This educational video discusses at what age should a person begin to take retirement benefits….(read more)
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Social Security retirement benefits are an essential part of financial security for millions of Americans. However, deciding when to start taking these benefits can be a complex and critical decision. There are several factors to consider when determining the best time to begin receiving Social Security retirement benefits.
One important factor to consider is your full retirement age (FRA). Your FRA is the age at which you are eligible to receive your full Social Security benefit, which is typically around age 66 or 67, depending on when you were born. If you start taking benefits before your FRA, your monthly benefit amount will be reduced. On the other hand, if you delay taking benefits past your FRA, your monthly benefit will increase.
Another important factor to consider is your life expectancy. If you expect to live a long and healthy life, it may be beneficial to delay taking Social Security benefits in order to receive a higher monthly benefit amount in the long run. On the other hand, if you have health concerns or a family history of lower life expectancy, it may make more sense to start taking benefits earlier.
It’s also crucial to consider your financial situation and retirement goals when deciding when to take Social Security benefits. If you need the income to cover living expenses in retirement, it may be necessary to start taking benefits as soon as possible. However, if you have other sources of income or savings to rely on, you may be able to delay taking benefits in order to maximize your monthly benefit amount.
Additionally, if you plan to continue working in retirement, it’s important to understand how your earned income may affect your Social Security benefits. If you start taking benefits before your FRA and continue working, your benefits may be subject to an earnings limit, which could reduce your monthly benefit amount. On the other hand, if you delay taking benefits past your FRA, there is no earnings limit, and your benefits will not be reduced regardless of how much you earn.
In conclusion, deciding when to take Social Security retirement benefits is a personal decision that should take into account your full retirement age, life expectancy, financial situation, retirement goals, and plans to continue working in retirement. It’s important to carefully weigh all of these factors and consider seeking advice from a financial planner or advisor to help make an informed decision that aligns with your individual circumstances. Ultimately, the right time to take Social Security benefits will depend on your unique situation and goals for retirement.
Given the Soc Sec is going to fail well before I could hit the break-even point, I'll be drawing $$ at the earliest opportunity.
Take it as soon as you can. You might not live to see it.
Ugh, this guy's voice is a snoozefest.
Paul Allen died today.he was 65 and a billionaire.thats all you need to know.
Dont let some asshole account or video tell you should wait till 70.
I took SS at 62. I could have got more if I waited but didn't want to wait until I got too old to spend it. Pension and savings are not usually enough. SS and Medicare are the greatest things ever done by our government for society. FDR and LBJ — Thank You
Rating five stars for your videos and websites 2 thumbs up Medicare form social security disability benefits verification letter anthonycicero@iclod.com AARP http://www.socialsecurity.gov. 1957 age
I heard you can collect at 60 years of age but you would not get Medical Insurance
All my SS benefits will be used just to pay the taxes on my investments that I will be living off of.
The House always Wins. The Gov knows how long your going to live and adjust the rules in their favor
Sir, you barely covered (at the very end) a Factor which IMO is a VERY Significant One with respect to when one should start to collect Social Security (SS). What you draw is not nearly as important as what you keep. I'll explain using an example.
If one has a large amount of a stock that pays a very high dividend, then that dividend could push one into a bracket such that taxes will need to be paid on the SS. If the person did not own that stock, there could well be zero taxes on the SS.
If one were to wait to file for SS, instead using those years to gradually sell the shares of that stock so as to minimize or even 100% legally avoid paying any income tax on the sales of that stock, and then file for SS the year after the Last year of those stock sales, then it is entirely possible that this person will have paid zero income taxes on the capital gains from the stock sales, and going forward will pay zero income taxes on the SS, because it will fall below the threshold.
Probably should have mentioned that I was an Accountant for more than 30 years before I retired shortly before turning 56. I did so because New Management at a job I once loved turned into (on a good day) a low level of Purgatory on Earth. Ironically, I told them that if things didn't improve, I would leave…knowing full well that they needed me (I held a key position) FAR more than I needed them. They ignored me, so I kept my promise to them…and to myself. I didn't need the pay check. In fact, I probably won't even need SS once I reach 70. But since I've paid into that Ultimate Ponzi Scheme for decades, I might as well get back some of the money I paid in. When I decide to draw will depend on my health. But for Reasons of Conscience, I Refuse to draw before my Full Retirement Age of 66 years and 8 months (born in 1958).
Perhaps I also should have noted that I am the only person who has Ever prepared my Income Tax Return.
Lastly, referring to your pie chart at 5:00 , I will be euphemistic and say that, for many if not the vast majority of Americans, that chart is VERY Unrealistic.
Pretty good video, for as far as it went. All best, Sir!
Excellent video. Specific to the point and No Nonsense. Thank you
This video was very specific on what we need to know about retirement. Congratulations!
my full retirement age is 66 if i retire at 63 once i reach 66 i can earn all i want right with out penalty
Take it as soon as you can.
is it true that there are no restrictions on my other income if i wait until i am 66 before collecting social security?
Hell, there are no rules here – we're trying to accomplish something. https://www.linkcentre.com/profile/dontrudeau/
No one mentions that at age 65 medicare takes about $100 out of your check for their premium.
it time to move out of cailf
getting taxed on SS money that you didnt want in the first placed… get rekt old people!
hate thiss
NO WON LOOKS AT THIS CRAP