say this with all respect. I did everything my parents did. Worked in corporate for 30 years. Paid for my home, invested, saved, 401K, IRA's, stocks, shares in that company. I did everything right. Then I was diagnosed with stage 4 ovarian cancer. Now I'm fighting for my life. I enjoy Sarasota Tim because he's a fighter too. Respect to everyone out there. Jeremiah 29:11 all day!
@debbiblakeslee
Жыл бұрын
God bless you ❤️
@johnjarvis2168
Жыл бұрын
Please research cannabis oil for treating your cancer. I have been treating people for 9 years now. We can't get the world to listen, but we are having very very good success. I am located in Michigan and provide the oil to people for free.
@kalenreichert
Жыл бұрын
Praying for you.
@burny86-j5z
Жыл бұрын
God bless you:)
@denisep.98
Жыл бұрын
🙏
@christopherbilkey5237
Жыл бұрын
Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.
@RetNavyChiefBTC
Жыл бұрын
You are absolutely correct! I have a younger wife as well. Knowing she will get a much larger check when I’m gone gives me comfort. Sometimes everything isn’t always about you!
@MrSean03839
Жыл бұрын
@@RetNavyChiefBTCAnd the flip of that is that you both can spend more from other retirement savings while delaying knowing your future larger SS pension.
@antcrow7424
Жыл бұрын
Im 58 year's old and im planning on retiring at 62. I've been working 40+ year's already and still trying to survive. I've given up numerous weekend's, Holidays and time off of my life for what?? Too make someone else rich or have a better life. I just got fired from my job 4 weeks ago for absenteeism. I missed 15 day's in 10 month's. 10 days was for covid and the final straw i guess was pneumonia over Memorial day weekend. I missed 5 more days. I never got any warnings and i had doctor's excuses for all of the absence. I'm now working on prepping my house to put up for sale. Hopefully, before the market takes a dump i can make $150K on it? My plan is to buy 20-30 acres and live in a pole barn that I'll build. Going to try off the grid. Solar panels for power, well water or cistern for water. Gardening and canning as well. I may have to work here and there when needed. I've been an electronic/electrician technician for 40+ year's. I've built 3 homes, 3 garages and 4 storage barns. Built or restored cars from the frame up. My losses have come from 401K's & divorce. I had $65K in a 401K eighteen years ago. In '08 my 401K disappeared?? Where'd it go? I asked my financial advisor and he said...there's people losing millions. I said my $65K is my millions. I never really recovered from that, i have at best $40K now after 15 year's. Who can afford to put more than 4% in a 401K these day's? I have a feeling that social security will be non existent here in a decade or so. A-holes in government are surely going to screw us over again. I get pissed thinking of the taxes I've paid(been robbed) over 40 years and probably won't get any back!! I tell people that are 30 year's old or younger to raise hell with the government! The retirement age should be 50 with full benefits. Once you get to bifocal age, people need to retire!! Because they already got 30 of your best year's of your life!!!
@georgewagner7787
Жыл бұрын
You don't have to do the math. There's a chart for every year online.
@donerickson7305
Жыл бұрын
Don't take SS at 62 unless you need the money. The purpose of SS is to have money in your retirement years
@rachele9566
Жыл бұрын
62 is retirement years for many people. My family all took their SS at 62 and used those funds to take several vacations per year and just enjoy their lives. Luckily, we all had other sources of income. Waiting to retire later and not breaking even with SS until 80 yrs old, does not sound appetizing at all.
@hogs150
Жыл бұрын
YES . the nursing home will be real happy you waited to collect your social security
@Tsiri09
Жыл бұрын
I"m retiring at 62 this month and my payments will start in Sep 23 (see a previous video comment). From the SS site, I think I can expect $1091/month. With a side hustle, I can live pretty comfortably. It's not about the amount of money, it's about how it's managed. I can't see myself putting me through 8 more years of stress and baloney for "a few hundred more" a month. Now, I can pick and choose my side hustles and be far happier.
@kathyann9643
Жыл бұрын
Just keep in mind when you turn 65 they will take an additional $164 or whatever the amount is at the time for medicare. That's why I had to wait until 64.5 to collect because I just couldn't live on what I would get at 62. I did have have some savings so I only had to work a part-time job while I waited. If I had to work a stressful full-time job I guess that may have changed my decision.
@user-yj3ob9kd3l
Жыл бұрын
@craftsmanctfl3493 yes, the uncertainty would be scary.
@dosh5864
Жыл бұрын
@@kathyann9643 at that monthly income there would probably be a supplement payment by the state to cover the 164 per month. Call your local office of the aging for direction.
@dosh5864
Жыл бұрын
@@craftsmanctfl3493 I took early at 62, and knew I was going to re configure my home to provide a small rental income for a studio efficiency apartment-that was my only option for taking early SS, but It was well worth giving up 240 square feet of living space.
@FIRED13
Жыл бұрын
@@kathyann9643 don't forget the supplement/medigap payment ($260/mo?) as well
@DeborahMontano
Жыл бұрын
well i decided to WAIT...it was $700 a MONTH more for me and i figured if I die I wont need it BUT..If I live ill need every dime,,IMO there are 2 reasons for taking SS Early 1- poor health 2- no other financial option..
