No one Gets $2500 a Month In Social Security!(repost) 

Me too!

I might be confusing spousal benefit with survivor benefit, but I thought I read recently that the SSA is now phasing one of them out, so you might want to confirm which so that you know whether to wait or take it sooner.

​@@vincentgarzoli3197 They are looking to remove spousal benefit, but it doesn't mean they will actually do it.😊 It could start a war because a lot of people depend on it.

Life is great when you get your money right !

Glad you could wait. Others unfortunately can’t. Take care.

People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

Jeff demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

I'm surprised that you just mentioned and recommend Mr Jeff Clark. I met him at a conference in 2018 and we have been working together ever since.

I'm new at this, please how can I reach him?

Wishing you luck! The key to a happy retirement is to live the life you choose, if you have a certain amount in mind for your retirement, it is only appropriate to work with a knowledgeable advisor to make plans.

I concur that guidance should not be disregarded but rather followed. I remember a few summers ago, not long after my horrible divorce, I was in dire need of advise on investments to keep my head above water. Fortunately, I met someone with grit who greatly assisted me in growing my reserve, which despite inflation has increased from $360k to about seven figures now.

nice gains there! Please share your advisor's info with me. Due to my increased income from work, I'm thinking about investing in stocks and other assets that will enable me to gradually build wealth.

Leah Foster Alderman is the licensed expert I use. Just look up the name. You would discover the necessary information to deal with a correspondence to schedule an appointment.

Wow, I just Googled her whole name and found her platform. Thank you very much for bringing this to my attention, I will definitely get in touch with her.

I'm also waiting until I'm 70 (next year). I will get a little more than $4400. My medicare deduction will be $174.70 a month. I'm not sure how much will be taken out in taxes.

@@kenfrank2730 I did a similar thing. Retired at 64&1/2, lived off my IRA and a small pension for 5&1/2 years. And my Social Security payments is 4051 and Medicare is deducted from that.

@ramonpadilla7316 that's fine is you don't need it, how many people are in that situation?

@@stevemcfate1961 Planning makes it possible. I only had 117K in my IRA but I used it all up between age 64&1/2 and age 70, taking out 1,800 each month when I needed it. It is a planned strategy as you look forward five years or so to retirement. During that 5&1/2 year period from 64&1/2 to 70 my Social Security increased up to 4051 USD/month. I can almost live on that because both my wife and I are frugal and she has an entry level job as a janitor that has wonderful benefits (working for a university). It was very hard for me to give up my 117K that I saved for decades to get, but the benefits of having the Social Security grow 6-8% while waiting and a COLA on it for the rest of my life and that of my younger wifes life made it worth while. But if you need the money to live on, by all means use it. That is what it is for. I seriously considered taking mine earlier too. My biggest problem in retirement planning was that my ex-wife wanted a divorce when I was age 54. She took half they equity out of a successful business and I had to downsize. But my Social Security was divorce proof. That is another reason to save social security and let it grow. If the marriage is shaky and the wife tricky she cannot take your Social Security benefit, but she can and will take stocks and bonds and cash and cars and houses. All I had left was the cash on my patronage card at the gas station.

Bet on it.

They will likely do a combination of tax 100% of it, reduce the amount you can collect depending on your income for the year, and push back full retirement age to 69 with an increase up to age 75. Pushing it back to 69 would also mean you collect even less at age 62. The change will likely apply to those born in year 1970+. The bad part about pushing things out is employers don't care. Once you reach age 55 you are on the layoff hit list, financing anything becomes much more difficult and healtcare won't get any cheaper.

Think they index the earnings earlier to adjust for inflation.

Don't burn up your IRA income, you may need it later. Take SS at 62, figure out how much extra you can take out of the IRA before tax consequences hit, and convert that extra to a Roth.

Hmmm , ballpark how much were you making in your starting year and as you probably gained experience in your higher earning years towards the end? It looks like plenty of folks make just above minimum wage so they'd come in around $1300 at 65

@@markbajek2541 I went to school, (State University) for Mechanical Engineering. Out of College back in mid 90's I started at 45K, I did climb quickly to over a 100K 4 years into my career. I taught my boys the same path, pick a Engineering field and go to a cheap in-state, state school. Cash flow college. You get out of college making good money and no debt. Tell every High School kid to watch Dave Ramsey Borrowed Future and Mike Rowe Business.

@@markbajek2541A lot of Companies didn’t take care of their employees. Probably better to have changed jobs. Location is important for better opportunities. All the best.

@@pakviroti3616 yep!

You had a productive career.

I wonder the same thing.

Food stamps is my guess

I wonder if the average SS benefit we hear about includes averaging in spousal benefits. That would drag down the average quit a bit.

If you have a period where you did not work, then they put a zero in for those periods when calculating out the monthly amount. So maybe they had some sort of other support for a few years.

