62 Or 70? When To Start Collecting Social Security Benefits.

To me it's pretty simple, if you are working at 62 and NEED that job to survive then you take SSI at 66 or 67, or 70. If you don't need to work at 62 I would take it. NOBODY knows how long you will live

I get it. I decided to apply early because I can't be guaranteed to live to 67 much less 70. It's a miracle I made it to 62.😮

The value of money diminishes as time goes by. So I’m 60 right now, I’ll take the money and run at 62!

I took mine at 62 and I do not regret it at all, I am living the life. Fishing and goofing off every single day.

Being a nurse I think of this differently. So many people live with some serious health conditions and shouldn't wait that long to retire because they may not get much time.

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

I’m a nurse. You slow down soooo much between 62-70. Also, health issues are inevitable and come for us all but the one thing for sure is time nor tide wait for no man. I’m taking mine at 62 no matter what!

Filing at 63 1/2. Will work a seasonal job (6 months) for the $21,000 earning limit. For the other (6 months) there will be a sign on the door (GONE FISHING, GARDENING, MOTORCYCLING , VACATION). Life is short, if you wait too long to retire you just might not be able to do the things you want to do. 🤔🧐 The old saying (time is money). Yes, I believe it, the question we need to ask ourselves is: How much is 5 years of your life worth? Too me it’s worth a fortune 😉😇😎

I’m 50 now, when I turn 62 I’m done punishing in and out with company. I want to enjoy my life too.

If you are working in a high stress job, physically or mentally then opt to take it earlier. The job will take its toll in what’s left of your life. Big consideration in the planning process.

I have read recently that only about 9% of people wait until 70 to start claiming SS. If we all knew how many years we are going to live, it might make the decision on when to claim easier.

Well I got mine at age 62 , because I had a stroke. As a truck driver, I couldn’t renew my license. I almost lost everything I worked for all my life. My private health insurance stopped paying for my treatment, even my therapy, I had to bypassed.; therefore, I think it’s all depends on the individual.

This presentation is not one sided, but thoroughly addresses a broad array of mostly unknown factors. Well done.

What most people don't factor into the break even calculations is the compounding interest you could earn on the early SS benefit payments as long as you don't need that money to live off of. Investing all of those SS payments from 62 to 70 would earn a good chunk of interest over those 8 years. It could potentially make up for a lot of the early collection benefit reduction. Not to mention you would have readily available money building up for any unexpected expenses during that time. If you wait to collect, you'd have zero rainy day funds from your SS benefits.

Hello I'm Retired At 62. I Retired At Age 60, I Like Your Cool Money Design Tie. 😮 Keep Up The Good Work Dude 😎👊

since our decision when to take SS benefits are rare (like 1 time ), you explaining the pro and con's ... thank you for your vid and helping explain the variables to ponder... your vid are great example of how youtube and internet makes it much easier to get info out to the public... thank you!!!!!

Your choice is based on necessity. My amount climbed $600 a month by waiting until age 70, which gave me a livable amount. I worked full time until turning 72, increasing my safety net while collecting.

But MAN, I dont want to wait until 70 to retire 😫

Thanks Lane, your videos are clear and always excellent.

Very good topic. Usually nobody talks about SS and not too many individual is knowledgeable. This is very informative discussion. Thank you.