermore, if the difference of $500 a month is going to make you or break you, you really should not be retiring yet.

I couldn't agree more! It's call financial planning and that is what we do. The video is only looking at one aspect of the many aspects that should be considered. Thank you for your comment!