@geoffdevore6321
6 ай бұрын
Just keep in mind, no one, I mean no one knows when the Grim Reaper will tap them on the shoulder and " Pardon me, but it's time to depart this Earth" Enjoy your time with Social Security while you can. I had a Uncle, and a couple of close friends have their retirement planned out, Well needless to say the "Grim Reaper" came a calling!!
@davidparkin9017
Жыл бұрын
So, how many years does it take for a person who waited until age 67 years vs the one who began collecting at age 62? I think they equal out between age 79 and 80. But by then there are some things that you may be unable to do at that age due to health or level of energy or something else.
@Delta922
Жыл бұрын
I'm still with you. At 75 or 80 years old, I'm really not going to care how much money I'm getting.
@mikebsbd
Жыл бұрын
Thank you for clarifying.
@UncleJam5624
Жыл бұрын
I plan on retiring from full time work at the end of next year at 62. I will probably take a year off and then find a part-time job later. I have a 401K I can draw from if needed, but I rather use my Social Security first and save the money in my 401K for later when I can't or don't want to work part-time. I look at it as, if I die at least my relatives can inherit the money in my 401K and savings. P.S. My house is paid off and I have no debt. P.S.S. I can keep my medical insurance from my job dental/health/vision in retirement for about $100 per month so I would only need Medicare part A&B at 65.
@UncleJam5624
Жыл бұрын
@@les0101s One of the few benefits we get at retirement, they pay 80% of the cost used to be 100%.
@UncleJam5624
Жыл бұрын
@@les0101s No pension but up to a 5% match of your 401K contribution.
@stevegordon5243
Жыл бұрын
I agree with you Tim, I'm 58 now and WILL be taking my SS at 62. Since we don't know how long we're going to live, I'd much rather take it early and enjoy it (the reduced amount) while I'm able to
@MrComedyisme
Жыл бұрын
I agree with taking ss at 62. That's when I'll need it most.
@MannyC711
Жыл бұрын
Thanks for the correction. I’m still retiring at 62.
@123gorainy
Жыл бұрын
WOW!! Somebody who admits when they made a mistake and then corrects it. But remember, the money you get when you retire early is STILL worth more because of the cost-of-living and cost-of-goods goes up every year... so $100 I get when I am 62 years old is worth more than the $100 I get when I am 70. I hate math.
@paulmoss7940
Жыл бұрын
I started at 62, couldn't be happier. Did you guys notice how close the govt. came to default just recently ? I want my money back asap, anything extra is dessert. I should recoup my "investment" in six years.
@deborahk7667
Жыл бұрын
Ok Miss Tammy your looking good this morning.. 😊 y’all enjoy the day😎
@fudogwhisperer3590
Жыл бұрын
Yea, I knew 80 was the point where it switches not 90 like you said. The principle is still the same through. Take the money, relax a little. I still think that things are going to switch in the next couple of years and they're going to change the deal on people my age, 6 years out.
@asbcasbc
Жыл бұрын
Collecting at age 62 is terrible advice for most people. You will be saddled with much lower benefits for the rest of your life. Inflation will erode your buying power and you will be kicking yourself for collecting early.. There is no going back. Once you make the decision to collect social security, you can't make changes later. Also, the surviving spouse collects the higher of the two social security payments. So even if you die young, your spouse is saddled with lower payments for the rest of his/her life. Tim is not a financial advisor. That is well above his pay grade. He should be urging people to seek out an advisor or CPA to run the numbers before you make a decision to collect social security. They can run scenarios so you can make an informed decision. There are many variables to consider.
@peterleahy7316
Жыл бұрын
If you take Social Security at age 62, you will not be getting any less money until you reach age 78! Life is short and nothing is guaranteed. A bird in the hand is worth two in the bush.
@JBoy340a
Жыл бұрын
I disagree with taking Ss before Full Retirement Age. Especially if you think you might want to or have to work. The reduction in benefit can be large if you earn a decent amount.
@vwchan841
Жыл бұрын
The best way to do it or to know what your own specific benefit will be at various stages in your 60s would be to create your SS account online and then see the real numbers.
@donerickson7305
Жыл бұрын
There are tons of charts showing what your SS benefit will be at different ages. Use those.
@Gary65437
Жыл бұрын
The math says men are doing good to make it to 84. After a less than ideal healthy life I took mine at 62 with no regrets.
@davidcarter1013
Жыл бұрын
Average life expectancy for men in the US is only 73.2 yrs and dropping
@chuckwhiteman6267
Жыл бұрын
If you invest that money for five years, you would really beat the 67 numbers. Assuming you don't need it to live on.
@pstoneking3418
Жыл бұрын
I started collecting social security at 62. Even if I live to be 90 , the amount I'm receiving will be sufficient, long before then I'll have all the toys I would ever want or still be able to use.
@stevegorkowski3246
Жыл бұрын
The average male dies at 78 years of age. I would think giving up 5 years of your most productive years retired for $100,000 if you reach 90 would be a bad deal. In some cases taxes narrow the difference. between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. more than $34,000, up to 85 percent of your benefits may be taxable. My answer was simple at age 62 with investments I would have more take home money retired than working. You should be fine in a year or so after you get a KZitem channel up to speed.
@johnnybbgunner2136
Жыл бұрын
I am still working full time until 67.5….only 3 years left of working.🤠🍺
@Keith-se5gf
Жыл бұрын
Yes, you multiplied your number by 1.3 rather than dividing it by .7 but you made a good point either way - none of us know how long we'll live.
