Claiming Social Security Benefits at Age 62 vs. Age 70 | Is Dave Ramsey Correct About Age 70?

In this video, we delve into the crucial decision of when to claim Social Security benefits. Should you start at age 62 or wait until age 70 to maximize your benefits? We'll explore the pros and cons of both options, break down the financial implications, and consider health and lifestyle factors that might influence your decision. Plus, we'll examine Dave Ramsey's advice on waiting until age 70—is he right for everyone? Tune in to get a comprehensive understanding of the best strategy for your retirement!

[JeezWhiz]

I turned 62 in May and on July I received my first social security payment …it’s mid august and I’m about to get my second payment. This payment along with my pension and part time work I do earning no more than $21k annually is enough for me to be comfortable in my retirement. I’ve lost many friends and associates my age and a few years older to take living well past 70 for granted (even though I’m in good health).
If I had a full time job that I really enjoyed and was making a great salary I’d have waited a few more years or maybe even up until 70 to claim. That isn’t the case so I’m collecting NOW while the time is good and I’m healthy enough to enjoy the benefits.

[meemka]

Great content and lots of food for thought! If I knew precisely when I will pass, I would know precisely when to start taking Social Security Benefits. :-)

[bernie]

Here's a question for you. Why do you think Social Security gives you that "incentive" to delay? Do you think they do it because it's better for you? Or, do you think they do it because it's better for them? Truth be told it's neither. It's just simple math. The reason you get more per month by waiting is because you are going to draw it for fewer months. Same thing for taking the money early. Taking the money early gives you less per month, but for more months. It's just math people. Do what ever you want and don't sweat the results. Nobody knows for sure what the best thing to do is because they don't have the information to know and that is the date they will die. Without that they are just guessing.

[seriouslyyoujest]

Retired early after mandated shutdowns destroyed my small events. Every event was cancelled for an entire year.

[thomasgordon]

Need to mention those of us who have minor children at 62 it will definitely up the break even point!

[Peter_Wang]

All taking it at 62 will do for me is pay my Federal taxes. Might as well give them that money back.

[scooter]

You kind of alluded to this, but whether you will work in retirement is also a factor for some. You start to lose benefits (though you might later get some of it back) if you earn above a certain amount, but this only applies to earned income until teaching your full retirement age. For well-paid professionals who might continue working or do some part-time consulting in early retirement, waiting until at least full retirement age seems like a no-brainer to me.

[bernie]

It's important to remember that more per month does not mean more total. The truth of the matter is that you can't know which choice will result in more total income. The reason you can't know is because you don't have the one piece of information you need to know for sure. That information is the date of your death. Remember more per month does not mean more total. The reason you get less per month at age 62 is because you will get more payments. 48 more than the person who waits until age 66 and 96 more than the person who waits until age 70. Like I said, it all depends on when you are going to die. I retired 7 years ago at age 62 and I began taking Social Security at that time. While we do have retirement savings, taking the money at 62 allowed us to maintain the same lifestyle we had when we were working without tapping into our retirement savings. The key element to the plan was being debt free by the time we walked away from work. For the last 7 years we have been able to do anything we want, anytime we want and we still have all of our savings. Waiting is fine if that's what you want to do, but I didn't make sense for me to wait since I would be almost 80 years old before waiting did me any good. When you are making your decision just remember less per month does not mean less money total and by the same token, more per month does not mean more total. It all depends on one thing and this is when are you going to die. Who has time to worry about such silly things. We are having too much fun.

[johnurban]

What are the percentage of people that say “I wish I had taken Social Security at 62” when they are on their death bed. I won’t be thinking that. If I make it to 82 I’ll be thinking “ I wish I would have waited till 70 to collect”

[EnligUlv]

In my case it’s pretty simple: the house won’t be paid off until I’m 70, and my 401(k) won’t hit 500k until age 70. I’ll need the extra cash once I stop working, so obviously, I’ll take it at age 70. Wished I had started sooner.

[나홀로할베-fd]

I'm 70 years old man but can I apply social security retirement benefit starting at age 62 years old?

[CoachTF]

Please stop with the background music..very annoying and can’t focus on what ur saying

[rickyelias]

Get your Social Security early because most people don't even make it till 70 and then they keep the change yeah I'll wait till I'm 70 to get my Social Security yeah right I'll probably be dead by then