What's the Best Age to Start Collecting Social Security?

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There are lots of things to consider as you plan for retirement, and a key consideration is when to start collecting Social Security. We are here to help you assess your options. With the flexibility to begin at 62, the timing of your application can impact your lifelong benefits.
Consider your current income and employment status. Are you still working, and for how long? Can you afford to delay Social Security for greater benefits later?
You'll also want to evaluate your retirement savings. Social Security typically covers only a portion of retirement income, which is something to consider when thinking about whether your savings are sufficient to support your lifestyle.
Remember, the optimal age varies depending on factors such as where you live and your retirement goals.
Join us as we navigate through these important considerations to help you make the best decision for your financial future. For more information, visit aarp.org/socialsecurity.
For more information, visit www.aarp.org/retirement/socia... and
www.aarp.org/retirement/socia...
For more answers, please subscribe to our channel: / @aarpanswers
Please consider supporting more content like this by becoming an AARP member: www.aarp.org/becomeamember
CHAPTERS
00:00 Collecting Social Security
00:23 What to Consider When Applying for Social Security
01:43 How Age Impacts How Much Social Security You Can Claim
02:38 How to Maximize Monthly Payments
#aarp #socialsecurity #retirement
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AARP is a nonprofit, nonpartisan organization dedicated to helping people ages 50 and older to improve their quality of life as they age. With over 38 million members and growing, we lead positive social change through our extensive product offerings and services.

Опубликовано:

8 июл 2024

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Комментарии : 83

@yamahasuperbike2202 Месяц назад

I'm taking mine at 62. Tomorrow is no guarantee.

@gokulphatak818 Месяц назад

Tomorrow is not promised. By waiting 8yrs. that is 62 to 70 years. you lost already 8yrs., that is 96 months of benefit. At the age of 70, even if the amount is bigger, you do not know how many yrs you have to earn that. You already are behind or lost over $67200. And then inflation is to be considered. What you can get today, now is better than waiting 8yrs.

@RetNavyChiefBTC День назад

That is certainly one way to evaluate when to collect. Certainly not the only consideration. I am the larger earner. My wife is 11 years younger than me. She will get a much larger check when I pass. We don’t need the money now to live a comfortable lifestyle. Sometimes it isn’t always about you.

@traybern Месяц назад

If I turn 62 next month can I just IDENTIFY as a 70-year old??

@Jamestown23_ 2 месяца назад

Im taking early retirement in 6 years at 62. Im also saving and investing. No, i will not tell SS about my investing. No, my investment is not on paper nor is it paper. My investment is untraceable. I paid in enough, not paying no more. Good luck people.

@dawndarling2277 2 месяца назад

SS doesn't care or ask about your investments--that's a different type of SS. Your SS is based on what YOU put in over your highest 35 years of work history. You could hit lotto tomorrow and it wouldn't affect your SS.

@sherrir3195 29 дней назад

I hope you have a reputable financial advisor. SS is not the IRS. You paid into SS for years you will receive regardless 100% at 70 which will cover cost of living you will have to pay out of pocket supplemental insurance with Medicare. The question is are you going to have enough if you take SS at 62? Your not going to get a raise from SS. What you take at 62 that’s it. You have to consider rise of cost of living. You can retire at 62 to get Medicare but you don’t have to take SS until later. The later the better. Good luck you, your going to need it if you don’t get a good financial advisor and not out the yellow pages.

@teresaellis895 2 месяца назад

Hubby took it at 62.He did 21 in army and 21 building autos...just getting out of car was getting difficult after 8 to 10 hour day and hour commute.If ya sit at a desk...yeah work till 67..but if physical job...its rough

@jerryrichardson2799 Месяц назад

He earned his retirement, and I thank him for his service.

@laurieevans9628 2 месяца назад

If everyone received benefits like congressman, you wouldn't need to worry about anything 😂

@MonMornQB 2 месяца назад

Yeah and they just voted to give away money for countries overseas.

@Timeisirrelevant 6 дней назад

And insider trading. Don’t forget that benefit they gave themselves.

@JayYoung-ro3vu 2 месяца назад

I won't retire. I saw what it did to my parents. I'll keep on working as long as I can work.

@chucalissa9231 2 месяца назад

Exactly 58 " and working 2 jobs and I love it ❤🎉🎉🎉🎉

@Recordeer 2 месяца назад

I'll never work. I saw what it did to the British.

@moon_dog4 28 дней назад

Going through divorce at 62 , I called and the ssa rep talked me into waiting. Glad he did ! Ended up signing on at 65 even though max benefits for me was 66 and 10 months. I believe you should wait (if you can) but sign on before you max out cuz you never know the future. Also keep working as long as you can even one or two days a week. Guys I know who are 10 yrs older than me and still working are doing much better than those who are not

@donnale3881 8 дней назад

When you start collecting SS also affects your spouse, and their ability to collect your benefits in the event something happens to you.