@bigshash9946
Жыл бұрын
Never talk numbers! Love your channel, brother. 👍
@mirellawentz4688
Жыл бұрын
Thanks for rectifying the numbers, but even with that correction it makes more sense to take it at 62 and use all the time you have to live and travel and just have less stress.
@tvormwald
Жыл бұрын
If I retire at 62, my Social Security is over $2,000.00 per month.
@arthurvandermark5397
Жыл бұрын
There are more things to figure into the take at 62 question. If you have limited amount of cash saved from poverty level jobs. 8% extra each year after full retirement could be a big help since retirement homes will use this figure to determine how many roommates will be In your room or the quality of the food if you have no savings. And, we're not even taking into consideration the 23% cut in benefits in 2033 or inflation vs cola increases to maintain your living standards. With the talk of raising full retirement age, people are going to need ways of having income coming in their years of less productivity in the eyes of a business owner since the 62 withdrawal age will probably be raised to 65. PS: Any ideas for senior to earn extra income or education opportunities for learning a new career for senior years of less physical capability. I know a lot of colleges of senior reduced or no cost admission programs
@georgiannmaloney6594
Жыл бұрын
Thanks for correcting this. Love your videos. I watch the commercials, as i understand it brings you more money, from what i understand. Take care from Indiana.🎉
@SharonP246
Жыл бұрын
My friend died the week his first ck. Came in. Get it as s soon as you can.......
@tommyo8967
Жыл бұрын
The opportunity cost is 5 years x 12 equals 60 months.
@zulyhallelujah9257
Жыл бұрын
Miss Tammy touchs her hair a lot
@DoubleDeeDeeDD
Жыл бұрын
Love the transparency, Crush it !
@jerryrichardson2799
Жыл бұрын
My grandparents all lived into their 80s and 90s. My parents are still alive and on their own in their early 80s. I'm planning to apply for SS at 66, but I might do so sooner. There are a range of considerations to keep in mind on when to apply for SS and when to retire.
@onniegranados8489
Жыл бұрын
I love the people who say you should keep on working and collecting as much money as possible, so that when you retire at age 70 or whatever, you'll then have more money that you can spend on ... what, exactly? They seem to be very concerned about medical bills, so I guess they'll be spending it on medical bills. Good luck with that.
@michaelwright7960
Жыл бұрын
Using the 1700 figure at 62 used get 2400 at 67. The difference would be made up at age 80. The from 80-90 years of age you would be loosing 730 a month for those 10 years.
@stub4trks
Жыл бұрын
Dont forget, If you are working part time you are paying into ss . this will make your payment increase over time.
@debbieklose8776
Жыл бұрын
What if life’s challenges drained IRA accounts and at 63 a person is no longer working ? Social Security would be 2900.00 a month. C 8:06 urrently on SSDI for the same amount- 2900.00 a month. Should a person go ahead and retire and start collecting her social security retirement? On SSDI, I’m allowed to earn 1400.00 a month on top of the social security check of 2900.00. I’m not sure what I’m allowed to earn if I just retested and got off Disibility ? And guidance is greatly appreciated.
@Evenif1995
Жыл бұрын
My mil turned 96 in May. She's still going string so I guess it just depends.
@KaayJaay
Жыл бұрын
Crush it and take social security at 62
@oliverrojas3185
Жыл бұрын
Sarasota Tim, thanks for taking time to explain the math mistake, and once more reviewing all the numbers with the math correction.
@elgringoec
Жыл бұрын
That's what happens when people don't understand the arthritic but simply rely on calculators. And why calculators in simple arithmetic classes is a bad idea. But, public schools how they are... not individuals fault. Stay jubilant you two! Stay
@chericdesigns
Жыл бұрын
It's about your quality of life. At 62 you can draw SS, work part time doing something you enjoy and make the best of your life. I was a caregiver for a disabled parent and when he passed and I went back into the work force full time I said I would have to work until I died on the job because I was in such bad shape. Now, I'm working on my 5 year plan to pay everything off, putting money aside with each paycheck into retirement and more into thrift savings and plan to retire at 62. I will still work part time doing something I enjoy. Staying active is part of staying healthy as we age but my job is very physical with lots of heavy lifting and I see the coworkers around me not much older than me who look like broken down 80 year olds from extended years on the job. No thanks! I'll be able to keep my current insurance when I leave which is even more affordable for me than Obamacare. Retiring at 62 will give me more freedom, more time and more choices. It may not be for everyone but to each his or her own. My mom died at 72 of cancer. I'm not waiting until I'm 70 to retire. You never know how much time you have left or what the quality of your health will be later on. I never believed I could even think of retirement until I started looking at the numbers. Look at your numbers, make a plan and CRUSH IT!
@brucehamm6197
Жыл бұрын
If an individual retiree DOES NOT need the income from social security at age 62 - DRAW YOUR MONEY at age 62 regardless! "A bird in the hand is better than two in the bush". God bless...
@impish22
Жыл бұрын
ok, you are using some click bait with beautiful Miss Tammy for sure.. !!
@222jojo
Жыл бұрын
I would ALWAYS use the SSN calculator on the SSN website.
@SilverCharlie
Жыл бұрын
42.85 percent increase from 62 to 67 if you are doing the math Each month you go past 62 the percentages would decrease. If not still working, i would consider taking SS earlier then 67 or ASAP. If still working making good money wait until you retire then take SS the next month. hard to spend a lot pass 80.
