What you need to know about Early Retirement Social Security, and the 3 reasons you should consider taking your Social Security retirement early. Social Security can be taken as early as age 62 and as late as 70, and this video is specifically about taking Social Security at age 62.
0:00 Introduction
0:16 The 3 Stages of Retirement
2:28 Current Health
3:46 Decreasing Expenses…(read more)
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As the clock ticks on, you may find yourself counting down the moments until retirement. For many, the thought of kicking back, relaxing, and enjoying the fruits of their labor created from years in the workforce is a dream come true. However, there are a few questions that should be addressed during the planning stages of your retirement. One of them, and an important consideration is when to take Social Security Benefits. While it’s tempting to wait until full retirement age or beyond to start collecting, sometimes taking social security at age 62 is the best financial decision.
Here are three reasons why you should take Social Security at age 62:
1. Social Security Benefits Are Not Guaranteed
For many, the Social Security Benefits are seen as guaranteed income, but this may not always be the case. With current economic conditions and the uncertainty of the financial landscape, there’s always a chance that Social Security Benefits could be cut or reduced in the future. By taking Social Security at age 62, you can lock in your benefit amount and receive payments for as long as you live.
2. You May Receive More Money Over Time
While it’s tempting to wait until you hit full retirement age to start collecting Social Security Benefits, the longer you wait, the higher your monthly payout. However, if you consider your total payout over time, you may actually receive more money overall by taking it early. This is particularly true if you’re in good health and you expect to live well into your 80’s or 90’s.
3. Work Less, Enjoy More
Many people dream of early retirement, and taking Social Security at age 62 can make this a reality. By taking Social Security Benefits early, you may be able to retire sooner and enjoy more leisure time. This can be particularly appealing if you’ve worked hard for many years and you want to spend more time traveling or pursuing hobbies and interests you didn’t have time for while working.
In conclusion, taking Social Security at age 62 can be a great retirement planning option for many seniors. It’s important to weigh the pros and cons carefully and make decisions based on your individual situation. However, with the potential risks of Social Security Benefits looming in the future and the possibility of an overall higher payout, retiring early may be the right decision for you.
I have never heard the reasons that one might rationally take Social Security early expressed as well as you have.
The break-even point is between 79 and 80 years old and some calculations even state its 83. This is the point where delaying to age 70 actually pays off. That's 9-13 years after 70. Some things to think about. 1. Although Social Security payments are COLA adjusted, the rate is never the true rate of inflation as the government always underestimates it to put a positive spin on things. If you take it early, the funds you do get early are going to be worth more. 2. No one knows when they are going to die. Even if longevity runs in your family, you could be in a car accident and die, or contract a disease and die. Over 1 million people in the US died from COVID. 3. By taking SS early, you would be spending the money while you are younger and healthier. What's the advantage of waiting and not being able to walk a mile when you're over 80? There are other considerations though. If your spouse would benefit by waiting, you need to work for health insurance, or you want to keep working, then it may be beneficial to wait. The real question is: Why would anyone delay receiving SS early?
$1800 a month is what I’d get at 62. In Cali I could pay rent but not eat.
great points….thanks
I worked mostly for cash. What do I need to do to collect SS?
This video is worthless. Look at your SS statement, 70 is the best the to collect.
Now I'm hearing and reading trying to retire again cuz I haven't had no work can't work in the doctors don't help now I read that all I can get is 750 dollars
Screw the divorced spouse she's the one who put me in this grave
Our national debt is growing by about 1.5 to 2 trillion per year with interest rates higher on that debt that we’re paying interest dividend checks to people holding that 32 trillion dollar debt that’s growing. Wall Street and big money predatorial gold collar class republican/democrats hate social security. I remember pathological lying rush Limbaugh used say social security was an un-needed social safety net calling social security a big liberal social program. Republicans primarily but elite democrats too they hate social security and are bankrupting America in order to abolish it. Texas former Governor Rick Perry said federal government should abolish social security and leave it up to the states . Elitist Republicans and dems want to privatize social security and they’ll succeed eventually
Facts are Donald trump added approximately 8 trillion to national debt and fact is social security is 22 trillion plus in the red unfunded liability. Fact is George w bush stated his biggest regret being president was not being successful in his attempt to privatize social security.. fact is Donald trump stated over and over that George w bush wasted 6 trillion dollars he added to national debt attacking wrong country of iraq wrongly blaming them for doing 9-11 attacks that Saudis did. These are facts, not opinions nor theories. I’d advise take your social security at 62 while it’s still available before republicans and democrats destroy it that’s not being pessimistic it’s being honest and real.
My husband will be 62 in march. His first check is May ! We have a 16 year old and he will get half what my husband earns. If you have minor children or stepchildren you get a payment on them as well.
The main reason, no one knows how long they'll live
So, gambling?
The gov will let u lose…
$1>$0= reality
They made u pay.
Make them pay…
I completely agree with not spending down savings and possibly not having funds to leave behind. The exception to taking social security early, of course, is if one is still working. If retired, go ahead and take it instead of savings, in my opinion.
If you retire at 62, wait until 70 to collect SS and do not take any money out of your IRA or 401-K until you are 72. Be smart!
According to the SS website, my Federal welfare check will be $4,719 per month if I wait until I'm 70. Why would I accept a smaller check???
I will get mine at 62. Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Social Security is Federal welfare for seniors
I was thinking just the opposite and you touched on the subject; i’m too young to retire yet but I was thinking of using my Roth401(k) and Roth IRA as supplement income and delay my Social Security until I turn 67
Don't be stupid. Wait until 70 to take SS. There is no need to be first in line at the Federal welfare trough.
I am so glad I waited until 66 to take Social Security. I needed to maximize my passive income. This was the right choice for me because retirement is not an option. I am 67 and spent the greater part of this year recovering from 2 hip replacements which affected my income. Hurray for Social Security.
While you made some good points on why to take it early, you shouldn't look at just one point but your whole personal situation.
Two reasons why I'm taking it, is one because of taxes. I'm going to take advantage of many years of low tax years and two I like the longevity insurance if provides.
I know I'm in good shape with no health issues so statistically the longevity insurance is a good bet but the taxes I'm going to save are guaranteed
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
Thank you so much Easy money w/ Don Ander's for widening my knowledge about retiring God bless
Very good. Have not heard some of these reasons.
Are you fat? A smoker, no exercise, drink too much? In these cases go ahead collect at 62. The least of your problems will be how many Federal welfare $'s you collect.
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
I make over 100K a year. Do you think for one instant I’m going to give that up for SS at 62???
So this advice seems to be for those single or married but born prior to 1954 or who both have large SS payments. If your spouse is going to have live on the one survior benefit and is not born prior to 1954 which allows them to switch SS cliaming status, I see very low SS for the remaining spouse in the early retirement claiming case. I am being many people get told bad advice because poeple are not considering the Ss rule which changed for poeple born after 1954. So today SS office personnel are telling poeple they can switch later but if you are born after 1954 it is not true. So your slow go years you may be not having enough to pay rent and eat. That is becuase of poor advice in the early years better double check advice given with mutple sources and at SS office confirm with a second person in a manager capciity because their screwup is not going to be fixed by the next government worker you meet. They will send you out with no change.