Lisa , you're the BEST !! Terrific Video !!.....I subscribe to the "Brooklyn Method " of thinking...Take the $$ and Run !..LOL....Live while you can...don't wait too Late ...and you're just Existing....very Sad !!......Don't over think it....just enjoy it !....Thank you , Lisa......Please pat Truman for me....
Live within your means, take GOOD care of your health, invest wisely and you'll be fine. I'm 75 and retired now for 24 years. Old vehicles, old house, old everything including the lawn mowers and kitchen sink all by choice. . I waited till 70 to start collecting SS I didn't need the income. Every situation is different. The wealthiest person is the one who wants nothing.
Good message. I just retired and are planning on delaying but will reevaluate it every year. I have large IRA’s to withdraw from and thinking the larger SS check will help with the higher taxes in later retirement due to RMDs
I am on a permanent vacation by the beach. I've lived here all my life. I retired at 62 and never looked back. Now, I watch the world go by and watch the ants marching. I take my boat out and leave the mess behind.
I'll never understand why people wait until they're ready to retire to learn the rules. I made an effort to educate myself 12+ years before I was ready to retire.
There are two kinds of people; those that prefer immediate gratification, and those that prefer delayed gratification. Instead of claiming early and getting less, I am claiming later and getting more. My full retirement age (FRA) is 66 and 6 months. At 62 I would get 70% of my FRA amount, at 66 and 6 months I would get 100%, and at 70 I would get 128%. I am waiting another 3 years to claim at 70.
I am 62 and retired and collect ss . Best thing i ever did and i work 1 week a month and i live like a king . Just make sure you are Dept free when you retire. ..
Trump already squashed the bi-partisan bill that would have shutdown more border crossings - good job! Lol. Also this video was full of racism and misinformation.
@@utfarley7563 Voting Blue got us all into this mess......You should just forfeit your Future Social Security checks to some ILLEGAL ALIEN since your part of the reason for all this happening!
I'm 62 but not considering retirement until 65 or 66. Hoping our government will make changes to assist all of us heading for old age and our benefits we've paid into
Retired at 62. It will take years to make up the difference of waiting until 65 or 70. Plus, they are toying with changing the age to take money. You can have a job and get SS.
I have waffled over this so many times!! I will be 62 next year and need to decide. My house is paid for, my car is paid for, and I have no CC debt. I could cut back to 1 day a week at work, collect the SS and even qualify for ACA with full subsidy. I made myself a video to watch next year before my birthday. How is my health? How is my job? How is the housing market? Have I made any friends here? I like the area that I have moved to a year ago, but these answers will be the critical ones to answer for me. If my health is not good, my job sucks, or I haven't made any friends or connections I will probably quit my job and move elsewhere. If the housing market is good I can sell my house, AND start SS and move closer to family. Maybe do some traveling. So many questions and with things changing on a dime, I will not know the answers until next May.
I hope the folks who take Social Security at 62 can make ends meet on their FRA benefit (minus 30%), plus $22K of earned income (including IRA withdrawals). Because that's all you can get without paying stiff penalties. I guess you could spend down your Roth or non-retirement savings without being penalized. Unless you can live off the interest, the Govt wants you to keep working or be penalized.
I signed up for social security in May. I will be 62 years old in August and my first social security check is scheduled to be deposited into my account in mid-October! My plan is to work part time, for a while anyway and use the money from working and my SS check, to live off of and invest some of it. I don't want to have to withdraw from my 401K unless I need to. My job was killing me in more ways than one and I want to rest and regain my health and then if I feel better, I can make unlimited money at an easier job, when I am 67, if I decide to do so!
Just turned 62 this year and the numbers don't work for me. I am at my peak earning and investing at this time. However thinking about a work up for exiting at 65 possibly.
I was curious so I checked the Social Security eligibility rules at the Social Security Administration website. Undocumented immigrants are not eligible to receive Social Security and Medicare benefits. 😘
They receive benefits.. even if they initially don’t call it social security. They get $$$ everyday from you and me. We pay for their food, housing and medical.