@jeffs3627
Жыл бұрын
Spot on. And by delaying just a few years you enjoy the higher amount for as long as you live. Plus your COLA is applied to a larger amount making the increases higher every year. A blanket statement to take at 62 is just wrong.
@loanokaharbor8303
Жыл бұрын
For the negligible amount, take your SS, asap, at 62. Great job Tim!
@s.m.whiteII
Жыл бұрын
Tim and Tammy time!❤
@buff6637
9 ай бұрын
Thanks Tim! My concern at 62 would be health benefits??
@mgallegos4708
Жыл бұрын
My plan is to wait til FRA. Same thing with my wife. We make too much money and have too many bills. Fortunately, we have longevity in our family.
@pppaaattt8401
Жыл бұрын
Own it , I respect that
@dynac8012
Жыл бұрын
To many people, the cumulative amount of SS received is secondary to the simple question "how much is my monthly benefit?" If you can't live on your benefit when filing at 62, but you can at FRA (or somewhere in between), that might be a pretty good reason to wait.
@SarasotaTim
Жыл бұрын
Hi, I had to respond to your comment. There is no way $700 more SS money gives people a golden ticket to pay their bills without continuing to supplement your SS check. However, getting money coming in sooner than later would be best. No amount of FRA check is going to be enough especially later, when things will cost even more. Get your money now! Then continue with a side hustle or part-time job, but life will be easier than waiting five more years. That makes no sense. 😎
@dynac8012
Жыл бұрын
@@SarasotaTim This amount can indeed be the difference. Plus, you're forgetting that COLA will increase that number at FRA.
@myvenusheeler
Жыл бұрын
@@dynac8012 You know, and I know it but sadly many others don't know it.
@lonwoock9881
Жыл бұрын
It is more than just the math. You leave out potential tax benefits of delaying and the fact that future COLA will be HIGHER if you delay. See a fee based planner. Have them run multiple scenarios using YOUR situation. Delaying is likely the best decision.
@duane2243
Жыл бұрын
Smile you have a Blatz coming ! Brew of Wisconsin !
@Outlier1060
Жыл бұрын
90? How many live til 90!!
@SarasotaTim
Жыл бұрын
Not many that’s for sure. 😎
@lindag4456
Жыл бұрын
my Mom just turned 90 and she passed her drivers license test
@davetesh144
Жыл бұрын
Hey brother great information but your forgetting one HUGE missing link If you retire at 62 you are limited to a yearly salary gross income I'm still working at 65 plus and I am am earning 6 figures or more on a yearly bases I plan on drawing my ssa at 67 and banking it until I fully retire so I have a nest egg Great work brother
@jefft4629
Жыл бұрын
Tim, love your videos and I agree with your collect at 62....but the guy earning $60,000/yr for an additional 5 years (minus your ~$20,000 SS) made $40,000/year more than you for 5 years for a $200,000 income bonus. Not sure if this was mentioned in comments but this math has been eating at me for a little bit...this should be added to your yearly income calculations. PLEASE keep up the videos!!!
@SarasotaTim
Жыл бұрын
Thanks for your comment in my video I said we’re not going to calculate, working extra or cola or inflation or any of that. I was just using some simple analogy , but regarding your comment if I earn my income limit of $21,240 which increases every year that would make my income over $40,000 so I’m inching that much closer and in a lower tax bracket than the earner that makes $65,000. My tax bracket would be 12% after standard deduction the $65,000 earner would be in a 22% tax bracket so you can see that is a pretty good answer to your question that the earnings are negligible even if the $65,000 a year earner still makes more it’s Not that much more as in the amount you stated in the beginning of your comment. I hope that made sense and thank you for commenting.😎
@rons9197
Жыл бұрын
Luv the color of Ms Tammy’s Civic! Thanks for owning up to your accounting error. No biggie, I took my social security at 62 and I have been living in Pinellas County for over 20 years. Keep up the good content, appreciate your hard work.
@schzean
Жыл бұрын
Thanks for doing the video about the mistake Tim. Kudos. I do have a question. Were the numbers used in calculating the total payout in today’s dollars and do they not include estimated annual cost of living adjustments? The reason I ask is that as you add the percentage increases each year, the increase in the lower amount taken at 62 means it will grow slower and the gap between the 62 and 67 benefit will get bigger, right? I still think 62 is way to go also and as others have pointed out, it’s important that we all run our specific numbers.
@alancaldwell9884
Жыл бұрын
Typically, waiting until 70 instead of 62 gives you break even at 79. Taking benefits at 67 instead of 62 has break even around 75. The average life expectancy of a 62 year old man in us is 82 years. So around half will die before 82 and half will live longer. There are many things to consider in when to take you benefits. If you need the money, you should probably take it. If both parents are 90, you may want to see if you can wait. Can you wait and do Roth conversions to create a smaller tax burden when required monthly distributions start for taxable retirement accounts. Everyone’s situation is unique to them. One size doesn’t fit all.
@james.atkins88
Жыл бұрын
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. They both retired as millionaires with the help of an advisor.
@andrew.alonzo
Жыл бұрын
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@hunter-bourke21
Жыл бұрын
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $27k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@rebecca_burns14
Жыл бұрын
@@hunter-bourke21 Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put my portfolio to work.
