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0:00 Intro
1:43 Full Retirement Age
3:09 Age 62
3:48 Age 70
6:37 Social Security Tax
8:52 Social Security Calculator
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Why I’m Never Taking Social Security At Age 65
As I approach the age of 65, a significant moment in anyone’s life, many people around me are eagerly looking forward to receiving their Social Security benefits. However, I have come to a personal decision – I will never be taking Social Security at age 65. This stance may seem unconventional or even controversial, but I firmly believe it is the right choice for me. Let me explain why.
First and foremost, a key factor in my decision is focused on financial independence. By not relying on Social Security, I am choosing to secure my own future through investments, savings, and careful financial planning. I believe that by taking control of my finances and actively managing my money, I can create a more secure and fulfilling retirement.
Additionally, the current state of Social Security is a significant concern. It is no secret that the system is facing some serious challenges, including an aging population, fewer workers contributing, and an uncertain economic future. Many experts predict that without significant reforms, the Social Security trust fund will be depleted within a few decades, potentially leading to future benefit cuts. By not relying on this uncertain system, I am taking proactive steps to safeguard my financial well-being.
Moreover, by not taking Social Security at age 65, I can continue working or pursue new opportunities. Many individuals view turning 65 as an immediate retirement milestone, which can lead to decreased productivity and potentially losing a sense of purpose. By remaining engaged and active in the workforce, I can continue contributing to society, maintaining intellectual stimulation, and supporting my financial goals.
Another aspect of my decision is the desire to have more control over my own choices and lifestyle. Social Security benefits come with certain restrictions on income thresholds, reducing financial flexibility and the ability to make choices freely. By not relying on these benefits, I can be the master of my own destiny and have greater freedom in deciding how to spend, save, and invest my money.
Lastly, I believe that by not taking Social Security at age 65, I can set an example for future generations. It is crucial to encourage self-sufficiency, personal responsibility, and the value of long-term financial planning. By demonstrating that it is possible to lead a fulfilling retirement without solely relying on government benefits, I hope to inspire others to take charge of their own financial futures.
It is important to acknowledge that my decision is personal and may not be suitable for everyone. Some individuals rely on Social Security due to various circumstances or simply prefer the security it provides. However, for those who are willing and able to actively manage their finances and seek an alternative path, not taking Social Security at age 65 can be a bold and empowering choice.
In conclusion, I have made the decision not to take Social Security at age 65 for the reasons outlined above. By focusing on financial independence, acknowledging the challenges facing the Social Security system, maintaining active employment, retaining control over my choices, and setting an example for future generations, I believe I am making a sound decision for my own retirement. Ultimately, this path allows me to pursue a fulfilling and secure future, free from the dependency on a government program with an uncertain future.
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I’m confused it sounds like you are suggesting to take it at 62, yet you say you are not doing that!!! Why are you suggesting something you are not doing yourself ?
are IRA distributions considered income under social security?
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.
No matter what you decide to do one factor you have no control over no matter how well you plan and that is death
What if someone has no 401k or retirement plan. Like me, ill have to work till the day i die anyway. Why not wait for a bigger payout ?
No shit
Don't say never until you hear all of the different facts. I as a guy who was getting ready to consider social security, my wife had left me, the kids were all grown up, and I hated the job I was doing. The house was now up for sale and I had no reason to stay where I was. Where else could I get another job at my age? All too many of the people that had retired at 64 never saw 65. I was determined that this was not going to happen to me.
BS — take it at 62. There is plenty of info why. Don't listen to someone who just acts like they know what's going on
If an actuary tried to market this unconscionable scam in the private sector, he'd be thrown in federal prison. If this program is so great, why does the government need to use the police power of the state to force us to contribute to it if we want to opt out for a private sector option?
I retired at 66 and 8-months, four months after “full retirement age”. I’m a licensed Engineer and will work part time until my brain turns to jelly. Mostly I enjoy doing the engineering, and having a business will let me deduct the books, computers and software I want to buy. I haven’t filed for Social Security, and plan to not file until I’m seventy.
This fool thinks he's going to live forever well I got a story for you buddy I got friends we're just turning 60 and her having all type of health issues you are a idiot nobody lives forever homeboy take it when you can get it you are not going to live forever sir
I love that many here talk about life over money…. He talks about hopefully still working past 67 that is crazy…. If you have the ability and opportunity… Retire early and enjoy life…. How much is enough?
Ya taje it at 62
While it's true that many people live into their 80's and 90's, it's also true that many die much younger. Bottom line is the average life expectancy in the U.S. for men is 73.5 years. For women, a few more years. That means for every man that makes it to age 80, one dies at 65. For every one making it to 85, ones dies at 60. So for me, I'm very happy that I retired at 65. I even thought about retiring at 62. Retiring at 65 means you have an average expectancy of only about 8 more years in retirement., No way would I want to wait and retire any later and lose some of those 8 years.
