The Truth About When Should You Take Social Security to Get The Most Out of Your Benefits

I retired and took my social security two years ago at age 62. Was it a good decision from a financial standpoint, no not even close. Am I in poor health ... no. I was just sick of working. I quit work and spent my entire Roth buying a boat, and that was not a good financial decision either. But they were the BEST two decisions I have made in my life. It's not always about the money. You are going to die, sooner or later. Have as much fun as you can, as long as you can.

My dad started at 62 and was healthy. Dropped dead of heart attack at 65. You never know.

My dad worked until he was 70 and took SS at 65. He also had a pension, which he paid into all of his working life. He only received 2 years of his pension. Tragic.

Taking SS early doesn’t have to mean full retirement early. Perhaps one would like to cut down to part time and use the SS benefit as a means to support this transition. This video raises a lot of good questions. Each situation is unique.

They scared my Dad into taking social security at 62 = $600.00 monthly. He lived to age 89 and was sorry he took social security early.

Leave it to government to make this so unbelievably complicated.

I waited till full. I'm still working as a residential contractor part-time, about 700 hours annually. I love it, I'll stop when I don't enjoy it anymore. I'm very healthy both parents are still breathing at 87 years old. Working until full allowed me to pay off my mortgage and become totally dept free.

I retired at 66and 4 months my age, social security had sent me the letter to confirm thank you

When to take SS is a serious decision and an individual one as well. Some need to take it early for various reasons. Others, like me who took it at 62 and did not need to was ultimately it was not a good decision. Waiting til 70 which would have worked out as I am now 83 and in good health was a better decision. Add to that, I made a poor choice in investing and put all into what became a Ponzi Scheme! Crap! :-) Fortunately my second wife inherited more than I lost. Sometimes good fortune smiles on you. But that was just plain luck for us. Not all are so lucky.:-)

FANTASTIC conversation, thank you!! I appreciate your immense knowledge and great clarity on all these subjects.

Retirement doesn't necessarily mean not working. Tomorrow is never guaranteed . I'm drawing mine at 62.

Outstanding content. So many variables and SS decisions should be made on an individual by individual, family by family basis. The “growth” discussion as it relates to break even is NEVER discussed. Some other considerations are DAC benefits, caregiver benefits, and the family maximum can add even more complexity. I appreciate knowing there are firms out there who can consider all factors in helping to advise in this decision making. We most likely will be contacting you for a more in-depth review

It was so helpful!!! I wouldn't be surprised if the combined benefit of this show to all the listeners who follow the advice to be in the millions of dollars. But there's another important consideration in planning for social security - taxes.

Great presentation on the "when to take SS..." topic. One of the few I have seen that suggests you need to look at more than getting the "max" from SS based on longevity. You may be putting yourself at greater sequence of return risk or missing out on portfolio growth opportunity by waiting. As someone who retired early (stopped working) before 62 I have been analyzing at it more in terms of cash flow and portfolio appreciation than "maximizing" SS amount. I have found the New Retirement application helpful to look at SS scenarios in conjunction with expense and portfolio projections.

Your videos are fabulous and incredibly clear and informative. No hyperventilating or trying to push an agenda, which I pick up from most other YT videos of this type. Just from the few I've watched yesterday and today, I've learned a great deal - and I think I was already pretty well-informed. Great work and thanks.

I’m so grateful to have found Eric’s channel, The Retirement Nerds. Such incredibly helpful information. Thank you! I recommend you to all of my friends and family.

Formula : 1. You are healthy. 2. You enjoy your work. 3. You collect at 70 so your wife receives your full benefit even if you drop dead at 70 and a day. She deserves to sleep comfortably at night when you're gone. I am head of household and this was my decision. Also- these videos never take into consideration your income from age 62 to 70. It's typically a good strong income $. The perfect launching pad into retirement.

If you can still work, and don't mind it, would delay until full retirement age(FRA). That way, you can make a lot more $$$ working from age 62-66, than not, due to the SSA earnings cap. When you finally begin drawing at FRA, you'll have the advantage of greater savings & greater security, having earned more income from age 62-66. If desired, you'll also be able to continue working without an earnings cap, now that you have reached full retirement age. There is no one size fits all. Seek advice for your own situations.

Thank you for explaining this complicated stuff.

I was always able bodied, love construction work. I injured my back, figured it'll be ok, some ice, chiropractic appts, kept working in pain. Now I am totally messed up, degenerative disc & bone, pinched nerves, permanent bone marrow damage from chemo cancer 3x years ago has accelerated the bone issues. I am really afraid of the financial future. 😕 Social Security is less than the mortgage payment & they are fighting me on disability. As long as you're young & working you're fine but the minute you need help, despite paying into the system for decades, they want to kick you to the curb. 😢 That's a fact. Anyway...just found you guys & wanted to say thank you for putting this info together for us & presenting it as you do. Very helpful & useful. I was not even thinking of this stuff...planned to be working a long time as I loved it when I could physically do it. Well, I'm a subscriber now. You are very in depth with explaining everything. Keep up your good work.