Why 10% of Seniors Are Planning To Take Social Security At 70

Because Social Security earnings are the largest source of guaranteed income many Seniors will receive in their lives, choosing the right time to claim your benefits is crucial.

Join Marvin Musick and find out why taking your benefits too early could result in losing 70% of your total benefit and what to do instead.

00:00 - 00:40 Introduction
00:40 - 04:49 Social Security Can be Reduced or Increased for LIFE
04:49 - 10:10 Limited Income Before Full Retirement Age
10:10 - 16:58 Today's Life Expectancy
16:58 - 20:48 Survivor Benefits Paid to Women

#socialsecurity #socialsecuritybenefits #retirementplanning

[KevinInPhoenix]

There are two types of people: those who want less now, and those who want more later. No one ever complained that their social security check was too large.

[BrittMFH]

I'm 65 and have a number of friends in their 80s and 90s. Love the information you share. Thank you. 🥰

[ricoma]

I love this channel. I share it with everyone i know is preparing for retirement.

[ricoma]

Look at your parents' longevity, look at your current health, look at your current financial situation, look at any other income you have, and make a decision based on this information at minimum. At least that's my method.

[GaryR]

At 61, I was fired from an employer and my contract didn't allow unemployment benefits. Not being able to find a job again, I had no income at all for a year and a half and had to move in with my cousin and her husband. During that time, I turned 62 and immediately applied for Social Security. So I then had an income, albeit very low, and the next thing I did was find a HUD subsidized apartment where I could live on my Social Security. Since then, when I reached 65, my Social Security income had risen to a rate equal to what I would have had if I had waited until 65 to apply. I had no such option then and I'm doing okay now.

[threeftr]

Excellent presentation of SS benefits in this video :)
When we get there, Lower earner at FRA age 67, and the higher earner waiting until 70 is our plan. This guarantees the one left behind will get the highest possible SS benefit. We also will be timing the selling of our home and downsizing, to avoid the 2 year look back, for Part B and Part D high earning increases. Fear is not in our retirement planning.

[davidfolts]

When waiting until age seventy to collect Social Security, you receive an additional bonus due to the assumptions made by Social Security on longevity based on data from the Nineteen Eighties, which has never been updated to reflect the current longevity numbers, which have increased. Long-term thinking sharpens short-term decision-making. Thanks, Marvin, for your great content!

[marymastromauro]

It is very much worth the wait to collect at 70, if you can afford to do it.

[Lawrence]

Even though I like the content ...it looks like we are in circles ...themes are very repetitive. Like a Deja Vu within this own channel.

[mphil]

Thank you. My wife is 10yrs younger and will therefore wait till 70 yrs to take SS.

[bruceeigsti]

My advisor said waiting till 70 is a mistake for us. I will deplete my retirement if i wait😊

[keith]

10% of people actually like their job and make good money so they will wait... wife survivor benifits will be higher also...so she can remarry some lousy bum and be happy again

[geomtgirl]

Weight your take date against your avg life expectancy-if you wait and die shorty after taking it what have you gained?

[juke]

IF they make it to 70... The best laid plans of mice and men...

[kennethreynolds]

66 going to take it 6 months early in October and work till I drop is my plan. Dad died at 75 from sitting around when he retired at 62, not me I plan to raise the bar.

[williamrogers]

Currently working from home in a home job. Intend to take SS benefits next November at age 70, and then turn on my spouse's spousal benefits. I also intend to take my non-COLA pension at age 70 or maybe age 72, with a 75% survivor benefit for my spouse. The more guaranteed sources of income the less reliant you are on market forces for your retirement including sequence of returns risk. This is sometimes called fat tail risk. It is about protecting against events you may not have control over rather than calculating what is the maximum lifetime benefits. If the surviving spouse benefit is reduced due to collecting SS benefits at an earlier age, you may also impact children who may need to help the surviving spouse due to the lower SS benefits.

[teams]

Not worth giving up eight years of your life for a thousand a month as you are just near death. Most people die in their seventies.

[DadWil]

these calculations do not take into account the time value of money

[zhangten]

I will take my SS at 67 and put money in ETF funds. I will keep working till 70 plus

[ArabianKnight]

Here's a question: What would my SS look like if I plan on working until I'm 62 years old; but not take SS payments until I'm 70? I know that I'll not see any additional money for those 8 years, but I imagine it has to grow also. Is there a formula for this?