I took mine at age 62 , if I could take it at age 45 I would ✔️
only if you mad lots of money and you are disable not working why wait for that.. for 300 dollars no way.
why we can just get a lump sum if I will not want medicare..
Unfortunately, bad advice for high income earners. Drawing SS early is a big plus as it protects your accumulated investments. You will easily beat the 8% rate of govt return over an averaged five-year period for the funds you don’t have to withdraw from your funds in the initial years. So do a simple opportunity cost of drawing funds from your retirement funds versus early retirement. If you have a decent retirement fund built up much better drawing early.
If I take social security early, then I am not pulling that money out of my 401k, so that money continues to be able to grow. I think this aspect should be reflected in the break-even analysis that folks do.
I’m pretty sure my brother had no plans to die at 66
The numbers are 62 and 67 nowadays
When I’m 62 I am going to work just enough to keep the lights on.
The moral of the story is that government should NOT be involved in the retirement insurance business and income tax is THEFT!
The problem is, life doesn't come with guarantees, what happens if you don't make it to 67, you won't get any of that money, not to mention that if you don't take the money at 62, that will be 5 years of checks that you won't be getting. I took social security at 62, and as far as I'm concerned that was the right age.
The average age of death is 78.
Take it at 62
Well, SS is supposed to go insolvent by 2035, and the politicians continue to kick the can down the road. There is talk of raising the payroll tax from 12.4% to 15.6%, reducing benefits by up to 20%, or a combination of both. But again, the longer the politicians wait to do anything, the worse the problem becomes. I'm taking mine at 62. 🙂
No, what doesn’t make sense is that you put into SS for all those years, have a certain benefit amount based on you contribution history, then they can assign you to live in poverty or they will deduct from “your benefits” if you try to supplement that measly amount. The American Dream.
Social security will be non-existent by the time I'm able to receive it. I'm still paying into it, though!
70 is not the maximum age you can take SS. You can take it after ages 70, however, it does not increase after age 70. There are inaccurate and incomplete statements in this video., although his intent is good.
Retired early at 58… $40K /yr Pension for life. Don't need income and won't work. When should I take SS? 24% tax bracket for life. Now 65 YO and have not started SS. My MC Advantage Plan just Declined a heart scan claim. I can switch for 2 more moths. Nobody can answer this easy question. Can You? Thanks
It also makes a difference if you work in a toxic work environment with a bunch of worthless 30 year olds. I install commercial fire alarm systems, highly physical which completes the trifecta of why I’m going out at 62.
At time stamp 8:15 you stated that you would be paying tax on 85% of your $18,000 annual benefit. For provisional income calculations don't you only include 50% of your $18,000 annual benefit amount thereby paying tax on 85% of $9,000.
Who will hire you at age 65 y.o. or older? Unless, you have nothing to do and you want to work with jerks around you, go ahead work til you die.
Working full 35 years, file Medicare @65 y.o. File SS pension @ FRA 66,67. Moved your 401k to Vanguard or Fidelity for low cost ETFs. Buy your a Retiree health Supplement, same with your spouse. Even if she never work (no work history) she gets half of the husband's pension.
My brother retired well off at 55 and he died of a stroke at 56.
Thanks joe biden…….
62 is the Best Age! Get your money before the Democrats SHUT IT OFF!
Yes it does
Your opinion. So be it . I started taking mine at 65. I’m 72 . No one is guaranteed tomorrow. I’ve been collecting my money now for seven years . Many good hardworking men I worked with either died before or shorty after retirement. Guess how much money you will get a month if you drop dead tomorrow? None , bill, nothing. The state will get it. So so much fir your opinion. Number one I don’t like the idea of the government raising the age to get social security. It’s our money you should be able to get it anytime you decide to retire. Sorry, no wait I’m not sorry I totally disagree with you . Good luck
Let's see you do the job I'm doing until age 67. Steel worker building/welding railcars. Extreme heat, extreme physical labor. I bet you'd change your mind real fast. Not to mention I most likely won't live to be 67 or much longer after.
BTW smarty pants at 67 if you work at 62 they give that money back that they stole because you made over your 19,000.00 a year. Forget to mention that did ya.
Pencil pusher never lived week to week ! I’m blue collar and don’t expect to live long anyway my body is shot. I’m getting my money back from those theifs and becoming a burden to society. Gas for bikes and roof over head , there I said it!
Why do you think the government places restrictions on the amount of money you can earn if you retire prior to full retirement age. It is to discourage people from taking retirement early in my opinion.
Great Video !!!
I retired from the military and have been receiving a pension since I was 40. I will retire with a second pension in 10 years working as a college teacher that also pays into social security. How will these two pensions that will amount to about 6K a month affect my social security if I start collecting it early at 63 years old?
Life ex male 72 f 74❤❤❤❤❤
Dumb advice. As most of them.
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Despite my husband and I having equal tenure in civil service, differing investment approaches yielded disparate results. Guided by a financial advisor, We are both retired and still earn monthly from our investments.