Tracy calls Dave to ask when the best time is to start drawing Social Security. The answer turns into a pretty good Dave Ramsey Rant.
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Well it’s not like we have a choice. I wish we could opt out of it. I’d much rather invest it. Most people would just spend it and have nothing for retirement.
Get out as soon as soon as you can.
Collect as soon as possible, what are u waiting for, a couple hundred more!
Registered Social Security Analysts helped me with my Social Security Planning..best investment my wife and I ever made
Social Security is a fantastic, thanks for recognizing that Dave. Many seniors have good quality of life with paid off home with modest savings.
I am confused, which is better ?
Early withdraw or later ?
Why the big rush to begin collecting Federal welfare at 62? Have you looked at your statement? You will receive much more if you wait until you are 70.
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.
Wait until you are 70 to collect. Don''t believe me, look at your statement.
Loved it !!!!
You get a spousal death benefit so its not Nada when you die. the guy you talked to is MARRIED! Please Pull your head out before you speak
What is the rush to get to the welfare trough? Federal welfare will be here when you turn 70 and your check will be larger.
I would suggest everyone click on Devin Carroll's response to this Ramsey rant. The short answer to when to take Social Security is 20 years before you die if possible. 20% of men don't make it to 65. Those that do make it to 65 have a 50% chance of living to 83. So you just have to figure out if you are the 20% that don't make 65 then file early and if you are in the 50% that live past 83 then file later. Simple pimple.
At tim 1:50 – Dave talks about taking every dollar from SS between ages 62 and 67 and putting it in a good investment and THAT being better than taking full SS at 67. How is that different than using SS payments to NOT take money OUT of a good investment that you already have (ie. IRA/401k)?
This would imply that it IS better to take SS early, not take that extra out of your investments.
…sounds like you found a way to Not have SSI taken out your wages? That makes you unemployed or living off your significant other or a liar.
The simple arithmetic is take your ssi at 62, this gives you 179 payments at whatever $$$ figure that maybe with a life expectancy of 80-ish.
Most peoples life expectancy is 82 or less.
The rational is even at the higher amount at that later age, most people will not exceed 150+ or 130+ payments.
If I recall the data correctly the difference in in taking it at 62 vs later is somewhere around $60k over the 20 year +/- period. I’m 61.5 and happy with taking it early after working 46 years. I’ve been paying into it from the get-go.
Social Security isn't a choice, so why berate people. Most people rather invest it while working, but you get taxed on SS.
Iam going at 62
I agree with Dave to an extent… if I knew my expiration date,,, Otherwise, come talk to some friends, One killed many.
Blow bag
Let's say you are going to live to age 85. Whether you start collecting at 62 or 70, the total dollar amount you get from SS during your lifetime will be essentially the same. It's based on actuarial tables, as in how many years you are expected to live from the day you start collecting the benefit. Most workers who wait until later on likely haven't saved enough for retirement. They need to keep working until they can get the maximum monthly benefit, in order to be able pay their living expenses.
I've been following Dave for many years but this may be the first time that I have agreed with him.
It's different for everyone. It's not a "One Size Fits All" situation. People with health conditions probably want the early retirement so they can travel or do things they enjoy before their conditions make that impossible. I have been diagnosed with heart disease. I feel fine, and I see a doctor. The vast majority of my family members died in their 70s. I may or may not take it at 62, but I sure won't wait until full retirement age just to get more money. That would be foolish given my family history and personal diagnosis.
File for social security as early as possible because you’re gonna die soon
Social Security is nothing more than a income source. When do you need the money? Take it and move on.
I always treat the criminally corrupt govt. just like they treat me!
I have just decided to take my social security benefits at 62, after watching this video. Thank you Dave!
If all of you need the money so badly, why did you retire??
I agree with Dave. I'd opt out of Social Security if given the chance today.
My mother worked full time from 1959 until 1980. Then became a stay at home mom. Paid into ssi the entire 21 years. Died at 61 and got nothing.
Those out of debt sleep better.
Social Security is Federal welfare. Seniors are greedy
Finally someone who tells it like it is! If you are going to invest your SS income, take it early. All the other financial pundits say take it later period but they are wrong if you are going to invest the income. My spreadsheets told me to take it early just as Dave advises. I feel vindicated. Great advice and Dave did not follow the crowd as all the others have.