@hunter-bourke21
Жыл бұрын
@@rebecca_burns14 My advisor is “Camille Alicia Garcia”. I've been working with her for a very long time. You could still check out others on the internet. She's an independent financial advisor, so her decisions have been really spectacular.
@edward.abraham
Жыл бұрын
@@hunter-bourke21 This is a valuable information. I quickly searched her full name and her website appeared instantly showcasing her impressive qualifications. Thank you for sharing.
@keithsatterfield5094
Жыл бұрын
You need to quit giving advice on social security because you keep giving out wrong numbers a few videos back you said self employed people pay 30 percent in on ss that is not true either you pay 15.30 percent if you work for someone you pay 7.65 percent and your employer has to match the other 7.65 percent please get all your facts straight .
@keithsatterfield5094
Жыл бұрын
@@randolphh8005 point is it's no where near 30 percent for social security . Lol he needs to stop giving advice on this subject.he needs stick to doing shark videos maybe he knows.what a shark actually looks like..
@jayafow84
Жыл бұрын
Disagree only if you can afford to live off the reduced amount without having to work pt. How long do you want to work pt? Who cares if you make less if you have to worry about always having to supplant your ss?
@RJ63227
Жыл бұрын
Just a little advice from a Financial Advisor... It's best to just stick to telling people what you did/do...or here are your options. To protect yourself, never make a blanket definitive statement "this is what you should do". Everybody's situation is different...and people and their family can be very litigious.👍
@LandParkColby
Жыл бұрын
Everyone on KZitem is an expert ... ha ha
@rickwilliams9001
Жыл бұрын
😊
@donreinholz8121
Жыл бұрын
Yes there are too many variables in every person's situation to just say everyone should take it at 62. No one can predict their future. I think planning long term is wiser than just living for today. Just my 2 cents.
@todddunn945
Жыл бұрын
Tim I think looking at it in terms of the total amount of money you get is not the best way to look at it. Rather consider the difference in lifestyle at age 68. Tim-62 took his SS at 62, and if he isn't working a side job he will be living on $1,700 a month. In contrast Tim-67 who started SS at age 67, will be getting $2,430 a month. That extra $730 a month will make a big difference in life style, such as maybe not needing to work a side job. If we factor in cost of living adjustments things get even more interesting. For this example, lets say that every year you get a 4% cola. By age 75 Tim-62 will be getting $2,830 per month, but Tim-67 will be getting $4,040 per month or $1,200 a month more. Tim-67 will be much more comfortable than Tim-62. The difference will continue to grow because 4% of Tim-62's SS is less than 4% or Tim-67's SS. Basically Tim-67's SS grows by more each year than Tim-62's SS does. Frankly 75 isn't that old anymore. If we extend the effect of a 4% annual cola to age 90. Tim-62 will be at $5,100 a month and Tim-67 will be at $7,280 per month. Tim-67 will be eating a much better grade of baby food and drinking the primo grade Geritol. Of course Tim-70 will be laughing at both of the other Tims since his social security will be about 25% more than Tim-67 gets.
@maureenmergen1634
Жыл бұрын
I agree 100% with your numbers. Tim's thinking would be classified as "nominal" thinking. Its how the ordinary everyday person thinks. Your thinking is "real" thinking. It's professional and matches reality. I am not a financial planner, just an accountant. I admired your kind way of explaining with Tim-62, Tim-67, Tim-70. Isn't Tim a great person! His video can be used to teach the honest and sincere "thinking" of the normal person and why a financial planner is critical to having your numbers checked. People say ""I don't have any money so why should I consult with a financial planner. This is why you do it. Save yourself from yourself. They can figure this out for you in a flash. I pray that Tim gets to purchase his first home. He deserves it for sharing all of his life with us. Honest eyes.
@todddunn945
Жыл бұрын
@@maureenmergen1634 Thanks for the kind words. I enjoy Tim's content and find it refreshing that he admits errors. I too hope he does well in his future endeavors. Alas I am neither a financial planner or an accountant. I am a mere mortal who happens to have some facility for numbers. When I was approaching retirement age I made sure I understood social security completely. I have always done my own taxes, (in consultation with my wife) so the tax planning part was simple. I have never consulted a financial planner although I do know one socially and my brother in law is a retired CPA, but we never talk money. OK, I am a retired physical chemistry professor which accounts for my math facility and my wife is a retired tax attorney, which is why her assistance with the taxes was quite helpful.
@KarieJacobs
Жыл бұрын
The math didn't really change the outcome . Everyone needs to do their own numbers. I did and it still is the right decision for me to take SS early. You are a credible person. Love you and Tammy as new KZitem friends.
@cameronellett9702
Жыл бұрын
Why someone would wait until 67 I have no idea why
@Larimarc
Жыл бұрын
@@cameronellett9702 It's not just the 30% penalty which is bad enough, but the knock-on effect of what your spouse would be entitled to receive as well. This smaller amount means that the 50% spousal benefits will also be smaller. So, it's a * combined * penalty that becomes significant in absolute dollars for a married couple. And again, if you collect early and God forbid you pass early, then your surviving spouse will be stuck with this smaller paycheck forever. There are also tax implications if you collect early and continue to work part-time. Those are 2 obvious reasons, but each person situation is different. In my case, I'd rather pull from 401K and delay SS until I'm 70. That way I can continue to work part time, minimize RMDs and maximize my wife's lifetime SS benefits if I pass.
