When Do I Start Drawing Social Security?

When Do I Start Drawing Social Security?
Listen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, George Kamel, Rachel Cruze, and John Delony.

[carolynhostetler]

My sister and her husband don’t need SS. At first he thought they wouldn’t draw since they don’t need it. They changed their minds and now put it all in a separate account and use it to help those in need. I should add, this is above and beyond what they already tithe and charities they support.

[jaminjosh]

I’m 40 and plan on drawing at 62, main reason for that is no men in my family have lived past 68 in the last 120 years, I’m shooting for 80 but with my aunts and uncles all going at 65 or younger I’m “playing” the stats in my family. Will have a pension, Roth and 403b as well.

[strothermartin]

I started at 62 and never looked back!☺️ Tomorrow is not promised to you. The only drawback is my SSI comes in the second Wed.When I was a kid, every body received theirs first of the month.

[Will]

I took it at 62 and never regretted it for a second. Life is too short.

[Dercho]

My Great Uncle took it at 62. He lived to 92.
He contributed his long life to early retirement!

[judygilbert]

We adjusted our lifestyle ( downsizing, debt free including house) so that social security more than covers our expenses. We save the excess in CD. It’s been sweet. We want for nothing . We take a few trips that we plan for from investments. . We also like to challenge ourselves in a few No spend months a year . The minimalists have been so inspiring. Even with trips, our bank accounts are increasing. We keep in mind that when one of us passes the other will only have the one ss so that is planned for. Knowledge on how to mange a small income is key. We both took our ss at 62 and worked part time until 66. Our health was more important than continuing with stress of our full time jobs.

[fluffhead]

Take it at 62, either invest it or stack up cash if you don’t need it. If you die, you can pass that money on. If you don’t take it and die, it’s gone forever..

[JM-iovb]

I love how Dave cut through all the typical bullcrap and got right to the heart of the matter! I've seen so many analysis of this question that fail to take into account the core fundamental point of whether SS is a significant/needed part of someone's retirement vs a little added bonus on top of what they already saved. If you're in a strong financial position, take it as soon as you can!

[carbine]

I am about eight months away turning 62. I am going to start my retirement at 62. My Father had heart problems and died 4 months before turning 62. Had been contributing to SS since his teens. His Dad... how is Dad's Dad never lived past their mid fifties. My heart is good with good and bad colesturol good. I have mild diabetes and slightly elevated blood pressure and taking medication to control all of that. I am a good 50-lbs overweight. I am 6"4' tall. No arthritis. Shoulder and hip pain. I have no 401K. Selling some property and will hopefully after taxes and commission have a good $175.000 left over. My wife has a good retirement with the county. She also retiring at 62...four months ahead of me. We have no debt now and own a new SUV and a later model pickup truck. I figured I might live to 70. Taking it at 62 and never look back. The way the World is and how our Government just "Loves" it's citizens...get when you can. 🙏

[loganthorp]

There is some underlying issue here that I wish they would address. So many people call with millions and then are afraid to retire. Maybe they dont understand how to live off of the investment money from their nest egg.

[mikestevens]

One small critique here: Dave hangs his hat on their $3 million net worth in advising her. But she lives in Seattle. It's quite likely her home is more than $1 million of that total, maybe more. She and her husband are still probably just fine, but Seattle has some of the highest home prices and property taxes in the country. Many are wealthy based on home equity, but that doesn't generate cash flow until you sell or borrow against it.

[vlnzt]

$3M w/ a paid-off house, 2 pensions, and SSN. Hope they can get by.

[bman]

My advice to folks is the year before you want to retire, limit your budget to what income you’ll receive during retirement.. this will give you an indication as to how difficult it will be financially.. also, access what large expenses might be coming… does your house need a new roof that will cost $25k, new A/C?? These are tough to finance during retirement..

[edwardglatzmayer]

Take note that Dave is giving advice to them, Not you or your situation. People who have done well and saved responsibly and do not necessarily need Social Security at 62, also have a different situation and unique tax dilemma to deal with that will definitely impact when is the the best time to take Social Security. Obviously, each persons retirement plan needs to be taken into careful consideration to determine when to take Social Security. Especially if people have too much money in a traditional IRA. A financial planner or possibly your accountant or tax advisor can help guide you best in making the correct decision for your particular situation. People who have not done as well and maybe did not or could not save as much for retirement, may need Social Security to maintain or possibly improve their lifestyle at age 62 or soon after. My point is don't make the Social Security decision until after you have carefully mapped out your specific situation and how it will effect your tax situation and needed lifestyle. You might also take into consideration, the possibility of potential economy downturns, recessions, and or depressions with rising inflation too. Good luck everyone!

[ozarked]

Dave's take in this instance is pretty much how I have always viewed Social Security. I never took it into account in my financial plans because politicians could take it away or cut it with the swipe of a pen. I'm drawing it as soon as I'm eligible so I can at least get some portion of my money back, but it's strictly a bonus and will never be something upon which I am dependent.

[billgrant]

Im going at 62, the break even point for me taking it early or waiting till 67 is if i live to be 78. Figured in a modest 3% increae annually . So 62 is my retirement age. Life is too short. Im starting my next chapter in april

[mkirules]

Generally speaking, it is better to wait if you don't need it. Benefits increase by 8% per year, and if you work they take away some of the benefits. But, Dave is right, she doesn't need it so it doesn't matter when she takes it.

[tonylevine]

I'm taking early too. What's really sad is when people call into the show with millions of dollars and still don't believe that is enough to retire!! And, he is going back to work? For what? You worked your whole life so that you can ENJOY RETIREMENT! Go enjoy the rest of the time you have left on this earth! It's almost like these old politicians who won't retire and die in office. smh

[marshallhosel]

I’m probably the outlier here, but I view social security as an insurance plan. In the event of a very long life, there will at least be social security income if you out live your retirement planning life expectancy. Hence, I’m thinking of delaying until 70. I’d be interested in other perspectives.

[philc.]

We were going to wait until 70 to collect to get a bigger check as we don't need SS right now at age 67 and still working part time. This video might change my mind as I never realized I would not recoup all of the taxes that we paid into the system.