@jerryrichardson2799 Месяц назад

Various demographic and social issues are important here, as well. I think there will be more opportunities for older people to work, especially for more educated and skilled workers, into the foreseeable future. I don't have a problem with working, but I do want to take time off to travel, before I get too old to do so. My parents are in their 80s and still live on their own, and my grandparents lived into their 80s and 90s. I'm in my early 60s and in fairly good shape. I haven't ever drank, smoked, or taken illegal drugs, so I should be able to hold up for a few more years, at least.

@sherrir3195 29 дней назад

Your correct, demographic is a huge part and people are living longer. Go on that trip now don’t wait you don’t know what’s going to happen next week.

@rachaelcollins9055 2 месяца назад

Please explain the difference in receiving pension and social security at the same time,,,!thank you.

@lisiatepalu7737 16 дней назад

Thankyou so much

@bobbyzakariya9030 16 дней назад

The lady forgot to ask one question how long you think you will live

@RPMcMurphy1975 9 дней назад

1:26.

@jerryrichardson2799 2 месяца назад

Many of us will need or want to work as long as we can.

@Happybidr Месяц назад

This was an excellent video. However, she didn’t mention that if you take Social Security early, before your Full Retirement Age (between 66 and 67, usually), if you choose to work during retirement, the government will tax that extra income. But if wait till Full Retirement Age, your extra income will NOT be taxed!

@dahoov2 Месяц назад

Full retirement of 70 years?

@JimzAuto Месяц назад

I think ‘no taxation of income’ occurs after FRA regardless of when you start collecting SSI.

@dawndarling2277 Месяц назад

This might be the worst post I've seen in awhile. Income Guidelines (restriction on wages earned before your FRA) and income taxes are two different topics. One has nothing to do with the other. If you take SS before your FRA, the government has an income guideline that once you exceed, you will have to pay $1 for every $2 back to SS. If you take your SS early and make $43k, $20k above the income guidelines, you need to repay SS $1 for every $2 or $10k in benefits. If you are getting $2k a month, you just lost 5 months of 12 months of SS (you could pay earlier so as to not wipe out your payments the following year). I'm biased, but when I see people that take early and make a lot more than the income guidelines ($22,320 for 2024), I honestly don't think they thourghly understand the bigger picture. Not only did they stop their SS from contuning to mature and lock in that permanent reduction, now they aren't even getting all of their checks! And yes, you "get it returned to you eventually." This is true but it's not in a nice check. They have a formula that will be used to recalculate your SS benefit and you'd be lucky to see $20-30 a month. That does not seem worth it at all. I've said before that if I was getting to $22k, I'd volunteer my time before I'd repay SS any money they were supposed to be sending me! Tax is another animal. At no time is our SS not taxed as it relates to age. I will pay taxes until I leave this earth. But there are amounts where you don't pay taxes, and some states don't charge state tax on SS (can't escape federal tax if you exceed certain amount).

@traybern Месяц назад

NOT taxed. SOME can be WITHHELD. AND given BACK to you LATER!!!

@traybern Месяц назад

@@JimzAutoWRONG!!! Taxes WILL depend on your INCOME.

@MynameisNOBODY-jp6mk Месяц назад

collect at age 62 smaller amount and longer claims, because you don’t know how long you gonna live aside from that the total amount amount you can collect from age 62 is more than if you wait to collect at later age … simple math😀

@pposada1956 15 дней назад

If you have medical issues, do not wait until age 70. But on the other hand, if you are healthy and don’t need the money immediately, wait until 70 years young.

@ViolaDestin Месяц назад

The video was very helpful but I am still unsure about working after full retirement work.

@ChiquitaBoswellHardy 2 месяца назад

can you walk me through safest way, as well as right time and steps to apply before turning 65 to avoid penalty

@sherrir3195 29 дней назад

Go on your state website, there’s excellent information regarding Medicare and Social Security sign up information. Most towns have programs at their senior centers with professionals to guide people with the paperwork.

@pedrobiskupovic473 14 дней назад

It all depends on one’s health and type of job. Not everybody is healthy after 60.

@interesting2518 2 месяца назад

Next video could be spousal benefit. Lower social security worker could wait to get 50% of the higher spouse amount at full retirement age. Does the survival benefit then equal the higher spouse if they waited until full 70 years of age benefit?

@AARPAnswers 2 месяца назад

Stay tuned for a video on Spousal Benefits on 4/29!

@dawndarling2277 2 месяца назад

They only have to wait until their FRA to get 100% of what the spouse was getting (bonus if they waited until 70 to collect). The surviving spouse does not need to wait beyond their FRA.

@greayfox 22 дня назад

Most of us we are not sure if we are going to live that long

@joeplacetas1 2 месяца назад

Question, my father is getting about $1,300 per month in desabibility,,his 60 years old,,he just had a baby with a younger woman,,,if he retires at 62,,how much money will he get every month and how much will the baby get every month? Thanks,,,just give me a close idea .

@johnr5252 18 дней назад

@mgtowbylogic5592 2 месяца назад

The best age is asap before it goes belly up and you get nothing. If you don’t need it, then invest it. I’ll be filing at 8am on day 1 as the U.S. govt has literally never been more bankrupt than it is at this instant.

@Recordeer 2 месяца назад

It already has gone belly up. You can thank boomers for that.