@randolphbehm877
Жыл бұрын
“The absolute thing you should do” is irresponsible advice. Everyone’s situation is different. If an individual is healthy and has a family history that suggests they may live well into their 90’s they will do better in most cases to spend down their retirement savings and hold out on drawing SS to get a higher guaranteed $ in their later years. Also, if you have a spouse that will be relying on your SS check after you pass it is usually better for you to wait until full retirement. I love watching videos like yours to get many perspectives. I have no doubt that drawing at 62 was right for you. I think you would serve the community well by disclosing that you are not a financial planning expert and that you are only sharing what works for you in your situation. There are a lot of people out there that are completely ignorant to all of the SS nuances that may make irrational decisions based on your words.
@dalepxp8963
Ай бұрын
He should have sad “what most people should do”. He said this based on you being in an advanced age. What good is 700 a month more in a nursing home? Once you get into a nursing home it’s pretty much 5-7 years.
@darrell7847
Жыл бұрын
Tim, I agree with you 100% about taking SSA at 62....Life is short and none of us really know when we will take our last breath. I will turn 62 in two weeks and I went ahead and applied for benefits. Keep on Crushing It!
@cheri6174
Жыл бұрын
He keeps giving wrong info to all these people. Shame on him
@anthonybrincefield2812
Жыл бұрын
@@RandomizedLife822Don’t watch
@anthonybrincefield2812
Жыл бұрын
@@jjgaming9860 real advice should be given by your financial advisors
@roguesovereignrogue9124
Жыл бұрын
@@cheri6174oh really? Let’s see your math? Show your work genius.
@roguesovereignrogue9124
Жыл бұрын
@@jjgaming9860 let me see your math on Social Security if he’s so wrong? Show your work genius.
@cikeithfl
Жыл бұрын
what you seem to miss though by your recommendation to retire "absolutely" at 62 is that most would be missing out on their last 3 (@65) or last 5 (@67) best earning years of the top 35 required which knocks out 3 to 5 of your lowest earning years. So your FRA number would jump more working those last 3 to 5 years as well as would get more COLA adjustments bumping your FRA bigger number even higher. In essence most likely missing out on at least $1000 extra a month retiring at 62 vs 65 or 67 as well as factor in extra costs from paying for health insurance those earlier 3 to 5 years. I think you do great videos but should approach it as "this is what works for me" and not stance "everyone should do this".
@cikeithfl
Жыл бұрын
These are my best earning years, so some of your "advice" doesn't apply to my case. Same with owning vs renting, healthcare, etc. I want to maximize my check but still retire early and I have spreadsheets created of my expenses in retirement vs income (SSA, Dividends, etc.). I am between 62 and 67 so not far from FRA but my plan is to retire age 65 at end of that calendar year (65 and 8 months) to get full year best/last regular job income posted and part of my highest 35-year work history which I also have spreadsheet for tracking and 2 more COLA adjustments factored in. I will own my home completely by time I retire so there's a lot of money there, if needed, by way of Reverse Mortgage and I'd pick the line of credit option only tapping it for when I really need it. Frankly, I am just waiting on Medicare at 65 and add the Medigap and I'll be covered fine for anything that comes up.
@BlackBirdieGolf
Жыл бұрын
62 is no brainer. You have people who worked their whole life and decides to wait only to pass away at 70 or sooner. 😢
@wa210
Жыл бұрын
True. Colleague of mine retired when I did last year. She was 68 i believe, me 62. She died last week of pancreatic cancer.
@BlackBirdieGolf
Жыл бұрын
@craftsmanctfl3493 life expectancy for white males is 76 and black men 71. That's the national average. A lot of men don't even go to the doctor's for a check-up.
@BlackBirdieGolf
Жыл бұрын
@@wa210 I'm sorry for your loss. Cancer is absolutely horrible.
@wa210
Жыл бұрын
@@BlackBirdieGolf Yeah, especially pancreatic. Thanks, but i just worked with her. Nice gal. Gone too soon. Has a son.
@kenbollman2540
Жыл бұрын
The irony of Tim's advice is that, most likely, He should have continued to work and waited to collect SS until his full retirement age. His solution is to work part time. So I guess he'll be working part time until his last day. That is a solution most people wouldn't want.
@Larimarc
Жыл бұрын
You might choose to retire early but decide to re-enter the workforce occasionally or part-time. Unfortunately, it can negatively affect your monthly SS payments. For every $2 you earn above the annual limit, the Social Security Administration will deduct $1 from your benefits. Outch. Before applying Tim's advice consider the implications.
@CoolHandLuke01
9 ай бұрын
You are not bright.
@alphamale2363
Жыл бұрын
There would probably be less debate if you made the focus of your videos "why I took social security at 62" rather than "YOU should take social security at 62".
@SouthwestNtive
Жыл бұрын
Everyone look at their personal numbers. Each individual situation is different. Thank you Tim.
@flman1478
Жыл бұрын
that's right and don't forget the most valuable asset is time. You can replace everything but time.
@cheri6174
Жыл бұрын
@@flman1478good words unless you don’t have food to eat. He lives in a tiny trailer. How many can find the situation he has where we don’t pay 1,000 rent space. He lives in a dream world
@jenshark4
Жыл бұрын
@@cheri6174he doesn’t live in some impossible dream world. Instead he made life choices that landed him where he’s at today. He has likely made sacrifices, which some people would not make to get here. It’s all about lifestyle choices. What one person is willing to tolerate others are not.
