Social Security Benefits: More Valuable than Ever [2020]

I claimed at 62 and received my first Social Security payment last month.I have also, over the last 6 yrs , been receiving a decent pension from my years as an Emergency Room and Trauma ICU nurse. My youngest daughter is a minor, so I’m receiving an additional benefit for her. Glad I retired from the hospital bedside when I did , as well as filed for SS when I did.

Social Security is old age insurance. So if you believe old age for you starts at 62 then you should start collecting then. If old age for you is at full retirement age then start it then. Old age for you starts later than FRA, start SS may be at 68, 69, or 70. I am still very active at 69 and will not start drawing until 70. This provides for my wife better after I am gone. Crunching the numbers, the difference between 62 and 70 is a 91.6% increase with the cost of living factored in for me..

Born in 1950, Of all people, My dentist told me about this opportunity to collect restricted benefit from my ex-husband until I was 70, social security never told me I could have done this when I was married to each husband for ten years!

64 and excellent health. working till 70 I replace years of low income with years of peak earnings. This grows my benefit by more than 8%. Having a job you love is the best benefit ever.

MY GRANDFATHER DECIDED TO WAIT THEN HE DIED AT 65 JUST TAKE THE MONEY WHEN YOU CAN.

This was a GREAT video! I just visited the Social Security website to get my statement before seeing this video, and this was comprehensive information presented in an easy-to-understand manner. Look forward to watching more videos with Mary Beth!!

Great video ... very useful info. Thx!

Good points but surprisingly you did address the spousal benefits of a spouse with not enough credits, stay at home mom etc., drawing off the other spouse's SS. My wife is older than me and in order for her to be able to draw off mine I had to be collecting benefits myself. So I started collecting at 62 to maximize her benefit. If I wait she waits too.

Retire early at age 62 and claim your SSB, or wait until you reach full-retirement-age at 67 ? Depend on each person need and circumstances, Or claim your SSB at age 62 and continue to work to support your retirement income ? Again, depend on your personal need and circumstances. In general, if you claim at age 62, that means you will receive 60 checks before you reach age 67. Let do an example. $1,000 per month at full-retirement-age 67 or $750 per month at age 62 ( $750 x 12 mo = $9,000 ) ( $9,000 x 20 yrs = $180,000 ) ( $1,000 x 12 mo = $12,000 ) ( $12,000 x 15 yrs = $180,000 ) As you can see a person age 62 receive $750 per month can take 20 years to get a total of $180,000 If this person wait until full-retirement-age 67 to receive $1,000 per month can take 15 years to get a total of $180,000 But it takes 15 years for the full-retirement-age to get even. No body knows what will happen in 15 years ??? I think this is between people who have $ and people who do not have $.

Was told you can start collecting at 64 and at 65 IF you pay back all the money you took the CLOCK starts OVER! And you start collecting the amount as if you started at the now age of 66. Of course, tHis can only work IF you have enough savings to achieve the PAYBACK!!

Jeremy from Jersey just subscribed

Congrats to most of you who mention mortality. Delaying social security doesn't delay the day you are going to die. If you are healthy and have wealth delaying might make sense.

Love ❤️ Mary Beth

Outstanding information here. Very helpful and so simply explained.

Delaying is even more essential! Since, the government manulipates the CPI lower than the actual inflation rate, to avoid paying higher COLAs. Combine lower COLAs and social security taxation, equals lower purchasing power and a lower standard of living because of devaluation of the dollar!

you have to wait until your full retirements to get full but you forget to mention. but you have to work? if I stopped working at 62 but never work and claim. did I get a full retirements at 67?

I followed Mary Beth’s advice to take 50% of my wife’s benefit (upon her reaching full retirement age) until I reach 70. Then I’ll stop my wife’s benefit and take my full maximum benefit. Great advice and I’m glad I took it since pension was subsequently cut 40%.

She’s easy to follow and has been very helpful to me a few years ago.

My wife died on active duty in 2014. I am now retiring, age 60. FRA is age 67. I will work when I retire for everlasting more years. If I claim early I lose. So if I delay and claim her benefit, I can claim mine at 70. Seems to work?

Delaying SS till 70 will likely mean you get 7 years of benefits before the end comes.