It depends on your circumstances. If you're working and enjoying it just hang in there, you'll get more later. If the Social security money will be a big help go for it! By the time you reach the full amount age you'll have been given a goodly sum of money. I took mine at 62 and have no regrets about what could have been, I enjoyed being able to do what I wanted. I had medical so I was not waiting for Medicare (happens 1st day of the month you turn 65). FWIW... I was turning 62 in February & told the SS admin I wanted it 90 days before my 62nd birthday (I'm 71 now). The month I turned 62 (Feb) nothing happened, the next month (Mar) they put my money away for me, the month after that (April) on the 4th Wednesday of the month they put the money in my account (direct deposit). It's been showing up every fourth Wednesday since then.
Retired at 62, haven't taken my SS yet, really do not need it financially. Might take it when I turn 65, ( 6 more months). First it will be there, so don't worry about taking for that reason. Yes the Republicans have mentioned trying to cut benefits in the future, so hopefully the Democrats will fix that. If you want to retire early and would need SS to do it, then consider that, but if you can retire without it and you are physically fit, then doesn't hurt to wait. Sadly many people didn't save for their retirement for whatever reason.
If your usual income is only, say, 25K/yr, Score! You win. But, if your income is substantially higher, you'll have to decide if you can live without most of that. I hope that once DJT is back, SS will be fixed so we all can retire without the commie penalty of income limits.
I plan on taking it at 62 and invest it, since I don't need that money. My daughters will get it before I'll leave it for Ukraine and other foreign countries.
I did the napkin math and early SS is 880k over 30 years. 1.6 million if I delay to 70 ( not even accounting for adjustments). I can’t see taking it early and investing it for returns like that. Gotta sit down with a CFP to figure out 401 pull to delay vs lock in the decreased SS payments and a lower 401 pull 🤷🏽♂️ Even with longevity genes, I know my health span 62-72 will be the best years. By 82 the kayak trips are probably over 😂
I'm retiring at 60 in 59 days (not that I'm counting) and will be living off of my portfolio for the 1st couple years regardless. I will see how that goes and how much of a hit it causes on my nest egg. IF its still doing well I will delay for a while longer. It will be there in my hip pocket if there is a major market downturn
Great video Lisa. This is a helpful hint for anyone of European ancestry. If you decide to retire early you can try to obtain citizenship from the country of your ancestors. If you are successful you will automatically have free health care. I am doing it now and I am 55 years old. I will have my Spanish citizenship within the next 6 months which will give me lots of options. Something to ponder for everyone.
I looked into that and found that Spain makes you give up your US citizenship (no dual citizenship) - that is not the case for those seeking Spanish citizenship from countries it recognizes as former Spanish colonies (in Central America, Philippines, etc.). Free health care is free but not quality. I have horror stories on the Spanish socialist healthcare system from my family and sadly deaths from waiting to be treated. Deseandoles buena salud!
Question ... if your SS is based on your earnings, do people collect SS that haven't put into the system? That seems to be what you are saying? Thank you for your insightful videos! I'm 63. Started collecting at 62 and am glad because it feels good to start taking back what I put in. I don't trust where things are headed either! Also, I did much calculating and found that if you saved every penny you got starting at 62, and earned, say 4.25% interest, over the years YOU are making money. The supposed greater benefit of waiting until you are older diminishes quite a bit if you take things like that into account.
Apparently there are ways to collect without putting into the system.... they may relabel what's it's called, but it still comes from our tax dollars and YES, illegals can collect. I don't know what they have to do in order to start the process.... but our government loves to keep people in the "You need us" status.... and that is why they let them in.
I am trying to figure out how to cover the health insurance now at 57...I am working part time for the health insurance...totally debt free no mortgage either...I am definitely taking ss at 62 more or less..maybe still work part time for health insurance being mindful of the income (401k contribution) because I don't want my benefits lowered due to the part time income till 65...believe me looking to get out of the work force sooner than later! I agree this should be given only to people who put into into it...that is another I am taking early...I rather have it myself...invest it myself rather than wait till 67!
I started collecting early, more like 63, but there were some aspects that I fall under that makes it an easier decision. First, I'm retired military so Social Security would not be my only income source at retirement. Then because of being a veteran, my health care was covered by the VA, although I didn't have many health related issues at the time. While I'm not a financial planner, I'd recommend that someone who had no other income source think long and hard on collecting early. I'd also look at a spouse still working with a family health plan in place. Then I obtained a real estate license and having a retirement makes it easier to start another career working for myself.