@sherrir3195 29 дней назад

It’s not going to go belly up but if you have no retirement investments then you have to worry about the banks bellying up for misguided investments and all the little interest accounts go bye bye.

@mgtowbylogic5592 29 дней назад

@@sherrir3195 SS irr is atrocious compared to any number of things, crypto, real estate, running a business, even stocks are better than it. Including inflation, it returns a negative amount. Just think about the concept for a moment. You give your money to “them”. “They” are the same people that control the amount of currency that “money” was denominated in. Add that to what I’m sure you know about how debt is affected by inflation, and remember the U.S. government is the largest debtor in the universe. Now, how could my advice possibly be incorrect? “But what if someone invests in the wrong thing?” Take some responsibility. Or don’t, just accept they’re stealing all your money and shut up about it. … and Yes, ss is stealing.

@Recordeer 29 дней назад

@@sherrir3195 Who can afford both investing in a retirement AND rent these days?

@desiv1170 22 дня назад

It will not go belly up... That's one of the silliest rumors on the internet... The "Social Security Trust Fund" could possibly run out, but that doesn't mean you get nothing. That is just the extra money to cover the difference between what is coming in and what is going out. As long s they are still collecting Social Security, there is money to pay out. If the Trust fund runs out, it means you would get less, guesstimates are around 17% less. Not nothing.

@ViolaDestin Месяц назад

My question is I am been penilized because I took early Social Security. I want to know when I reach 70year old will my payment increase or stay the same, I was born on August 4th, 1957.

@dahoov2 Месяц назад

You will not get more. You chose that and stuck with it. It is always better to wait if pssible

@traybern Месяц назад

@@dahoov2Right. Starting benefits without even understanding the rules….is MASSIVELY DUMB!!!

@sherrir3195 29 дней назад

Payments will be the same, no raise at 70. You should have had a financial advisor to help you before you signed up. You have to sign up but you don’t take it until you need it. But if you do not have a retirement savings then you have no choice to take it early. Basically you live off the interest from the retirement accounts then take social security at 70. After 70 you receive an increase. There’s nothing you can do it’s too late.

@suehooven7870 8 дней назад

@@traybern It's people like you on the net who think they are smart are the dumb ones. I know enough. I read three different scenarios. One in the paper in a column in Finance center, then someone from SS said another thing, and their actual pamphlet is another. NONE of them were in agreement. So shhh you are rude and I'm gonna guess a Trumper

@user-cp1ju1tf8u Месяц назад

Using your example, if I chose to start collecting at age 67; $1000/month, I would have collected $36,000 by the time I turn 70. Even if my payments are $240.00 more per month than they were at age 67, I would likely not recoup that money …even if I live to age 90. Am I missing something?

@AARPAnswers Месяц назад

Hello, the Social Security calculator provides an estimate of your monthly Social Security retirement benefit, based on your earnings history and age. You can cccess the calculator here: spr.ly/6058eo2CM - Daniela R.

@desiv1170 22 дня назад

I think your break even point is just over 82 years of age according to Mr. Excel... (And that was a very lazy spreadsheet. I just placed 1000 in one column for each month and after 36 months started placing 1240 in another. Then I watched the sum of each column as I added months. It flipped just after 180 months. 180 months (15 years) past 67 is 82. ) So that's the point you'd start to be making more if you'd waited. Does that matter? Depends. One argument is that you should take it early to have more money for the GO - GO years. That $36K could be a few nice vacations... The other side is that you might need more money later in life for better home care or assisted living? It's a personal choice and depends on a lot of variables. How long do you expect to live, etc... Now, that would change quite a lot if you took the money at 67 and invested it. But to be honest, most people who take SS early take it because they need it and/or will spend it. Most won't invest it... It's sad that the math really says that the people who will benefit the most from waiting are the people who can afford to wait and don't really need it. Not always, but often...

@marysherman3102 23 дня назад

For me to get max benefits my age 66 and 9months.

@marcielynn4886 5 часов назад

21?

@georgianacrooks9926 2 месяца назад

I 😢😢

@janagregor6603 Месяц назад

User cp you would recoup that money in age 85.

@harper7509 2 месяца назад

Give it back or go to jail

@Recordeer 2 месяца назад

Jail it is then!

@harper7509 2 месяца назад

@@Recordeer That works for me. 😘

@tseringsandup1013 2 месяца назад

To receive social security how many years one must work and pay tax if anyone who came to America 10 years ago?

@ViolaDestin Месяц назад

The video was very helpful but I am still unsure about working after full retirement work.

@AARPAnswers Месяц назад

@ViolaDestin Great question! Once you start taking your Social Security, then it is subject to COLA raises only. Once you've reached your full retirement age, FRA, you can earn as much income as you'd like too. For more information, please visit the AARP Social Security Resource Center at: spr.ly/6057e8WTv or visit the Social Security Administration at spr.ly/6058e8WTa. Take care! Jodee R.

@sherrir3195 29 дней назад

I will mostly likely work part time to keep myself busy. Years ago you only work so many hours but that changed, now there no limit but still I’m not working in my 70’s nor 80’s.