Social Security TRAP. Waiting until 70? Huge retirement mistake!

Retire Confidently | Anthony Saffer & Alex Okugawa

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Join Alex as he breaks down social security benefits in a case study.
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0:00 - Introduction
0:35 - Financial Snapshot
5:28 - Initial Withdrawal Needs
9:46 - Tax Considerations
12:28 - The Optimal Strategy
17:59 - Conclusion

Опубликовано:

5 авг 2024

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Комментарии : 83

@tonylevine2716 Месяц назад

New subscribe. Their monthly expenses are way too high. What are they spending their money on? 🤔 Take a vacation every other year if they refuse to cut expenses. Why haven’t they paid off that small mortgage already? The sad part is FDR never meant for SS to be taxed but a certain Pres and party did that but that’s another story. Great breakdown on their taxes. I retired this past Oct at 55 and blessed to have a military pension and VA disability. I’m looking to take SS at 62 and investing it. The Rule of 55 also applies to me but I don’t plan to use it and will let my retirement accounts continue to grow. Great video and info!

@onedegreeadvisors Месяц назад

Congrats and thanks for your service!

@circusfreakRob Месяц назад

While I love having a fully paid off mortgage, if this couple has a low mortgage rate it would make sense to just let it ride while keeping that money invested. Congrats on 55 retirement! I am hoping for 56 myself. Cheers.

@bilo6832 Месяц назад

I agree, their withdrawal rate is too high for the investable assets. Personally I would look to reduce expenses and/or find a part time job (if possible). I would also suggest the highest earner delay until 70 for the survivor benefit. In addition I would employ a dynamic SS strategy where I delay SS as long as the portfolio is not rapidly depleting. We often look at worst case, but markets are up ~ 3 out of 4 years on average.

@kortyEdna825 Месяц назад

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

@foden700 Месяц назад

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

@PatrickFitzgerald-cx6io Месяц назад

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

@NicholasHarmon-ow3jl Месяц назад

This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?

@PatrickFitzgerald-cx6io Месяц назад

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

@NicholasHarmon-ow3jl Месяц назад

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

@gingerkilkus Месяц назад

Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.

@Bellaelena549 Месяц назад

Do you plan on retiring before 59?

@CharlesArthur-fq5sx Месяц назад

That is what determines it for me. I switched to cash flowing assets because I wanted to retire early.

@williamDonaldson432 Месяц назад

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.

@foreverlaura-fq4eu Месяц назад

@@williamDonaldson432 Could you kindly elaborate on the advisor's background and qualifications?

@williamDonaldson432 Месяц назад

Annette Marie Holt is the licensed adviser I use. Just research the name. You’d find necessary details to work with to set up an appointment.

@SasiponPanavaravatn Месяц назад

Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.

@CoreyLloydo Месяц назад

Investing without proper guidance can lead to mistakes and losses. I know this since I've been there myself.Seeking guidance from a professional is preferable if you're new to investing or don't have much time.

@AdamWright8fool Месяц назад

Investors can have different investing results even with the best strategy and suitable assets. Understanding how experience plays a critical part in successful investing is key. Since I was aware of this, I consulted a market analyst for advice, which helped me build my account to about a million dollars. Having strategically cashed out just prior to the market correction, I'm now taking advantage of buying opportunities once more.

@SasiponPanavaravatn Месяц назад

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances

@AdamWright8fool Месяц назад

Leah Foster Alderman is the licensed expert I use. Just look up the name online.

@SasiponPanavaravatn Месяц назад

She seems to be literate and well educated. Thank you for sharing, I found her webpage when I searched for her online.

@diane.moore- 26 дней назад

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

@JulietKellyy 26 дней назад

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

@mikegarvey17 26 дней назад

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

@ThomasChai05 26 дней назад

@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?

@mikegarvey17 26 дней назад

Credits goes to " Gertrude Margaret Quinto " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

@mariaguerrero08 26 дней назад

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

@swright5690 Месяц назад

8% per year 67 to 70

@MILGEO Месяц назад

Why aren't they drawing down that tax deferred account while they have such a low tax rate? What about Roth conversions while they;re still at a low tax rate? Why use up their after tax brokerage only to be hit with higher RMD taxes and possible additional tax on their SS payments by waiting? Doesn't sound like the way I would approach the SS age to start drawing from!

@ralphparker Месяц назад

Good comments. He could do a forward looking tax plan to help resolve a lot of those issues he doesn't cover.