Even if you don't need it now, take the money at 62, invest it/ or spend the hell out of it! I did at 62, 84 now, have my health, and still spending it. lol
I'm coming up on 64 , still thinking about it . I'm an immigrant and I've almost got my 35 years in . I'm a citizen too . Debt free , self employed but never made much. I'm cutting back on work over the last few years, definitely got retirement on my mind. Thanks for the encouragement
the money we waste on protecting other countries borders is sickening 😡 our retirees who paid into the system should never have to pay a dime. get what you can, sooner is probably better. nobody knows when the clock stops. if you can't afford medical insurance, don't get it. just call 911 on your phone when you are sick. try to enjoy life while you can, not by some assigned number the government wants you to. I don't see any normalcy or common sense happening, so why play by the rules
It depends where the dividends come from.. call your CPA... I know 401K's, Pensions and IRA don't count as income, at least last time I checked... I'm going to dig into that myself.
@@TheRealLivingWithLisa Outside of retirement accounts. The SSA site I just looked up says investment income does not count against earned income cap. I appreciate you replying!
You’re bringing Great content Lisa👍 Oh the Federal Reserve “Bank” will just print more $$ we won’t lose our SS checks. Of course Inflation will be so high our SS checks will barley buy a bag of groceries. No worries
When you retire and when you claim are not the same! Some of us have options. Wife retired at 63 and started SS. I retired 2 years later at 63 and decided to wait to get one larger check. I can change my mind tomorrow! But, likely will wait until 70. They will NOT cut benefits in 8years, they will just print more money! If you are healthy waiting will get you more money! All our 4 parents took at 62 and were poor due to that. Dads died at 86, both moms alive at 88! Their SS check is $2000, us kids have to help them out!
Well I received my benefits disclosure and THEY DID put it in writing.. it clearly says they will reduce benefits starting 2034..... so unless they change course.... they plan on cutting. I do not think it's fair.
@@TheRealLivingWithLisa your “they’ is the SSA. My “they” are the politicians who ultimately decide. The trust fund will be short approximately 20% in about 10 years IF no changes are made by the politicians. Currently about 65 million people get Social Security and almost all of them can vote. Biden won with 80 million votes. I guarantee you that no future President can get elected or re-elected by cutting benefits of 65 million people who mostly paid into the system and vote. This problem has happened in the past, and has always been fixed by changing rules and taxes, mostly for future retirees, and always at the last minute. We might see a modest increase in our taxation but for those receiving benefits there will be no major cuts.For those younger citizens there will be increased taxes and some decrease in benefits. There are already multiple proposed fixes, but no one is ready to vote on them until midnight.
Quit worrying about social security it will be there any politician voting against as it would be political suside they will wait for the 11 hour but it will be there
Does anyone here have a spouse that is at least a decade younger than themselves? I will likely croak before my husband due to an 11 year age gap and some medical issues. I want to be sure he gets the most from widowers benefits so he can retire at 60 and use those benefits until he is 67+ and gets his own., much larger benefit. Is that a doable plan? Thank you, in advance, for any input 🙏
A couple pointers for taking SS at 62. first, be DEBIT FREE, make sure your house is paid off same with cars, credit cards etc, second, have a fully funded 401K, OR a Strong Pension plan from where you worked, yea you could get a part time job, but , dont that defeat the purpose of early retirement?, I took mine at 63, not that I wanted too,, My Father was getting ready to pass, and my wife was very sick,, and I was nurse maid for both, , they are both gone now, and here I am,, crippled up,, yea,, im really enjoying life... NOT.
I understand... sometimes life hands us lemons instead of lemonade. I too will become a care giver ... it's another thing to think about.... and why taking it early to enjoy life while you can is top of mind. Thank you for sharing❤
Every woman in my family has lived to be AT LEAST 100, going back to a time where talk of witchcraft was abundant. I will be collecting my pennies at 62, period.
Indians were also immigrants at some point. Genetics prove that in fact, multiple waves of immigrants made up Indians prior to European immigrants arrival
