Social Security explained. We cover everything social security related to maximizing your benefits.
Intro to SS – 0:00 – 1:30
Survivor Benefits 1:31 – 4:20
When Is The Right Time To Claim Social Security? 4:21- 4:55
Break Even On SS 4:56 – 5:40
When you can't wait to claim SS 5:41 – 6:24
Consider other retirement income 6:25 – 7:17
Use Social Security To Fill Income Gaps 7:18 – 8:17
Social Security Calculator 8:18 – 9:00
Social Security Planning 9:01 – 9:39
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By my math, by delaying SS to 72 in the example you gave, it would take over 14 years for Jane to break even (age 86). And that’s without adding the effects of compounded returns on the invested money they didn’t need but took at age 67.
SS timing is definitely a complicated aspect of retirement planning that’s different for everyone. However, it seems the less you need it, the earlier you should take it. And the more you’re dependent on it, the more you should delay it, generally speaking.
Appreciate the comment! The example showed age 70 since that is the last year you could take SS. The idea was that John’s early death and reduced pension payout could be offset by delaying SS. This is a random scenario just to help get the wheels spinning. Eric did a vid on taking SS and investing. It was interesting to see the results, check it out if you’d like! https://www.youtube.com/watch?v=i5lv2pVhv_M
Thanks Eric great advice to look down the road.
Hello bro
Do you need a professional youtube thumbnail designer??
How much does a pensionreduce your ss amount? E.g. 70,000 pension and you’re supposed to get a $1500 ss check. How much will that $1500 get reduced?
50% of people will not make it to break even.