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Retirement is a significant milestone in a person’s life. It marks the end of a long and dedicated career and the beginning of a new phase in life. However, the decision to retire is not an easy one, especially when it comes to the age at which to retire. The most common age for retirement in the United States is 62, the age at which one becomes eligible for Social Security benefits. But is 62 the best age at which to retire?
Social Security is an essential part of retirement planning for most Americans. It provides a steady source of income for retirees, making it easier to meet their living expenses. But how much one receives in Social Security benefits depends on when they retire. The earlier one retires, the smaller their Social Security benefit will be. In contrast, if one retires after reaching their full retirement age, their benefits will be more significant.
Most people are eligible to start receiving their Social Security benefits from the age of 62. However, if they start receiving their benefits at this age, they will only receive 70% of the amount they would receive if they waited until they reached full retirement age. For those born in 1960 or later, the full retirement age is 67. For those born before 1960, the full retirement age ranges between 65 and 66.
So, is it better to retire at 62 or wait until full retirement age or beyond? The answer depends on an individual’s circumstances. If they need the money immediately, retiring at 62 might be the best option. However, if they can afford to wait, it might be better to retire later to receive a higher Social Security benefit.
It’s essential to note that Social Security benefits are certainly not the only consideration when it comes to retirement planning. Other factors to consider include pension benefits, savings, and investment income. Retirees must also consider their health, their lifestyle, and their goals for retirement.
Moreover, retiring at age 62 can have a significant impact on one’s finances. It means sacrificing several years of savings and investment opportunities, which could have a negative impact in the long run. On the other hand, delaying retirement to receive Social Security benefits may be more advantageous for those still working, as they can continue to earn more significant amounts and contribute to their retirement savings.
In conclusion, deciding when to retire depends on a variety of personal factors. While Social Security benefits are an important factor to consider, they should not be the sole criterion for deciding when to retire. People should weigh their options carefully and consider all aspects of their financial and personal lives before making this significant decision.
Everyone’s situation is different. Choose wisely for yourself. Some people pass before collecting a penny. Some wait until the max, and pass the next day. Decide for yourself what is best for you! I get SS and pension. I am grateful and blessed. I have ex coworkers still working and not thinking about retiring. Some getting SS and still working. The goal is to be comfortable after retirement.
I'm 60 now, hope to retire soon? Will recieve a pension. Plan to take Soc Sec at 65 when I begin Medicare
Good day Grand pa! Paano po sa situation ko ang asawa ko ay American pero ang gusto nya sa pinas kami mag forgood. Patuloy ko po Laos binabayaran ang sss ko sa pinas, incase May mangyari sa husband ko yong social security po ba ng asawa ko mababawasan ang matatanggap ko kapag malaman nila na tumatanggap din ako ng sss monthly benefit ko sa pinas?
retire when ever you like…but dont take social security until you are 70 unless there is no other way for you to survive….why give up money you worked thirty five years to earn?
You are right Grandpa,not only u said about this, been watching many financial advisers on this topic, majority advised same.
Let's keep this simple.Take SS at 70 and begin IRA and or 401-K distributions at 72.
Question Grandpa. What if spouse never work and only one spouse work? Can the "non-working spouse" claim pension using the credits of "working spouse"?
First of all 62 is not the earliest you can retire. You are making the same mistake many, many people make. Retirement and Drawing Social Security are not the same thing. I retired at age 62 over 6 years ago. I chose 62 because it was the earliest I could get my Social Security. You notice I said "my" Social Security. I say that because it's just the government giving me back the money they took from me when I was working. I'm not sure why some people think that makes me greedy. I do get less money per month than I would if I waited until age 66, or 70. It's not a penalty it's just that the break even point is around 80 years old regardless of when you started. So I asked myself one question: Would I rather have 4 more years of retirement when I was young enough to enjoy it, or would I rather have more money when I was 80. That's the real choice here. I chose the time because time is more valuable than money.
Why are seniors so greedy? Why the rush to get to the welfare trough at 62??
i am 50 and i am not planning to retire any time soon that would has boring as the hills lol
Why come people with very low income want to be the first one to collect social security they should be the ones to keep working until full retirement
62 is way too young to retire.
