Hello everyone, today I'd like to discuss
why you should take social security
benefits at age 62 as opposed to 66 or
67 or 70. For those of you who don't live
in this country, Social Security is the
government program where they take a
nice big chunk of your paycheck about
seven and a half percent, and they also
make your employer kick in seven and
half percent so they take fifty percent
of your pay each week. And they do
this for decades upon decades then when
you get old, you hopefully have
something waiting for you. But I put
together a spreadsheet to show you why you
should take it at 62. You know I go
online and look at different blogs and
finance articles and almost all of them
say wait until you're 70. Wait until
you're 70. But I'm going to convince you
otherwise I believe. Okay, I put together a
simple spreadsheet, these are actual
numbers from www ssa.gov estimating my
monthly benefit if I take it at age 62
eighteen hundred dollars. these are US
dollars, take it at age 67 2,700 take it
at 70 3,425. Now doesn't it look like
wow I should wait because 18 times
two is almost 34, you're almost getting
double. Wow I think I should wait. But I
put together a spreadsheet here and I'm
going to convince you that that is
incorrect thinking. So say a claim at 62
three years later I'm 65 I've got a
nice little amount of money and the
other people who opted to collect later
did get nothing (anything). Age 70 age 62 I'm still
winning the race I'm winning the game.
Because I took it early, age 67 has a few
years under his belt and age 70 has
nothing because they're just
starting to collect. The reason I chose
65 and 70 is because my mother passed at
65 and my father passed at 70, and they
were smart, they elected to take it at
age 62.
And they received money. If they wait
until seventy, they both work their
whole lives, they put in all this money
they would have gotten a cent. So I don't
like the system with the different ages
they should allow some lower ages even
to collect the lesser benefit to get
something. But let's go ahead and take a
look at age 70. As you can see we're
starting to converge here with with the
money but age 62 still winning 13 years
later I'm sitting pretty at age 75, 13
years after I started collecting. Age 80
we scroll this over a little more, there we
go. Age 80, finally see a convergence
where 62 is finally losing out age 67 is
actually the winner here, you just add
raw dollars up. And I did a little
thing here, the one thing if you start
your benefits at age 62 you get the time
value of money. You get to use that money
for so many years. So I put together a
little formula here if you invest that
money instead of spending it, your social,
social security money you invested at
four percent and age 62 wins again. Very
simple, and one of the reason you should
take it as early as possible is I want
you to think think in your life how many
people you know 70 75 80 85 90
especially age 80 where everyone seems
to break even. What is their quality of
life like? Are they still alive are they
able to enjoy this this extra money if
they wait till 70? I went to
socialsecurity.gov, ssa.gov and got the
mortality rates and it's a bit
unfortunate for men, for every 100,000
men born, fifty thousand plus are still
alive at age 80. So that's something to
think about right there. If you're a man
and you take it you wait until 70 by the
time you reach 80 there's a fifty
percent change won't be alive to enjoy
the waiting part when you've waited for
the mone,y you've waited for that extra
benefit. And for women it's a bit better.
For a hundred thousand women born, 63,000
will still be alive at age 80 so you've
got the women longevity. If you're a
woman you might want to think of taking
it late.
But just looking at the raw numbers,
once again the media says wow you can
almost get double if you collected 70, which
is true. 18 times two is 36 and here you
get 34, but I highly recommend, you know
life is so short. Just waiting and
waiting. Iv'e in laws over 82 and 83.
They did collect early which is fine but
you know money when you're in your 80's does money even almost matter
at that point. You're ill or you are gone or
there are so many things going on your
life. And one other thing (the Sun the
Sun disappeared here have will get a
little dark) one other thing I know in
the U.S. if you have little
money you have to go into a home like an
old folks home, they will take your
entire social security check as payment
no matter what the amount. So why
would you wait until you're 70 years old
and get the big check just to give it to
some home, when you can start enjoying it
at age 62. It really made me feel good to
see my mother and father enjoy their
money early. So I know there are
disagreeing opinions on this and there's
so many ways to run the math and tax
implications, but I'm all for 62 I'm 52
years old I'm going to retire in 10
years I'm definitely taking the money. If
there are calculators online that
you can log into, the government, log in
ssa.gov you can login look your own
benefits and do your own math it's very
simple math. Hope I convinced you, I convinced myself among my wife so
life is precious and short I don't
want to wait until 70 to start enjoying
the fruits of years of contributing to
this program, life is so short why should
I have to wait until I am 70. You
know can I even walk, do I even function
at that point. People think they're going
to live forever that's why the
government, that's why the media is trying
to convince you to wait until you're 70.
But don't. I appreciate your support for
this channel, thank you for subscribing,
and have a great day !!!
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