Your Social Security Benefit Will Be MUCH Higher Than You Think (repost)

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[micheal_mills]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[gingerkilkus]

In the 1990s I sold pensions on the strength that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone.

[austinbar]

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

[Richard]

You make a lot of very good points. They take Medicare out of that and you have to buy supplemental heath insurance to have decent heath coverage. They may be a cap the cola. This year my property taxes doubled. Don’t see how any one can live on Social Security. If you don’t save money while you work you might be living on the streets. Harsh reality.

[kenmcleod]

I retired at 62
Moved to the Philippines where me SS is more than enough 😂
Living the dream now at age 69 😊
So happy I retired overseas

[masterlee]

This channel and Heritage Wealth Planning were the first I came across that said Social Security was a good thing. It was something I have always believed, but no one else did. Started working at age 16 and turning 66 this year. Started in company's 401-k plan at age 21 (1980) I will have 50 years of working employment. My lowest counted year amount will be $30k. I am still working but will start collecting January 2025 and get a little over $2, 900 a month. Debt free, no mortgage is a total piece of mind for me. I was disciplined my whole life to save, but not everyone is like that which is why I am so grateful for social security just because of those that did not save. Deciding on when to take it, well we are all different and it just depends on so many factors. For me I would rather draw the social security and let the IRA continue to grow. The thing is when I am gone so is the social security but the IRA money will still be there for my family. Just me I guess. We are all different in our thinking process. Love these Great Video's.

[BrewNomads]

The benefit dollar amount will be higher than what it currently estimates, but that is kinda moot because the future purchasing power will remain about the same, so its misleading to say your benefit will be higher.

[Orlando_Steve]

Real inflation, which is double what the government reports, will outstrip those gains. Also since the CBO is saying SS is broke around 2030, there will have to be cuts to increases. So don't count on anything.

[jimlarkin]

to all those who move to another country, most don't want to live alone among others, and in a foreign land you may be happy, but most would not

[MrRichgounder]

I’m hoping that social security is available in 7 years when I retire.

[NianLisa]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9, 000 in an IRA and $40, 000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150, 000. If I can do this in a year, anyone can.

[TES-btsv]

I am getting nailed with GPO and have only 21 years of significant earnings, so I am going to take my SS at my full retirement age next April. I was going to hold out to see if the feds would get rid of GPO/WEP, yet I have given up on that issue.

[TheFtm]

I'm not even eligible thanks to raising children, homeschooling, and becoming the caregiver for my late mother. No idea how short I am of hours but my husband has a much better amount. So I'd draw his anyway.

[wisulliv]

Your social security statement assumes you will continue to earn at least your current income amount every year until you retire. If you stop contributing you will not get the amounts represented.

[Sporkable]

SSID is taxed, so have to take that into account as well

[pppaaattt]

I’m going to check mine today. I have noticed it does change and my income did go up last year 😀

[miketheyunggod]

I will be 62 this November. My SS payments start January, 2025.

[debraromine]

Plan to have your house paid off before you retire is a big plus.

[mkeller]

Once you put in 35 years any change in income makes almost zero difference. It’s your 35 best years and any income difference barely moves the needle on the average. But yes you will get cola adjustments which will increase your payout by 1-3% a year over estimate.

[floccinaucinihilipilifications]

So true… 8-10 years ago I looked at it and was depressed. Looked this year as I approach retirement, it’s doubled
To great relief