@@markaustin5269 Well, yes...I would assume it would. A spousal benefit is someone's separate SS benefit. Plus, there are just people w/ very low SS.

Yep, until you hear someone shout from behind you "Look out BUS!!!!"

13:41 Lots of different reasons to take it early, im taking it in oct when i turn 63 at $1600 a month because im in excellent health, im into bikepacking, and the front end of retirement is by far the best years. I will supplement it with a modest $1000 a month pension from a previous union career. House is paid for, living debt free, and its only me. Many people wait until Max and live a couple of years after that, what kind of life is that? I also hate my current job, so i have no reason to believe this wont work. This guy is making a blanket statement that doesnt apply to everyone. I took my union pension early, at 55 , and have already been collecting 8 years. No mention is the break even point between the 2, which is about 80. The average life expectancy for males is mid 70s. I also come right under the threshold of avoiding being taxed on my SS and Pension income, which is 50% of the SS benefit added to my pension income. Then, if i wish, at 67 I can suspend my SS and work for 3 years until max at 70, and it will grow 8% a year without having to pay any back. Maybe i will get all the bikepacking out of my system and find an easy job I dont mind. Everyones situation is different. Do what works and make sense to YOU. This guy is narrow minded.

@@stevemcfate1961 There's no single answer as to when to take SS. Most probably shouldn't take it as early as 62 nor wait til 70. The optimal time to take SS for most people is somewhere in between.

@@stevemcfate1961Definitely like you’re thinking towards retirement and possible suspension of your SS for the 24% increase. Even a 1.5 year would give you 12% more while enjoying an early start to retirement. All the best.

@dennistyler9852 thanks, I'm looking forward to it. I understand why some wait. They may have a job they like and enjoy working, and not really into hobbies, I get it. There is a solution for everyone

You earned more than the example. I did too. Enjoy your retirement.

yep

Use the SocSec calculator, found on their web site.

Yes. Set up an account with the MySocialSecurity website. It has a tool with your personal financial earnings data so you can see the impact of taking SS at any age 62-70, and even factor in if you plan to work or not during those years... such as what would be your estimated monthly draw if you quit working at 62 but not take SS until 67, etc. This tool helped me decide to wait until 70 and glad I did.

A lot of people don’t know that.

COLA

Exactly 😉

so will eggs

It's "progressive." 🤣

sure , but it looks like you'll have to recoup $108K or so in income at the 2216 rate to break even., So just under 5 years or so.

Those are pretty good raises. Enjoy retirement.

@@markbajek2541 I don't know what you mean by recoup $108K. The funds that I did not use up to wait to claim SS I have been taking 18K out of it every year since I retired in 2017. At that time I had $180K invested in the C fund of the TSP. and have never moved. I now have over $234K in TSP. Had I taken 22K extra out the last five years I would be in a very different place. I would have run out of money in 2022. Returns for the C fund were 2017 21.82, 2018 -4.41, 2019 31.45, 2020 18.31, 2021 28.68, 2022 -18.31, 2023 26.25, and so far for 2024 15.28.

Do you recall how much it was when you were 62...?

@@markbajek2541 no, but I’m guessing around 1600

Don’t forget that those payments will be further reduced by Medicare premiums for you and your wife.

Agree. Don't take it early if at all possible.

@@CaptainQueue open social security website says I should take it at 65 and 4 months for max lifetime benefit. I thought that was odd but everyone says that site is very good.

Yep. And taking it before FRA can be an issue if you happen to get some work before FRA. Make enough before FRA and they start deducting from your monthly check.

When I retire at 60 I’m not working anymore

Agree. Don’t take it early. Let us little people get that sweet sweet social security 😂

Sorry...$926 not $833...still same good news

10 years from now bread could be $9 a loaf or Eggs could be $8 a dozen. just keep your eye open for the unexpected expenses. Almost no one would imagine we'd be paying MSRP or over for cars prior to 2019.

Thats his right

The commercials are chosen by RU-vid.

Most of us will get back everything we paid into SS in about 5 yr's. After that, it's all just gravy. I fail to see how that is a "losing proposition". We all need to have CDs, etc., in addition to SS.

Its for the collective good of working americans, not for you in particular.

@@espesq I am all for the collective good....We could do a lot more for the collective good if we taught people how to save and why it is important. Obviously their parents did not instill that in them. Sometimes it is due to low income, but even people making over 100K choose to live paycheck to paycheck and do not save anything. And look at our National Debt.

What make you think our government is corrupt? There are corrupt individuals and Convicted Felons ie Trump and Nixon etc. who let power go to their heads and sign laws that benefit their friends and cronies, usually the wealthy. Democracy is on the line in November.

Seriously? Sometimes it’s the content that matters.

How old are you? No one calls that a "greaseboard"!! 😂 Josh's preso is fine. If it doesn't work for you, then you likely can find a ton of other free videos on the Tube to criticize.