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Collecting Social Security at 62, there is a special rule nobody talks about. Good news!  - YouTube
February 7, 2024 at 7:47:36 PM PST * - permalink -- 00:15 🎉 There's a beneficial rule for collecting Social Security before full retirement age, allowing flexibility without penalties.
- 02:28 💼 The earnings cap for Social Security recipients in 2023 is $21,240, with a dollar-for-dollar reduction for every $2 earned above the limit.
- 03:37 💰 In the first year of receiving Social Security benefits, only earnings after the start of benefits count towards the income limit, allowing for higher earnings.
- 06:10 📆 The special rule at age 62 provides a break in the first year of benefits and a higher earnings limit in the year reaching full retirement age, offering more financial flexibility.
- 09:01 📉 Going over the income limits doesn't lead to permanent loss of benefits; excess earnings are withheld temporarily and recalculated upon reaching full retirement age.
- 10:51 🔄 Social Security recipients have a one-time opportunity within the first year to suspend benefits and restart at a later date for higher payments, with adjustments for missed payments.
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- https://www.youtube.com/watch?v=tFkdHaTib0U
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The most important reason to collect Social Security at 62  - YouTube
July 24, 2023 at 7:55:29 PM PDT * - permalink -- 00:00 The speaker is Tim, and he's inside his 16-foot camper, a 2016 Wolf Pup 16 FQ.
- 02:03 The main topic is about collecting Social Security at the age of 62, applying for it three months before one's birthday.
- 03:28 The only reason not to collect Social Security at 62 is if you are making a significant amount of money or have a high-paying job.
- 05:28 The idea that delaying Social Security until full retirement age (around 67) results in 30% more money is a myth. The difference is less than advertised.
- 07:30 The speaker, Tim, is sharing his personal experience of collecting Social Security at 62 with an adjusted gross income of about $17,000 per year.
- 10:46 Tim believes that retirement age should be 55, as many people have spent a significant portion of their lives working and should be able to enjoy their later years.
- 15:11 Tim discusses how waiting until 67 to retire may not be ideal due to the physical and mental changes that occur with age, impacting the ability to fully enjoy retirement.
- 21:21 Tim compares his monthly Social Security income of $1,700 (annual $20,400) to someone making $65,000 per year and how he enjoys more freedom in retirement.
- 23:08 Tim highlights the benefits of retiring at 62, having more time and freedom to do what he wants, compared to those working full-time jobs.
- 24:29 The speaker mentions that different sources on the internet suggest a 30% increase in Social Security benefits if you wait until age 70, rather than claiming benefits at age 62.
- 25:08 If someone collects Social Security at full retirement age (around 67 years old), they will receive approximately $26,520 per year, which is $510 more per month than if they claimed benefits at age 62.
- 25:22 The speaker explains that starting at age 62, they have already collected $102,000 from Social Security by the time they reach age 75.
- 27:15 The speaker compares their Social Security earnings to someone who waited until age 67 to claim benefits. At age 80, the speaker has drawn $367,200, while the person who waited has drawn $344,760.
- 27:55 By age 90, the speaker has collected $571,200 from Social Security, while the person who waited until 67 has collected $609,960, resulting in a difference of $38,760.
- 30:14 The speaker argues that waiting until age 67 to claim benefits, with the expectation of getting more money in the long run, is a myth. They believe it is a scam as it assumes that most people will not live long enough to benefit from the increased payout.
- 30:58 The speaker suggests that people can engage in side hustles and make extra money while claiming benefits early, making the financial difference between claiming at 62 or 67 much smaller.
- 34:44 The speaker emphasizes the importance of enjoying life during the five-year period from age 62 to 67 and questions the value of waiting for a potential increase in Social Security benefits.
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- https://www.youtube.com/watch?v=UFVRjn49yvI
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