How one can earn a fortune with Social Security at 62

[Hang on Sloopy]

Reasons to take SS early

You might be dead by full retirement age

A dollar today will be worth 80 cents in 5 yrs....................Under current inflation it will be about 35 cents after 5 yrs

You can still work and make 30k a yr I believe. You will lose 50 cents in benes for for each dollar over that. You aren't losing money though. It will be recalculated and you will have a higher monthly amount at full retirement for that money you temporarily had to repay

I told my client Matilda the above and then told her this

1191 at 62 or 1701 at 67........... If you make it to 67 that is. .....1701 will be worth about 1350, when compared to 5 yrs earlier. So you are losing about 150 bucks a month when you look at reality


Matilda. Let's say you take that 1191 and put in a mutual fund each month for 5 yrs. a quality S-P indexed fund

We will use an average of 8% return over many yr


The total time and amount of money is 60 months@ 8% return at 1191 each month

71,460 total principal

88,627 at 67

321,557 at 75

559,350 at 80

1,422,124 at 90

Matilda will be well off in 8yrs..................Really wealthy at 80...........................Doing back flips at 90

This will assure you you will not run out of money by outliving it

After I picked up Matilda off the floor after she fainted, she chose 62


This should be taught to high school seniors instead of figuring out what their genitals are not for and spitting on the flag, and shootin up skewls

 

[Otis Mayfield]

5 Reasons Taking Social Security at 67 Might Be a No-Brainer | The Motley Fool

There are a number of obvious and under-the-radar advantages of filing for benefits at age 67.

www.fool.com

Everyone says you'll make more money if you retire at the max age, 67.

Unless you know for certain you'll die young.

 

[Hang on Sloopy]

5 Reasons Taking Social Security at 67 Might Be a No-Brainer | The Motley Fool

There are a number of obvious and under-the-radar advantages of filing for benefits at age 67.

www.fool.com

Everyone says you'll make more money if you retire at the max age, 67.

Unless you know for certain you'll die young.

Did you read what I wrote Otis? My gosh I can't flame you on a financial thread . Such a shame

But I have to remain professional to absolute financial stupidity

Edit: Your link is Fool.com..................Can't make this up.lolol

Motley is a good financial guy though

Fool.com........................Only you Otis

 

[MarathonMike]

Hang on sloopy One of the reasons I started taking my SS as soon as I was eligible. People overlook the investment potential of getting money sooner rather than later. Most of the country has no idea how to make money work for them. Good post!

 

[MarathonMike]

Otis Mayfield Everyone does not say that. I don't know how old you are, but you would do well to consider all options.

 

[Hang on Sloopy]

Hang on sloopy One of the reasons I started taking my SS as soon as I was eligible. People overlook the investment potential of getting money sooner rather than later. Most of the country has no idea how to make money work for them. Good post!

Yeah. But naming all 57 genders in record time is tops in schools..lol

 

[Hang on Sloopy]

Hang on sloopy One of the reasons I started taking my SS as soon as I was eligible. People overlook the investment potential of getting money sooner rather than later. Most of the country has no idea how to make money work for them. Good post!

Matilda sure got an edumacation...lol

 

[Hang on Sloopy]

Otis Mayfield Everyone does not say that. I don't know how old you are, but you would do well to consider all options.

If you got health problems or a fat ass, take it early

If your parents lived to 90, then that is another story.

But taking that 5 yrs will make you a millionaire no matter what. plus your heirs will send you off in grand style...lol

 

[iamwhatiseem]

No question...
If you take the 62 amount, put it something for 5 years till you are 67 you will have around $75,000. (at least)
That will give you a nice cushion of cash to start your actual retirement at 67. Having $75k of liquid cash plus other savings is a great way to begin your golden years.
Unlike most people, who are still in debt with multiple CC's, car loans and mortgages and little to no savings... and wait till they are 67 or even 72 - you are still broke and in debt.

 

[Darkwind]

I think that the amount of money you can earn without penalty at age 62 is less than 20k per year.

 

[iamwhatiseem]

I think that the amount of money you can earn without penalty at age 62 is less than 20k per year.

