Best Age to Take Social Security - 62? 65? 70?

What is the best age to take Social Security. Make sure to get it right!
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Best Age to Take Social Security
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[morgansofia]

Am 58 retiring next year but the thought of retirement gives me weakness. 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 never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[Peterl]

The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans

[williamwaters]

I took it at 70, retired at age 80 and am now 83. If we knew how long we would live, the choice would be easier.

[pizzame]

I will try not to take it too early. My goal for social security is to have it at least cover a small studio or 1 bedroom apartment away from the cities and cover my medicare too. At the least. I only have small dreams now, the main one is not being homeless.

[DesignBuildFixReview]

Also don't go by the generic rate SS calculator gives you. You need to sign in with your SS and get real numbers huge difference from generic calc.

[mattdonna]

The best age to take S.S. is when you are still healthy enough to enjoy it.

[produxy]

Not me Son, but Who said we will live to be 64, but I am 63 now, I want to enjoy what I worked for

[midnittkr]

If you are still working fulltime and you retire you get a reduced payment because of penalties but when you reach full retirement age they basically give back the amount withheld for the years you continued to work. Not in one lump sum but added to your new monthly amount at FRA! You should know that! So you dont actually LOSE it, its just delayed.

[alexcorsten]

Please correct your video. You stated that SS goes up 8% a year between 62 and 67. The actual early penalty is 1/2% per month you start collecting before your FRA. That is 6% per year. You may be thinking about the delay credit you get for claiming after FRA. The delay credit is 8% per year after FRA.

[cvgguy]

Keith's service helped me avoid being misled into signing up for a Medicare Advantage program from a high-pressure insurance agent (who admitted he was given my contact info from my employer who was trying to get me off their insurance plan at enrollment).

[derkong]

70... I work maybe 10 hours a week, my job is easy, no reason to retire...

[danz]

Turning 62 in a couple months and sure as hell applying for my SS, getting it while I can, have no faith in this government it needs a total reset and the people need to be in charge and stop giving politicians to much power

[mariaquintino]

New subscriber here. Thank you so much for this clear information on how ssi works. Im 54 now and am preparing myself to pay off any debt I have so i can make a better decision on when would be the best time for me to retire. 😊

[TheKShepherd]

Even though my 401 will be very healthy in my 60s (well above what the national average/median is), I am taking SS at 62. That's because I will have an 11yo child. So they get 50% of my FRA ! They'll get that for 88 months. Plus, my wife will get "Child-in-care" and receive 50% of my FRA for about 50 months till they reach 16yo. So while I am taking about a 2k hit from 62 to 70, combined I am making about 35% more than what I get at 70. When my wife's child-in-care ends, I'll make just $120 less then what I'd get at 70. Yes, before I am on medicare at 65 I have to get coverage (plus my family) But we are still ahead of the game. So for me, it's 62.

[JerryT]

The fact that we still have to pay taxes after we retire sucks

[MrWaterbugdesign]

Depends of course on the person. Different people look at "retirement" in different ways. I was foolish and believed people (pretty much everyone I knew) said SS wouldn't be there when I was 65. So I figured I'd better get my act together. When a person prepares to finance their own retirement the age range 62-70 no longer means anything. Turned out I was ready at 45 so I stopped working at a salary job. Didn't mean I wouldn't be productive. I like being productive. So I did hobbies that could bring in money. Slow flipping houses was my main money maker. This meant I didn't millions of dollars saved. I also found I liked living simply so I did that and my expenses fell a lot (down to $600/mo).

If I were to take SS today it would be $3080. But I don't need it. I look at SS as insurance, which is what SS was set up to be. Most people seem to look at SS as a 20-40 year vacation. If I wait until 70 I get $3800/mo (today's dollars). That's better insurance imo.

Taking SS early and investing it would be silly for me. I'm not Warren Buffett. If I wait until 70 I earn 8% interest and I get COLA. I don't think I could come close to beating that return. Plus I'm retired. Investing is a job and it's a job I don't like. I've had no investments (other than house) for more than 25 years. When everyone else is stressed about stock market crashes I don't care. Or stressed when to sell when markets are up. And all those hours of watching the market and researching. Not fun for me so I don't.

[walterp]

Experts on YT for married couples say high earning spouse takes 70. Lower spouse takes 62

[markdavis]

I’m 61, collecting survivors benefits now, I’ll wait until 70 to collect my SSi

[BlueDotInDayton]

I will be 62 in September (18th, to be exact) and I will be applying for SS on June 18. If it wasn't better for us to take it EARLIER rather than LATER, the government wouldn't try so hard to get us to wait.

[MrSoccerpues]

I just subscribed to your channel, very good video, thank you.
I work for the Postal Service and what I heard from this video my postal pension won’t count as income to affect my social security
Thanks again
Marco