@onedegreeadvisors Месяц назад

Good question. I discuss forward looking multi-year tax planning by using Roth conversions in this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Ukdkb5hR7bM.htmlsi=N43OZeMVxUyTOTur

@cgmoog Месяц назад

Several things to think about. Before taking SS pull all of the needed money from the IRAs and let the brokerage account grow. When SS kicks in at 70 take enough from the IRA so that their provisional income is such that less that 50% of their SS is taxable and pull the rest of their spending needs from the brokerage account. I think this will provide the best performance and the lowest taxes.

@Brucelanham845 Месяц назад

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer

@Charlottehornets4 Месяц назад

I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Jessecote875 Месяц назад

The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

@Rodriguezpaul-9 Месяц назад

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

@Nguyenvictory83 Месяц назад

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

@Josephbasta827 Месяц назад

After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery Glory to God shalom.

@fr0103 Месяц назад

Thank you for bringing this SS claim strategy. I claimed my SS retirement benefit this month (June 2024), at my FRA (66-1/2 born 1957). I’m initiating a strategy to recoup the 3-1/2 years (or an 8% per year) of increase in waiting until 70 to claim. I’ll invest 100% of my monthly SS benefit in high-risk high-return ETFs, for 42 months, or at least until I turn 70. See where we’re at then. The distinction here for return is simple interest (a straight 8% which is static cash flow), and personal investment which generates compound interest). I collect four hard pensions with zero debt, so I can afford to play high roller for awhile. We'll see how the "great experiment" pans out. Best of luck to your clients!

@thepokerpilotapp Месяц назад

How many viewers of this video actually fall into this level of financial wealth??? The point is, how relevant is this to the viewers or is this just a FLEX as in look how smart I am. For the average couple these decisions aren’t applicable.

@bilo6832 Месяц назад

We do and are just getting ready to retire. So these types of analysis are helpful. But we recognize we are not “average”.

@thepokerpilotapp Месяц назад

@@bilo6832 anyone who has $2M Plus and asks the question…… “can I retire” are out of touch with society. Just because you’re wealthy apparently doesn’t mean you’re smart.

@josephjuno9555 23 дня назад

Yes, often these videos are talking about $Millions? Most people NEED to take Social to Survive? Millionaire don't even need that money? Yes, they earned it but don't Need it.

@BillMaass Месяц назад

Lisa aged quickly from 63 to 64, lol. I question not looking at Lisa claiming SS today while Don delays to age 70. Preserve and grow the highest SS benefit for the surviving spouse. Also, consider tapping the IRA now whether for cash flow or Roth Conversion. Taxes are on sale in 2024-2025 so take advantage of them! The taxable account can be accessed strategically instead of being exhausted first. The tax plan should look further down the road than just 2025 and 2026. Lots of planning opportunities to evaluate annually.

@onedegreeadvisors Месяц назад

Good eye! Lisa is currently 63 but based on her DOB will be 64 by end of year (hence why it shows her at 64 on the cash flow breakdown). One factor on getting Dons benefit highest was because Lisa had another piece of guaranteed income via her pension. Didn’t get into Roth conversions in this specific video but I’ve covered that in a few others. Thanks for watching!

@thomasmoshier3920 Месяц назад

I would have Lisa take SS at 63 and Don at 70. Assuming Don is the highest earner. This gives Lisa the higher survivor benefit. The only reason they would both wait until 70 is if they were doing Roth conversions. But they’re aggressively spending their portfolio early in retirement. So they don’t really qualify there.

@keithmachado-pp6fv 14 дней назад

Good video. One comment. You mentioned the 8% in deferred SS benefit in the context of not other wise being able to generate a comparable gain if not deferring but that is not the right comparison. When you. Defer the 8% is on income you are not yet receiving. Even a 5% income on money you actually have compares favorably. Simple example. $100 today grows to $105k at 5% after year 1 compared to deferred balance of zero. Year 2 you get another $100 plus your $105 plus 5% for balance of $215k vs $108k growing to $113.4K. After 11 years of collecting in option 1 you have $1,400 vs $1,350 in option 2. That is age 78. Option 2 does eventually catch up and surpass option 1 but the point is that it takes more than a decade comparing the 8% gain by delaying vs earning 5% on your money collecting a year earlier.