Somewhat... they reduce the benefit by $1 for every $2 you earn over $22k.
Having said that, I use the term "benefit" for lack of another term. It isn't a benefit. You paid for it.
It is a fucked up rule to keep people from retiring at 62 and pushing their withdrawals as late as possible.
Social Security Administration's #1 priority is to give those that paid in, as little as possible. It is the only way they can give your money to other people who paid little to nothing into it. (such as people getting disability)
People in high cost of living areas REALLY get screwed.

 

[Hang on Sloopy]

I think that the amount of money you can earn without penalty at age 62 is less than 20k per year.

22k Thank You. goanna be higher soon with a labor and severe TALENT

again what you lose will be recalculated at 67 for a higher amnt

 

[Hang on Sloopy]

Somewhat... they reduce the benefit by $1 for every $2 you earn over $22k.
Having said that, I use the term "benefit" for lack of another term. It isn't a benefit. You paid for it.
It is a fucked up rule to keep people from retiring at 62 and pushing their withdrawals as late as possible.
Social Security Administration's #1 priority is to give those that paid in, as little as possible. It is the only way they can give your money to other people who paid little to nothing into it. (such as people getting disability)
People in high cost of living areas REALLY get screwed.

THE IOUs are in the trillions. Hopefully we'll at least get a can of coffee a month

ALL politicans are to blame for this shit. Ain't partisan one bit

 

[MarathonMike]

iamwhatiseem I was amazed that friends of mine were shocked that I opted to take SS at 62. Mind you these are educated professionals.

 

[Baron Von Murderpaws]

Reasons to take SS early

You might be dead by full retirement age

A dollar today will be worth 80 cents in 5 yrs....................Under current inflation it will be about 35 cents after 5 yrs

You can still work and make 30k a yr I believe. You will lose 50 cents in benes for for each dollar over that. You aren't losing money though. It will be recalculated and you will have a higher monthly amount at full retirement for that money you temporarily had to repay

I told my client Matilda the above and then told her this

1191 at 62 or 1701 at 67........... If you make it to 67 that is. .....1701 will be worth about 1350, when compared to 5 yrs earlier. So you are losing about 150 bucks a month when you look at reality


Matilda. Let's say you take that 1191 and put in a mutual fund each month for 5 yrs. a quality S-P indexed fund

We will use an average of 8% return over many yr


The total time and amount of money is 60 months@ 8% return at 1191 each month

71,460 total principal

88,627 at 67

321,557 at 75

559,350 at 80

1,422,124 at 90

Matilda will be well off in 8yrs..................Really wealthy at 80...........................Doing back flips at 90

This will assure you you will not run out of money by outliving it

After I picked up Matilda off the floor after she fainted, she chose 62


This should be taught to high school seniors instead of figuring out what their genitals are not for and spitting on the flag, and shootin up skewls

If I understood any of that, I'd be interested.

 

[Concerned American]

5 Reasons Taking Social Security at 67 Might Be a No-Brainer | The Motley Fool

There are a number of obvious and under-the-radar advantages of filing for benefits at age 67.

www.fool.com

Everyone says you'll make more money if you retire at the max age, 67.

Unless you know for certain you'll die young.

Go for it Otis.

 

[Hang on Sloopy]

If I understood any of that, I'd be interested.

Let's start at a 6th grade level. Now what adjustments should I make.

Not dissing at all. I was born to teach people to spend 20 dollars and get 40 in return value no matter how soft or hard I have to beat in their heads

I've seen high earners have the financial IQ of a 2 yr old. It tends to slant that way towards high earners. but life is nothing but opposite forces constantly trying to balance themselves with a lotta hard knocks

 

[Hang on Sloopy]

Go for it Otis.

Actually Motley Fool is a great advisor as is Otis's link. But Motley didn't factor all the variables in a newspaper article response

 

[Concerned American]

Actually Motley Fool is a great advisor as is Otis's link. But Motley didn't factor all the variables in a newspaper article response

I went at 62, eight years later still doing well, but we are still building wealth. I'm glad I went early.

 

[Concerned American]

iamwhatiseem I was amazed that friends of mine were shocked that I opted to take SS at 62. Mind you these are educated professionals.

I got a 10% raise when I quit by moving out of CA to a "no income tax" state.