7 Social Security MISTAKES that Cost THOUSANDS in Retirement

In this video, 7 Social Security Mistakes that Cost Thousands in Retirement, I debunk myths, clear up Social Security uncertainty and help the viewer avoid some of the most common mishaps that retirees make. Along the way I make certain "fuzzy ideas" crystal clear.

This video is for anyone who wants to optimize their Social Security benefits.

Links to Other Videos Mentioned in this Video.

How to Calculate Your Own Social Security Payment

Provisional Income Calculation

Debunking the Age 62 and Invest Strategy

Other Important Links:

Federal Reserve Board Survey of Consumer Finances:

Social Security Administration Application for Benefits

Current Social Security Cost of Living Adjustment

Social Security Payment Estimator

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[KCFlyer]

My dad reached age 62 and died at age 74. His brother reached age 62 and died at 63. So the track record for men in my family isn't good. I reached age 62 and took Social Security. Now...here's the thing - my job situation was so stressful that had I stayed, I might not have made it to age 63...I honestly think it would have killed me, the stress was that bad. I retired two and a half years ago and life has never been better. You cannot put a price on that.

[pacfan]

I retired at age 63, may be getting less than retiring at age 67, but the pure enjoyment of leaving the stress of working for corporate is well worth the little bit of difference, simply pure peace of mind and happiness!

[pappadappacarhauler]

Like was stated, one luxury none of us have is time. I’ve worked since I was 15. I will be 62 in 2023. I’m going to retire early. I probably won’t feel as good at 67 as I do today . I’m tired of being a slave! Holy Schmitt!

[donnareedfan]

I retired at 62. As Schmidt states frequently in his videos, it is a constant check of your resources and how you manage them that matters. There is no magic date or savings amount, it is all up to the individual.

[tor-dvkm]

Had a heart attack @41..2016 bypass surgery😢 now approaching 62..i believe it is my best bet..❤

[danbouchard]

What these so called experts never mention is that if you wait until you are 70 to take SS instead of 62, it will take you 13 years to makeup the money you could have been earning and investing and playing with. That brings you to 83. Take your SS as early as you can folks. Oh, and remember, it's not a benefit. It's your money.

[groovetube]

This is one of the best personal investment channels on YouTube. Thank you for the great advice.

[jimmydaves]

I turned 62 in October. All 4 of my grandparents did not make it past 65. My mother made it to 71; my father made it to 78 (after 20 years of Alzheimer's); my only sibling died at 64. Who wants to convince me to not apply for Social Security now and wait until I'm 67 or 70?

[joesmoe]

You have to also look at the health benefits of retiring. I went from sleeping 6.5 hours a night to 8-9 hours. I'm feeling a lot more alert and not having to take naps. I wake up when I want to, and don't worry about all the deadlines and suspenses. Life is so much more relaxing, and I get the see the grandkids more often. To tell the truth, I never invested my money which I should have. But my plan was to retire from as many jobs as I could. I currently have a military, State employment, Social Security, and a private employment retirement. I figure I only have 30 years left, I might as well enjoy it.

[shawnebeal]

There is a reason they pay you more from 62 to 70. They hope you don’t make it

[shermansanders]

I will be 67 in January, I am doing mine now instead of waiting to 70. My mind is willing, but 40 plus years of concrete construction said, no.

[christopherort]

Interesting video.

I'm a CPA also, and I retired at age 59. The additional $$$ from SSI between age 62 and 67 was not worth the hassle of working that additional time.

Yes, the math makes you more $$$, but as your quality of life decreases based on age, you may bee working yourself to the grave. Then you get zero.

[OldMan]

The last few minutes were very informative with regard to receiving SS early and investing at 5%. Job well done!

[dbmkt]

The thing that makes retirement at 62 a problem for me is getting health insurance. I'm 62 and the earliest I feel I can retire is 65 in order to be eligible for Medicare.

[rbassettjr]

I retired last year at 62, received my first check 01/09/2021, had a heart attack 01/17/2021. Doing well now, but you can't ever tell what might happen.

[GG-xsvt]

They really should teach this in high school along with car insurance, buying a house...etc. Great video...always learning something. Thanks

[lujuanaflood]

Grandma died @39 before I was born
Mother died @47
Older sister died @60
I practically ran to SS @62
Less $ but at least I am collecting

[jlholm]

I love your videos. Very direct and to the point, no BS. I wish you were my financial advisor! I don’t want someone who is focused on judging on what we SHOULD HAVE AND SHOULD NOT have done. I want someone who can simply tell us what we need to do and how to do it. Thanks for all the great information.

[waymakersfun-time]

I keep hearing all these ages and dollar amounts. The assumption is that you are going to be healthy enough to enjoy your retirement and social security. So many of my friends have passed away without ever collecting a dime. This is such a personal issue. Thk U 4 sharing all your knowledge.

[EveBrocart]

Thank you for taking the time to design a very well organized video. Honestly this is the FIRST time I finally understood when SS gets taxed especially for family members with foreign income. This is also the first time I understood the difference between federal and state tax laws. For that I am grateful I can finally explain it to my dad who immigrated here and now has to file FBAR and other foreign income .... He does not get american SS so it is even more complicated as far as explaining to the IRS that his money is like monkey money he can't get it transferred into the US - anyways... so helpful thank you!