…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Collect your Social Security at 62! Waiting is a SCAM!
Many Americans approaching retirement age are faced with the decision of when to start collecting their Social Security benefits. While some financial advisors suggest waiting until full retirement age (around 66 or 67) or even later in order to receive higher monthly payments, the reality is that waiting may not always be the best option.
In fact, waiting to collect Social Security benefits can sometimes be considered a scam. The idea that waiting will result in significantly higher monthly payments is not always true, and could actually end up costing you in the long run. The system is set up in such a way that most people will actually receive about the same total benefits whether they collect early or wait until full retirement age.
Furthermore, there are several reasons why collecting Social Security at 62 may be the best choice for you. Firstly, you may not have the luxury of waiting until full retirement age. Health issues, job loss, or other unforeseen circumstances may force you to retire early, making it necessary to start collecting your benefits sooner rather than later.
Secondly, collecting Social Security at 62 can actually give you more financial flexibility in retirement. While the monthly payments may be lower than if you waited, you will have more years to enjoy the benefits and use the money as you see fit. This can be especially important for those who may not have other sources of income in retirement.
Lastly, collecting Social Security at 62 can actually result in a higher lifetime benefit amount for many individuals. Although the monthly payments are lower, the total amount received by starting early can often be equivalent to or even higher than waiting until full retirement age to collect.
In conclusion, waiting to collect Social Security benefits may not always be the best choice. In many cases, collecting at 62 can be a smart decision that provides more financial flexibility and may even result in higher lifetime benefits. Don’t be fooled by the idea that waiting is the only way to maximize your Social Security benefits – collect at 62 and start enjoying the fruits of your labor!
“Then he told them a story: “A rich man had a fertile farm that produced fine crops. He said to himself, ‘What should I do? I don’t have room for all my crops.’ Then he said, ‘I know! I’ll tear down my barns and build bigger ones. Then I’ll have room enough to store all my wheat and other goods. And I’ll sit back and say to myself, “My friend, you have enough stored away for years to come. Now take it easy! Eat, drink, and be merry!”’ “But God said to him, ‘You fool! You will die this very night. Then who will get everything you worked for?’ “Yes, a person is a fool to store up earthly wealth but not have a rich relationship with God.””
Luke 12:16-21 NLT
https://bible.com/bible/116/luk.12.16-21.NLT
Waiting is a scam? Tim have you looked at your SS statement? Why opt for a small check?
So if I quit working and start collecting $1700 a month SS, how am I supposed to live on that if that’s my only income? You don’t address this in your video. Also do the math if I live to 90. Both my parents are in the late 90s so it is possible.
Just subbed. I’m 56 and 6 months and want to get ss at 62. I am a federal employee and will have a pension as well for 30 years of service. Does my pension benefit reduce my social security benefits ? I will not be working
I believe the 8% increase per year starts at your full retirement age.
21 should be retirement age
Thanks Tim sounds like very reasonable advice
that's all wonderful but you're leaving out a major issue….your earned income can't be more than $350 pr wk or they start clawing back your ss
The other issue is whether social security will even be there.
Im 63 just put in for my SS. They want you to die before you collect it. I want to enjoy some of mine.
It certainly depends on your age/health among other factors. I should have my major debts (mortgage/car) all paid off by 60 (5 years from now) and will have an HSA, Roth IRA, and my 401K as supplements to my SSI so there's a high probability I will retire early and start SSI at 62. Just knowing that I'll have 2 years to funnel the extra money freed from the house and car to further build my Roth IRA, etc gives me a little extra breathing room and comfort.
I took mine at 63 , my father died at 58
And that's all I have to say about that
Dont you have to wait till 65 to get medicare? What insurance do you get if you retire at 62 or earlier?
The issue isn't "if I die and leave money on the table" it is "what if I live and don't have enough money on the table" . Still it is situation dependent.
Retired at 58. Now 76.
Lucky you my would be 1200. Sad
The sad part is they limit how much you can make when it's your own money… Now go be their good little slave
What happens if I don’t need my social security at 62?
Excellent
I started mine at 62. It's a good idea to wait if you are working still… But if you either aren't working or working earning very little. Go head and consider starting at 62… it's math ..not to mention lots of folks don't live to 67 to 70… So if you want any at all… it's best to start collecting early. That said. I hate that wealthy people take theirs. If I was a millionaire I would not take mine…seriously. Only greedy rich folks do that.
I agree with u. However, most of us making more than the allowed amt can’t draw. So I wanted until 66.5 my full retirement age.
Thank you.
Forcing their Health care on you is a scam.
I've been waiting patiently for October 2024 so I can sign up to be ready for January 2025…Peace & Blessings…