In this video, 7 Social Security Mistakes that Cost Thousands in Retirement, I debunk myths, clear up Social Security uncertainty and help the viewer avoid some of the most common mishaps that retirees make. Along the way I make certain “fuzzy ideas” crystal clear.
This video is for anyone who wants to optimize their Social Security benefits.
Links to Other Videos Mentioned in this Video.
How to Calculate Your Own Social Security Payment
Provisional Income Calculation
Debunking the Age 62 and Invest Strategy
Other Important Links:
Federal Reserve Board Survey of Consumer Finances:
Social Security Administration Application for Benefits
Current Social Security Cost of Living Adjustment
Social Security Payment Estimator
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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….(read more)
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This was really helpful!
❤ your videos it’s really helping me to decide. I’m 66 and want take it next year 67. Keep working and save the checks. Is that a good idea
Amanda…u don't have to answer..but..what is your self- employment position? 😉
well I just have to get me a lawyer and get all my money out you people are taking money out of people social security and you are spending it the people don't want to keep working for the rest of their life give them all their money and lump sum might as well but you ain't going to do it cuz you taking taxes out and and people people don't need to keep working like that's I see why people is homeless and most of them are older when they get ready to retire there's no social security in it cuz social security is digging all them people's money and taking taxes out if you taking taxes what you doing with the taxes they're taking taxes out of social security what they do with the tax money they're getting some kind of money from it
How will COLA increase of 8.7% affect my Social Security if I turn 62 on 7/2023? Can you explain how inflation for future retirees is compensated for due to inflation?
When you say earn, does that earned money include pensions or just money from working?
On mistake number seven, doesn’t the Social Security administration return that money to you when you are full retirement age?
I got to be honest, it seems like most of your advice is for those that made $100,000 or more. That's not even remotely close to median income for a single person right? So what I find out is most of what you're talking about it's not applicable to me.
You business guys assume that every one has a white collar job will big guy some people get sick and ect
SS wants you to wait to collect retirement so that you have one foot on a banana peel and the other in the grave! They could care less about you! It's all a corrupt government!
Boy … you are quite depressing. I was so looking forward to retiring now, age 64. Your video was informative and gave me food for thought. I have seen a financial advisor and will have to revisit his suggestions and ask more questions in light of this new information received from your video. I have some tough decisions ahead and will definitely rethink my retirement decision. I will probably still retire now at age 64, because I’ve been working over 42 years full time and I’ve just had enough. I am ready for my time to be my time,but I thank you for this info at least I will be armed with additional knowledge and not going in blind.
How much money is it going to be for the government to give refugee's a$841 check for 7years which they really don't have no business giving peoples money away that worked for it
Hello Geoffrey, I ALREADY SAW A DRAMATIC CHANGE!!! I received a letter from the SSA stating that THEY made a mistake and that I would owe them $3,500 with no other comment or explanation. So I sent a letter to the SSA in Birmingham (AL) with a request for an explanation. The “answer” was “SSA will pay $0.00 of SSA benefits until March 2023 with no other comment or explanation. The teller at the local SSA responded with “It’s all your fault. It’s in the computer”. Asking “Why” and “What went wrong” was answered with “I don’t know”. I feel like legally “RAPED” since the SSA “IS ABOVE THE LAW” and can come up with ANY CLAIM at ANY TIME claiming ANY AMOUNT with NO EXPLANATION and I will NEVER see any SSA benefits for what I paid 25 years every month. PLEASE ADVISE. THANKS.
MALLEY INSANE BEARSHEAR SOCIAL SECURITY OF $1000 HE GAVE HIS $400
THEY CANT MOVE! HE CRIPPLING THE ENTIRE NATION.
THAT NOT A BENEFIT NUMBER IN ANY COUNTRY UNDER $3000 ITS LITHANWANIAN CODES
I’m so glad I came across you channel – unbiased facts. Did I understand correctly that one’s SS is based on your highest 40 quarters? I was planning on working to age 70 to maximize my benefit. However, my income from age 67-70 will be lower. I would actually be lowering my benefit at age 70 if my income goes down? Those retirement statement are very misleading.
$32k maximum provisional income for a married couple to have no taxes on SS. What is the number for a single person?
Can you live in another country and still get social security payments if you don't live in the USA?
Should I begin retirement with my job or file for social security when I become older? I am afraid that I might not receive SSI when I get older, but I will not survive the injuries I have now when I am elderly. I will need SSI. How do I make sure things will be taken care of?
Very good and practical advice.
One of YouTube tips is learn to use your phone, and another is use an 18 month planner, but if you learn to use your phone you would know that most phones come with a calendar that goes way beyond 18 months. Why would you need to spend money on a 18 month planner?
There is a reason they pay you more from 62 to 70. They hope you don’t make it
I resent that the retirement 401K, IRA is counted as income. Waiting until 67 for that to be a non-issue is not right. But this government was smart because they don't want you to be free to tap into what is yours. They want you to wait until 67 and withhold larger amount because we want to retire at 62? It's the proverbial carrot teaser. But the majority will play their game because that's what we do. It's a rigged game.
