Most of the information and “advice” you find online makes the case that delaying your filing is always the right thing to do and thus filing for Social Security at 62 is almost always a bad idea.. There’s a good reason for that thinking because filing for Social Security at 62 means taking reduced benefits FOR LIFE. But that advice is WAY too broad because it’s simply not true that filing at 62 is always a bad idea. This decision is highly dependent on your own personal set of factors. In fact, there are five specific circumstances when I think filing early makes the most sense and in this video were going to examine each of these.
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See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
I am an actual practicing financial planner, but I’m not YOUR financial planner. Don’t take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
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⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors.
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RESOURCES:
Direct link to my SS Break Even Calculator
My Video on using a break-even analysis
VIDEO: Spouse’s Guide to Social Security Survivor Benefits
…(read more)
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For many people, the decision of when to file for Social Security benefits is a complex one. With a multitude of factors to consider, it can be challenging to determine the optimal time to start receiving the benefits. However, for those who are considering filing at age 62, there are a few SMART reasons to do so.
1. Maximize Your Lifetime Benefits
While it is true that starting early means a lower monthly benefit, it is also true that if you live longer, you may actually get more in total benefits over the course of your lifetime. This is because Social Security benefits are designed to be actuarially neutral, meaning that if you live to an average age, you should receive the same amount no matter when you start. However, if you live longer than the average life expectancy, you’ll actually end up receiving more in total benefits if you start at 62.
2. Avoid Health Risks
Whether due to genetics, lifestyle or other factors, some people may face an increased health risk as they age. In such cases, filing for Social Security early can be a smart decision, as it allows you to start receiving benefits before any health challenges arise. This can help to ensure that you have the financial resources necessary to cover medical bills and other expenses without having to worry about running out of money.
3. Get a Head Start on Retirement
Retirement can be an exciting and fulfilling time of life, but it can also be a stressful one. By filing for Social Security at age 62, you can get a head start on your retirement, which can help to alleviate some of that stress. Additionally, filing early can help you to plan your retirement more effectively, as you’ll have a better idea of what your income and expenses will be.
4. Take Advantage of Spousal Benefits
If you are married and your spouse is already receiving Social Security benefits or is eligible to receive them, filing for benefits at age 62 can give you access to spousal benefits. Spousal benefits can provide you with additional income, which can be especially helpful if your own benefit is low.
5. Increase Your Flexibility
Finally, filing for Social Security at age 62 can give you greater flexibility in terms of finances. If you have other income sources or assets, you can use your Social Security benefit to supplement those income sources during retirement. This can help to ensure that you have the financial resources necessary to cover your expenses and maintain your lifestyle, regardless of your overall financial situation.
In conclusion, while the decision of when to file for Social Security benefits is a complex one, there are certainly some SMART reasons to consider filing at age 62. Whether you want to maximize your lifetime benefits, avoid health risks, get a head start on retirement, take advantage of spousal benefits or increase your financial flexibility, filing early can help to ensure that you have the financial resources necessary to enjoy your retirement to the fullest.
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I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year… Investment should always be on any creative man's heart for success in life.
Wow – inflation has changed and will not get back to 2% every again. You will need to evaluate it up to 3.5 to 4% ongoing!
Well im 61 and feel like shit, theres no way i live much past my mid 70s, take the goddamned money before the government keeps the money stolen from us for good…
I'm 63 and have a lot of disabilities but still working do I have to quit my job to apply
I’m 1yr from full retirement age, and also still working part time. Can’t decide if I want to quit and just take SS, since I also have a pension from a previous job I left at 60.
I’ll be 62 in May. I plan to retire @65. I love my job and make a decent income. It does get stressful sometimes. But I was a single parent and could not save as much in the past. So the next 3 years is catch up time for me. But I’m looking forward to retiring!
Going to file at 62 got my pension plus 401k.. I’m ready
They're ripping off the American people with your food supply they tried to kill you off by 72 to 78 years old! If you knew this information you'd live to be 150 years old (they're making sure that if you wait till 72 years old ,you only get about $100 more money for the month! It should be $1,000 more more! So you might as well file at 62
You forgot to mention – if you don't want to work anymore, don't have too and you want to get your money you put into the system before it's gone
Devin, I want to thank you for your videos. I've had so many questions and concerns about Social Security benefits. You have answered and explained every single one. These are by far the best videos out there. Thank you again
I took it at 62. Left more money in the market. Made sense for me.
I filled early because many friends never saw a penny because they died prematurely!
From the paperwork they sent me waiting one year to collect = an extra $100 per month or $1,200 a year yet I would lose about $19,000 that I could have collected
In 62 with cancer should I get my ss now
AT 62
Cause you might not be around at 63
Using the most recent estimates for my personal benefits, I came up with this:
SS from 63-83 240 mos. @2,132 $511,680
SS from 67-82 180 mos. @2,843 $511,740
SS from 70-82 and 1mo. 145 mos. @3,525 $511,125
For me, if I wait until 70 and live until 82 and 1 month, I will have caught up with the benefits accumulated if taken at either 63 (just now) or 67.
Waiting will give me just near $1,400 more per month (for life) than if taken now. Factor in inflation in the year 2030. I think that additional $1,400 will be more necessary than mere cushion.
I'll wait.
Unless you have your Healthcare insurance covered before You file for Medicare. Taking Retirement before 65, that is 3 years No Healthcare, unless a spouse has you covered on their insurance.
I waited til 63 due to the large cut in soc.sec.I would have taken.
I am a new subscriber. I resigned from the USPS after 24 years of service. I am now retiring in the Philippines. I am single and I have no kids. I don’t own a home, and I have zero debt. I have a big travel /emergency fund for my retirement and I can use it to retire in the Philippines for the next 10-15 years. My only question is …do you recommend I file at 62 or 67?
Thank God I convinced my husband to retire at 62…He eventually got cancer, and it was esophageal. It was stage 3. Gratefully, he is still here at eighty-one. We have always paid our bills on time, and saved, so we are mostly in pretty good shape financially. When we purchased our third home over 28 years ago, we had to prove our credit was sound, because we had no outstanding bills. LOLOL…I was perplexed. I said to the banker..We paid off our vehicles, and our homes, doesn't that prove we are a good risk? We got he house, and paid it off. Then, someone I knew got a loan for a home improvement, and before they paid it off, they got another loan. Duh…I knew there would be a housing crisis…and there was.
The best thing is if you take social security at 62 and it actually implodes and goes bankrupt you can rejoin the work force with no problem at all!
What about health insurance that doesn’t kick in until you’re 65?
One thing you should have mentioned is the tax income bracket a person or persons (self & spouse) will be at at different times. Example being husband & wife, still working, earnings in the top federal bracket of 37% & say a state tax bracket of 6% for a total of 43%. In this example the couple will only be receiving 57% of the SS benefits. Waiting until after they really retire (quitting there jobs) could easily result in them receiving 80% of the SS benefits plus the benefits themself will be higher due to waiting to take them.
Most SS calculators do not take into account taxes. To get a true breakeven analysis they should be taken into account.
it's a no brainer, one: you have no real idea how long you are gonna live….start now. two: i have drawn $250k SS in the 9 years i have been drawing SS. every year you wait is money you will NEVER see.
I just turned 62, and have been receiving ssdi for about 2 years now, is that it for me? I don't need to "retire" since I get ssdi?
I plan to start taking social security at 70 because I expect to live beyond age 76 and in my case that means higher total proceeds at 76 and every year after that that I live. At 88 the difference between taking at 62 and 70 will be $330,000. None of the 5 reasons you cite will most likely apply in my case.