@cheri6174
Жыл бұрын
@@jenshark4 no you are wrong. I know of hundreds of people who live in trailers who can’t find a place to park it without spending their whole SS check. You are 100% wrong and uninformed. Not all people are in the health he is in. You need to learn before speaking
@kimdagnillo8246
Жыл бұрын
The only way some people can collect at 62 is if they don’t have to keep working, for some people they can’t get by collecting early and working part time, no matter how you do your math. Doesn’t work out for all Tim, tell William Shatner 90 is 90 , he’s doing great at 90 plus 😎
@cmbooks2000
Жыл бұрын
It's not so much about the math and whether it's 500 or 700 dollars more. The bigger point is, a dead man, or a wheelchair or bedridden man that waited 5 years chasing a dollar when he could have been enjoying a great retirement. But some people they would rather die reaching for a $700 bill
@myvenusheeler
Жыл бұрын
Who is say that you will end up like you described? The last thing a person should be worried about in their advanced years is financial worry. At age 86 that $700 might be all the edge you need.
@cmbooks2000
Жыл бұрын
@@myvenusheeler one never knows...
@greghedrick1775
Жыл бұрын
You are correct my three brothers died at 57 59 66
@dosh5864
Жыл бұрын
@@greghedrick1775 7 of my friends and family, either suddenly, or within months, ages 55-75. We are not promised tomorrow.
@rachele9566
Жыл бұрын
Take Social Security as soon as you can while you're still healthy. Trying to enjoy a few bucks more at 80 & 85 years old is not quite as enjoyable as when you're younger. Even basic things like eating food, driving a car, shopping or taking a vacation are not the same.
@gregorymoats4007
Жыл бұрын
The question should never be how much total money received by the death date. The question should be what the QUALITY of life that particular amount of monthly payout affords. It’s not the quantity of life, but the quality of life that should matter most.
@LoOnTheGo
Жыл бұрын
Thank you Tim. Also, just stay away from the numbers, they aren't the issue. We the people just over buy, over extend so that ee cannot enjoy doing the things we love. It's a trick. I agree with you about not listening to media hype, stop over spending on material items. Even people with uber money waste it.
@jfreeham
Жыл бұрын
@@AnnMitt And take your naps. (-:
@jhask64
Жыл бұрын
And trust in the Lord. Eternity is much longer than your time here on earth. Live life abundantly here AND there!! 👍🏼
@CivicPalosVerdesEstates
8 ай бұрын
TIM, it might be time to consider a Brain Transplant if your medical provider offers this surgery. Could be life changing..!
@notanomad9320
Жыл бұрын
I think the biggest mistake people when deciding to retire is only looking at the age. Having no debt is a must, owning a home is a huge plus and most of all having a good amount of savings that'll carry you to 80 or longer. If you only have SS to depend on, your going to have to work a part time job even if you don't want to make ends meet. As we age, work becomes harder and most reach a point where their done. So my advice is don't just consider age but the complete package if your ready to retire. Good Luck!
@notanomad9320
Жыл бұрын
@@beautyRest1 glad it worked out for you. I too went out when Covid hit and company gave some cash so I was happy. I also jumped out of the market right as it was tanking and have been earning interest off my C/D's. Good luck!
@70qq
Жыл бұрын
there are plenty of people who can and do live on SS alone and in my work i talk to them every day...i ask all retirees about income and expenses and how they make it , and most will openly share their info....its all about expenses ... many individuals make 2000-3500 monthly on SS...and if you have a partner , many make 3000-6000 monthly as a couple.....my wife and i will make about 3000 combined and our expenses are way below that.....income is no more important than expenses....if you have zero debt , you can do what many cant
@lifewith9cats153
Жыл бұрын
Agree. Moving to another country where everything is more affordable is also an option.
@notanomad9320
Жыл бұрын
@@70qq your right, it's all about expenses and budgeting even more so when you only have SS. I bring in 2,500 monthly and my wife will bring in just under 2,400 when she retires next year not counting her pension so we could easily live on that but my strategy is doubling my SS by the interest alone on my C/D's. Good luck!
@FIRED13
Жыл бұрын
It's all about the cash flow, AND keeping healthy (physically, mentally and spiritually)
@AnnCashes
Жыл бұрын
Thanks for another great video! Everyone is different so decisions will be as well. I took it at 62 because I've been working since age 12. I didn't need anyone's opinion lol. Also always knew you can't take it with you :) Keep crushing it!
@TripleB101
Жыл бұрын
I’m taking it at 62 ..because my father died two weeks before his retirement
@lorimcmahon407
Жыл бұрын
Its all good tim. There is a breakeven at 82. You still have the right idea. Take money while younger healthier and can enjoy❤
@cheri6174
Жыл бұрын
Why are all of you not seeing the real picture. 1 he lives in a 16 ft trailer 2 his space rent is nominal 3 he has good health many many don’t and can’t live without part B 4 transfer his belief to 90% of us who are married and can’t live in a trailer for nominal rent space. 5 he is why gullible people make so many mistakes. 6 what about the people that don’t live in the south and have snow 6 months and have $400 gas or electric bills 7 his theory goes well as a salesman
@bethconfer8099
Жыл бұрын
I got off the hamster wheel at 62. I was so miserable at my last job- I might as well have been dead...would have been happier. Best decision I ever made - depends on the individual.