I am a retired firefighter from the Federal Government. I receive a Social Security Supplement with my retirement check. I am currently working for an overseas contractor. I am age 57 and will not take a check from SS until I am 65 or FRA at 67. Will I be penalized for making over 80K even though I have not accepted any full retirement benefit? Also, does your pension count for earnings?
Taking SS at FRA or age 70…….seems to me, if you are healthy at FRA…unless you can invest it at 8%…after paying taxes on 85% of it
It is a no brained to wait until age 70
I decided to take my money at 62. That way if I die BEFORE 67 at least I have some benefit for all those years I was FORCED to pay onto the Ponzi scheme that is Social Security. I loathe the whole forced social security “contribution” as a way to fun retirement. The math of it all is insulting as a way to fund your retirement. So I am taking all I can get, as early as I can get it. Besides, I don’t need the pittance of social security to live on in retirement.
Get rid of your damn political ads. You lose all credibility.
I have four zero years in my best 35 years. How much will that affect my ss payment? I retired from my primary job with a pension but should I go back to work to remove those zero years? Will my pension be considered as income against the limit if I apply for Ss before age 67?
I don’t see a benefit at any age. Goverment has you penciled out either way.
Here's my thought on "I might die tomorrow". If you die tomorrow, do you really think people are going to say, "Poor Joe he never collected SS", I doubt it? The remaining family will say, what did he leave, what's it worth, how much is my share? Certainly, Joe, the dead guy could care less right?
Now, if Joe lives to be 98, every month he's alive after the breakeven point he's going to have $400-$500 more to spend. Now that is something Joe is going to appreciate, extra money to pay for a car payment, a nurse, or a cruise. The day Joe dies, the remaining family members are going to say "Good old Joe collected SS for 28 years!", What did he leave, what's it worth, how much is my share? Nobody else gives a damn about when you took SS. they only want their piece of the remaining pie.
There is another reason to file for benefits early. I filed for social security benefits when I attained age 62. I did not need this extra income, so I carefully invested it in technology stocks. By age 70, the income I made each year on this investment plus my reduced SS benefits I received at age 70 greatly exceeded the income I would have made If had elected to receive my benefits much later.
My dad passed at 52. His brother at 47. Mom is now 81.
I have a slightly different view on the 5% ROI assumption, by taking social security at age 62 and using those dollars early in retirement it allows the money already in our Roth accounts that much more time to grow tax-free, then later when we do start using Roth it greatly reduces our AGI and we may not cross those income thresholds for taxation of social security benefits.
At 62.
It definitely makes since to sign up if you have ANY medical issues. Life is short.
I’m lucky to have a pension and 457 retirement account that I withdrew to pay off my house. I’m living off my monthly pension in a mortgage free house at 61. Not sure if that would decrease my SS benefits when I file at age 62. Hopefully I made the right decision.
Did i miss something? Why do we have to pay back social security, when its our money in the first place?
I thought they will take the 10 best year of your income. I only have 7 years at the moment. And i need to work another 3years before I qualify for SS. Please correct me if I am wrong. I am 60 years old now
You’re not correct about needing 40 earning quarters to qualify for SS. You can port years from social security totalisation treaty country’s to make up the difference ie work 5 years in US and 5 years in UK you can total the years to 10 to get 5 years worth in US and 5 years worth in UK rather than nothing in both.
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I spent 40 years selfemployyed so I paid double by matching my own SSI that is not fair
If I knew where I was going to die I would not go there.
Love your channel, Question: In different videos, I hear you say that SSN will end in about 2034 (12 yrs, from now) or sooner due to the current Presidents' new policy. With 12 yrs. to go or less, does it pay to wait till 67 if one retires now? Question is will SSN end in 2034?
All this also depends on the bankrupt government not stealing even more from S.S.than they already have and don't intend on putting it back. Theft for them has paid well.
Am I correct that at 62 through full retirement I will receive cola. benefit for each year when I retire at full time retirement. So how does that work. Thank you
Great straight forward, logical presentation / i.e. right sized when compared to many! I have a much better understanding of where I stand now thank you.
The biggest mistake is not waiting until you are 70 to begin collecting your Federal welfare check.
I love these videos. That said, the VAST majority of my family on both sides died in their 70s. That means they all lived to 62, but not 82. I retired from Federal Service recently debt free at 59. I feel fine, but I do have health conditions. Anyway, it would be foolish for me to roll the dice and wait until 67 or later. My break-even age is 79. Hey, don't get me wrong, I'm going to try my best to live to 100 or later. I may not take SS at 62 but I'm not going to wait until 67 or later either.
Figuring out Social Security is very scary, number 1 because I don't get math at all. Jeff Schmidt's video was easy to follow and it made very good sense, granted I will still have to watch it two or three more times to fully understand everything, but that is the way I retain information. He has other video's out there and even a short one of Instagram that help identify other issues when it comes to taking SS that I didn't even know about. So I am glad to have all this information shared by someone who knows the ins and outs of it to a tee.
I am planning on taking my social security in 5 years When I'm 65. I had 60 thousand in a 401k from my last job that I rolled into a IRA when i changed jobs. I thought about taking 15 thousand out each year for the next 4 years so I wouldn't have to pay too large of taxes on it. I would then put it in a savings account. Do you see any problems in that idea?