Social Security at Age 62, 67, 70 | Pros and Cons of Each

This video discusses the pros and cons of filing for Social Security at age 62, 67 and 70.

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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.

[christopherbilkey]

Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.

[billclarke]

Every one's situation is different; I delayed to 70 and happy I did so. Social Security was the cheapest income longevity insurance available to me :)

[timothylawson]

I'm working till 70 also, i feel great no health issues 62 now, feeling like can easily go till 70 plus thank you Jessus 🙏😊❤.

[Hannahbenowitz]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[jazziered]

I am 5 years away from 67 and I am done. If I have to, I will work PT to supplement.

[MississippiPickers]

Geoff Schmidt is the only man on youtube that gives realistic numbers, not pie in the sky fantasy numbers like the rest. I really love him for that.

[bernie]

62 for me. Why wait? SS started taking money from my pay check starting in 1971. I started taking it back on the first day that they would let me. The single most important thing to know is that more per month does not equal more total. You can't know for sure without first knowing the date of your death. Since the break even point for most people is around 80 years old (79 years 8 months for me) you just have to ask yourself this question: Would you rather take the money early so you can afford to retire early and enjoy the money while you are still fairly young, or would you rather have more money when you are almost 80? Instead of thinking about how much you are going to get, start thinking about how much you owe. Focus on being debt free by the time you quit working and take your money back on the first day it's available to you. You have worked hard so take the money and run and start enjoying a worry free, work free life as soon as you can. 7 years retired now and not one minute of one day have I thought that I made a mistake taking the money early and neither will you.

[Greggsberdard]

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[Susanhartman.]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[FSD]

Many of my friends took SS at 62. They were still working. They were making less money then in previous jobs and needed the additional income. Thanks for posting.

[drummer]

I took social security at 64; I was ready and I believe it was exactly right.

[michaelcollins]

As you stated it is your planning. I took Social Security at my full retirement age even though I was still working because I had refinanced my mortgage to pay for my children’s college so when they graduated they had no debt. I used the Social Security to pay down my mortgage so I too could become debt free shortly after I did retire. Planning is very important with retirement because it is hard to correct a mistake. Keep up the good work with your channel.

[mcoleman]

I'm waiting until 65 because I need health benefits which I wouldn't have at 62 if I leave my fulltime job ! Can't believe you didn't discuss this in the video!! So important in the retirement equation

[dipaknadkarni]

I currently have used my wife’s death benefits on active duty Navy in 2014.
Since I made more money on active duty I used this I started in mid-2022 after retirement.
I can still make about $20K with no penalty.
My personal SS is on hold until age 67 and probably age 70.
Thank you for the video and bless all of you in your individual circumstances.

[patrickmchargue]

I hope that you will go over the proposed changes to SS law, and what you expect their impacts to be.

[oldsesalt]

I'm 62 and I'm feeling both the years and the mileage.

[seroxide]

I started mine at FRA. I'm self employed and plan to work well into my 70's if my health allows. I'm investing all of my SS payments and hoping for a 8% average return. I see it as icing on the cake.

[johnwilson]

Social Security is the most accessible form of longevity insurance for many people. To maximize the longevity insurance aspect of social security it is very beneficial to take s.s. at age 70. This helps answer the question of what if I live longer than I planned to. This leads me to the rule that you should take S.S. late unless you need the income for current living expenses.

[vanthof]

I'm retiring in 2 days at 63 1/2.
I could easily keep working, but I'm so tired of the rat race plus long lives is not common in my family, so I've decided to retire early and enjoy my life with my lovely wife.

[deanmay]

Another great video. People’s situations and values are unique to them, yet there are enough of us out there that we share some commonalities. I was lucky and able to retire early at 58.5 with a state pension that covers our expenses. I also set it up to take a lesser amount, but that amount will be around for the rest of my spouse’s life assuming she out lives me. We are the same age. She could live off just my pension. I am a retired university professor that taught human behavior for over 30 years. In broad strokes, “early” old age is from 60 to 75 and “old” old age is from 75 to death. We want to maximize our disposable income as much as possible from 60 to 75 and I don’t care as much about maximizing my lifetime total from Social Security. Therefore, are plans are to file for early social security at the end of 2024 when we both turn 62.