We’re talking about using a Social Security break even calculator. A tool like this can help you compare various filing ages to see which age will net you the highest total payments from Social Security over your lifetime. But you’ve got to know how to use these calculators correctly!
I want to make sure you understand what a break even calculator does, who should use these calculators, the BIG problem with the calculators available today and finally I’ll tell you how to access my free Social Security Break Even Calculator that’s completely free.
ACCESS THE CALCULATOR HERE
Resources mentioned in the video:
VIDEO – How To Determine The Right Age To File For Social Security
SSA Life Expectancy Calculator
Study: Life Expectancy As A Constructed Belief
COLA History
PNAS Article “Optimism is associated with exceptional longevity in 2 epidemiologic cohorts of men and women”
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⭐⚠️⭐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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Social Security Break Even Calculator is a tool that can help individuals determine when they should start collecting Social Security benefits. The calculator takes into account a person’s age, life expectancy, and current financial situation to provide an estimate of when they should begin collecting Social Security.
First, the calculator will ask for your age and life expectancy. It will then ask for your current annual income, the amount of Social Security benefits you would receive if you began collecting at your full retirement age, and the amount of Social Security benefits you would receive if you began collecting early (at age 62). The calculator will then compare the two scenarios and provide an estimate of when you should begin collecting Social Security benefits.
The Social Security Break Even Calculator is a great tool for those who are trying to decide when to begin collecting Social Security benefits. It can help individuals determine when they should start collecting in order to maximize their benefits. It can also help individuals who are trying to decide between collecting early or waiting until their full retirement age.
The calculator is easy to use and provides an estimate of when you should start collecting Social Security benefits. It can be a useful tool for those who are trying to decide when to begin collecting Social Security benefits.
https://socialsecurityintelligence.com/calculators#break-even-calculator
I believe the greatest benefit to delaying is the tax treatment of SS payments. Reducing your taxable income and replacing it with tax advantaged income should also be factored in. This assumes you will live longer than average. You are correct about your attitude about life expectancy. That has a great deal to do with how long you live. I moved from an area where everyone thought it was lucky if you lived to 70 to an area of the country where everyone expects to live into their 90's. You just take better care of yourself if you believe you will live a long time.
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.
Which month is the most beneficial to file for SS?
My advice is to wait till full retirement age. When someone tells me they would have missed out if they died before full retirement age, I tell them, guess what you're dead and you're not around for worry about it. Also you have a larger check to look forward to.
The reason you shouldn't include COLA when doing a breakeven analysis is that the COLA isn't just free extra money. It comes along with an actual increase in your cost of living. Ignoring COLA and ALSO ignoring actual inflation (in your expenses) is equivalent to properly accounting for both. So, there is no need.
But…. adding COLA shouldn't alter the result much, it should just raise the bar for BOTH ages since it would be applied either way.
Looking at the graphs at 10:33 and 10:36, it appears that the COLA was not applied to the age 62 line since it remains the same in both. This skews the result. Looks like the 2nd graph adds cola from 62-70 before starting benefit, but it does not add those same percentages to the age 62 benefit.
Attn Devin
Great information!
I don’t understand regarding dependent children. I will be 62 in November and my youngest will be 21. He is autistic but can care for his personal needs but needs reminders to shower, but can not cook and does not want to drive. Does this fit into that category if he has been diagnosed and how do I calculate that if so?
Thank you!
Do you have a video on how the wage factors are determined at age 60 on the social security benefits statement? Where do they come from exactly?
Thanks Devin. Some really good points here. I created my own calculator to account for spousal benefit and will be collecting at FRA. She will begin 5 months later. I wasn’t concerned with survivor.
I like this channel, but get out just as quickly as you can. You're welcome.
I can't seem to open up your break even calculator?? I am part of your group on FB, but I can't see to open this up. Wish you could email it to me.
Can't find the calculator. Link goes to "page not found" and didn't see any other place it might be. Please update in a pinned comment. Thanks!
Cant get it devin
My husband turns 66 on Dec. 2, 2020. When does he need to file for social security benefits? September 2 or October 2? I'm confused. Thanks!!
Didnt talk about the way to full benefit at 55 , get a heart problem get disability like me?
I don't know that I have seen a great one for couples that factor in survivor benefits. I am going to create some modelling software to look at different ages for both spouses.
Good Morning Devin! If I'm on SS Disability not by choice at the age of 58 what will happen when I get 66 will I be able to get my full benefits at that time!
Excellent presentation and information!
No calculator helps when you die after 1 year of collecting………..
Looking forward to giving the calculator a try!! Thx