Most of the comments on this page are coming from spoiled brats who cant wait to get to the Federal welfare trough. No generation in the history of the world has had more given to them than Boomers and yet so many resent their station in life.
I think I solved the SS at 62 vs. 70 debate. If you are fat and a smoker, you can and should take it at 50. Why, you probably won't make it to 62. LOL
Very informative and balanced video. For those with the negative comments, did you even watch the complete video? I doubt it. This video and the others I watched today shows the pros & cons of retiring earlier and pro's / cons of retiring later… dudes watch the #$ video before the negative comments. This information would cost you multiple $$ if you book an appointment with a financial advisor and this video is free. As mentioned multiple times on this video, its up to you when you retire depending on the factors discussed.
What is the rush to be first in line for the Federal welfare trough? Seniors should relax and collect their SS checks at 70. Look at your SS statement if you don't believe me. No need to look at clickbait videos like this one that promise an early check with disastrous long term results.
I think there is a "Sweet Spot" somewhere in the middle. Not early with a low check amount and not maximum either. I'm thinking around 65-66 would be perfect for me. I will have a separate pension anyway so, I can take my time. If I live abroad in a country that has very affordable Medical Coverage, I wont need Medicare.
Do you have a website po? Thank you for all the helpful information.
i need buy get the car from country's i did not resave is my money from the country's i no get the money wher the money i m no clear is my email
1500 enough for old people coz they eat less travel less cant enjoy much. The best travel at young age no need to wait till i old.
If retire at age 62, be careful not work much or you must pay all back. It depends on if you are a le to work or not. If not able to work , retire and sign up on disabilty ss. If able to work and you feel like you healthy, do mot work over allowed amount till age 67.
I retired at 57 due to a work injury now I’ll be 62 this august.
I found out that i can’t get it because i’m living out of the U.S. here in the Philippines .
Vlogger gpa can you touch on that subject to see if there’s any truth to that
You've explained that very well. Awesome and amazing job! I thank you sir.
Mayroon po bang makukuhang additional benefits ang aking asawa at mga underaged children kung mag file ako ng retirement at 62?
It is very important that children born to US citizens are also sponsored to become US citizens by that citizen.
The children can become entitled to benefits but not receive cash benefits. See the Alien Non Payment provisions.
you can buy almost everything in life even love but one thing you can't buy is time… time do not wait for anyone. so, the sooner you can retire with financial stability could be the be decision you can make in regards with your professional life. Thanks VG.
Kamusta kayo kuya! We waited to collect because at an earlier age the government will take about half of your benefits if we retired earlier, I remember right. Plus we never wanted to rely on SSI, so we invested in residential properties years ago. We advised our three kids to retire as soon as they can and invest in rental properties. They may all three retire before 60yo now. I am a PADI Certified underwater photographer and lost 43lbs last year in just six months the Philippines; http://www.youtube.com/dleske – My wife of 53 years is happier without the stress of working every day, as we travel a lot, also she cooks Filipino foods as seen at; http://www.youtube.com/emilyleskeglobetrotter and shows travel videos and how we help her Filipino people in times of need.
I am going to retire to the Philippines.
I will not be elgible for any medicare while living overseas. Since i am military retired already, i am elgible for Tricare overseas while resideing overseas. So with that said, at age 65 by law i am required to apply for Madicare. I plan to only file for part A medicare which is no charge. And keeping my tricare overseas which is reimbursable. I only pay $152 for tricare overseas for an entire year, with $150 deductable and 25% copay. I do not intend to return to the US to live. I will be resideing in the Philippines on SRRV visa for permanent residence.
Retire at 62! Great video! Take it early and enjoy the Outdoors! Our Youtube channel can help you with that!
Would it make a difference even we are covered with (tri care prime) I meant my husband was a retired AF , he’s 66y and been receiving SS and military pension, and I plan to retire retire at 62 this year
Countries that offer special retirement residency permit/visa usually have a specific minimum social security/pension income requirement. If you plan to retire in such country you may want to make sure you don’t start your social security before you get the required minimum.