@thehospitalguy1657 11 дней назад

Everyone's situation is different and mine is way different than the example. If I took social security at age 62 I would only get $2,074 a month and since I can't afford to live on $2,074 I will still be working and with my income It would reduce my social security to nothing. If I wait until 67 I will get $3,084 and that still isn't enough to live on where we live. Our home wouldn't be paid off yet. By waiting until age 70 my Social Security will be $3,897 a month and by then my retirement account should have grown to a comfortable amount. in addition my wife will be at full retirement age when I turn 73 and the home will be paid off when I am 73. and then with both of us we should have a nice amount from Social Security along with having our retirement accounts to have grown to a comfortable amount.

@FaceInstitute Месяц назад

How does it work if you have plans for the low earner to take SS at 62 and the high earner to take it at 70, and the high earner dies at 68 or 69 unexpectedly?

@randolphh8005 Месяц назад

Both taking at 67 if both have good earnings records is likely a mistake. The higher earner delaying often is the best compromise. Assuming both die close together goes against the reality of most couples, so a large survivor check is desirable. The lower check goes away!

@Robert-wb9tx Месяц назад

You said that by taking SS at 67, their legacy to their heirs will be less. So it seems like in the long run they are better off delaying. Also I would be withdrawing some portion of their tax deferred income in early years rather than getting hit with bigger RMD’s later pushing taxes into higher brackets. In your scenario you are depleting the taxable acct before touching tax deferred. But passing on assets with a low basis to your heirs would be the best assets to pass on (aside from Roth) given the step up in basis they would get.

@onedegreeadvisors Месяц назад

Good comment. I discuss forward looking multi-year tax planning by using Roth conversions in this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Ukdkb5hR7bM.htmlsi=N43OZeMVxUyTOTur

@josephjuno9555 23 дня назад

I am 62, have modest pension, work part time for the rest of this yr? Delaying Soc Sec. And considering Annuities ? Then i wud have 3 streams of Income for Life! I wud have stable Income Floor of $60k but my IRA Wud be down to around $200K after buying the Annuities.

@Hyrodeniamandibulata Месяц назад

My Spouse will get no survivor SS benefits due to WEP rules. That makes waiting until 70 problematic..

@ralphparker Месяц назад

The main reason I'm choosing to delay to 70 is to maximize survivor benefit.

@eringcpa5803 Месяц назад

I am waiting to 70 to maximize my ROTH conversions.

@arthurshingler2025 24 дня назад

Why would people throw away $12000 a year for a vacation (s) ? Generally vacations are meant for, as being an 'escape route" from your normal life. Why not find a MORE enjoyable "normal" life, first? You may save some money! $1000 each month to enhance your normal life.

@randolphh8005 2 дня назад

What a sad comment. Obviously vacations are different for everyone. For us they can be life changing experiences, relaxation, learning, and exploring. We spend $25k per year as we have the money. We “vacation” meaning not being at home, about 15 weeks per year. When we were young we spent $5000 for a 2 month trip through most of Europe. We also love our home and where we live. Vacations in retirement are not at all an “escape route”. Perhaps when working it can be considered as a way to relax and get away from the rat race, but that clearly isn’t the case in retirement. You will not take any money with you when you die, so if you can afford it spend on yourself.

@veltonmeade1057 Месяц назад

Social Security TRAP? Everyone is different, I am not comparing myself to others.

@robertmunoz4926 Месяц назад

59 .. you look 75

@warrenmartin5935 Месяц назад

Assets way over average retirees,get real

@richardb9419 Месяц назад

For some of us it’s right in the right ballpark, so it’s very real. He can’t make videos that don’t apply precisely to you?

@Jl-620 Месяц назад

In many areas 10k/month is quite realistic. $3-4k/month alone for mortgage/property tax/home insurance and that is not for a big house, add utilities and other essential expenses and it quickly adds up. And don’t forget taxes, and if you have kids it easily gets to that without any pricy vacations. I can understand that for many living in areas with lower costs may be difficult to understand, and moving is not always a simple option.

@thepokerpilotapp Месяц назад

@@richardb9419Yea right. What percentage of people have this wealth? 1-2%?

@circusfreakRob Месяц назад

@@thepokerpilotapp that's not really the important question though. A more apt question would be "what percentage of people that are consuming RU-vid content about the subtleties of retirement planning have this wealth?" I would guess that number is a lot higher.

@thepokerpilotapp Месяц назад

@@circusfreakRob I disagree.