@jgrupp
Жыл бұрын
Tim - it's all a personal decision, and depends upon you own preferences, choices, responsibilities and condition. As a minimalist, capable of moving to Florida, and willing to live out of a 16' mobile home while working side gigs; SS at 62 seems to have been the secret to your happiness. But is that "retirement" or "just collecting social security"? Retiring at 70 gives a 24% increase OVER the full retirement amount (~67) and don't forget that the COLA each year will be against a bigger number, so the spread in dollars will increase over time. The simplest definition (ignoring the COLA increases) is 70% at 62, 100% at ~67, 124% at 70. Difference between 62 and 70? 54%
@cheri6174
Жыл бұрын
@jgrupp. I applaud you sir. Tim gives his number with his salesman background. Good salespeople can capture an audience’s. Thats how they are successful. His formula is dead wrong. He also has no health issues for now. All it takes is one real sickness to make his formula a bust.
@jgrupp
Жыл бұрын
@@beautyRest1 I was a victim of my own language. I should have said "Collecting Social Secutiry at 70 gives a 24%....." The trick is to have had a plan for years PRIOR to the decision of 62 vs ~67 vs 70. Being a minimalist, and being willing to make sacrifices in the future (such as Sarasota Tim is doing) is one method. The other method is to make (hopefully) marginal sacrifices for many years before through investing, savings and living below your means. Then, with the miracle which is compound interest, it should be possible to actually RETIRE before 70, maybe even before 62, and draw against those savings and investments, ultimately to take the maximum possible from Social Security, which you are pretty much guaranteed never to outlive. Social Security is like Howard Johnsons+; there are 31 flavors and more for the way any one person can decide to draw against it.
@jgrupp
Жыл бұрын
@@cheri6174 Thanks. While I don't know if Tim is or was married, but that decision to collect at 62 vs ~67 (full retirement age) would also potentially have a long term decrease in the amount his current and/or ex spouse(s) would receive. Now, that could be intentional, or it may be irrelevant. But the great thing about freedom is that people have the right to make these decisions on their own.
@lifewith9cats153
Жыл бұрын
@@beautyRest1People in the federal government and elected politicians. 😂
@whatsup3270
Жыл бұрын
@@jgrupp late retirees start behind and have to live long enough to get ahead ( typically age 84 ) an age 62 retiree is ahead until age ~80ish after that later retiree have better deals
@nelsongn9
Жыл бұрын
Ms Tammy is so cool and classy..
@cknight3457
Жыл бұрын
I'm with you, Tim and Miss Tammy, and will be taking Social Security at age 62, which will happen in about 2 and a half years from now!
@gcsmom9153
Жыл бұрын
You're the best Tim!!...Enjoy your talks👍
@cmullenmusic
Жыл бұрын
Love Sarasota Tim's videos. Just some inspiration for anyone thinking 90 is baby food in a rest home time... I've gotta tell ya my neighbor is 90, fully independent, goes ocean fishing two days a week, and even harvests his own crops from a ranch he's part owner of outside of town. My neighbor is a healthy and able-bodied 90 year old man. Just because you're 90 doesn't necessarily mean you're gonna be a decrepit invalid. 👴💪👍
@TripleB101
Жыл бұрын
Few and far between….
@h67driver
Жыл бұрын
Tim, you are correct on your numbers at 62 but the numbers for 67 are only correct if you stopped working at 62 and then waited till 67 to file. If you continued working from 62 to 67 then your check at 67 would be a bit higher. Probably around $100 additional per month than the $2450. Not a huge difference, just trying to be as accurate as possible so others know the numbers before they decide on their age to file. 😊
@belle42
Жыл бұрын
Another good point!
@FIRED13
Жыл бұрын
And if you are working, you are also not depleting/tapping into your savings/investments as early, giving them time to grow
@cliffordmaxwell9802
Жыл бұрын
62 should be the full retirement age . They keep trying to manipulate people that have already worked most of their entire lives into working until they are about to die it is really sad. It is time to fully fund and expand SS and Medicare remove all the caps and make the wealthy pay their fair share so grandma and grandpa can retire with dignity before they get sick and pass away. There is more to life than working your tail off to make some rich people richer.
@wa210
Жыл бұрын
BINGO
@mannyaguilar67
Жыл бұрын
Yes. He was wrong and he admits it. Good for you Tim. Now you just need to realize that your advice about retiring at 62 and that most people should do it and that there only a few exceptions to the rule are OK, is wrong. There are many, many cases where you should wait past 62 years old to retire. Way more than you even realize. I hope someone has the patience to show you the numbers and the reason ls why this is so.
@tabbennett4254
Жыл бұрын
Tim, you are a man of integrity! I'll bet Miss Tammy gets LOTS of looks when driving that nice blue car!
@lonwoock9881
Жыл бұрын
Doing a ‘side hustle’ at age 75? No thanks!
@carriebishop8568
Жыл бұрын
Well that's a very high Social Security check $1700. What type of business were you in for years to get that high of that amount? If you don't want to answer that's OK I was just curious
@SarasotaTim
Жыл бұрын
I was in sales I worked for myself for 33 years prior to that I was in the automobile business for 17 years. I understand they take your best 10 years of your life. Something about 40 credits and that’s what I got. I would agree, however that I am in the higher, percentile, as most people get pretty close to the same unless you were a spouse and never work much in your life. Thank you for your comment. I hope that answers your question.😎
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