What is the best age to claim your Social Security? Some say claim Social Security early at 62. Others say to start when you turn 65 or wait until your Full Retirement Age, or even max out Social Security at 70. Unfortunately, many times the Social Security calculators or advice given is wrong! Even if you have already started your Social Security, please forward this video to those who have not started it yet. That's why in today’s video, we are going to go against the most common suggestion: “maximize your Social Security or wait until your Full Retirement Age or even 70!” While there are cases to delay your Social Security, learn why maximizing your Social Security by delaying it until you are older “could actually hurt your retirement savings, increase your taxes, and your Medicare Part B and Part D premiums.” Pay attention to situations and a real-life example where claiming your Social Security early, even at age 65, might be the best age to claim. And stay tuned to the end of the video, where we will discuss a strategy to maximize BOTH your Social Security and Retirement Savings, especially if you only have a 401k/IRA and NO pension. Learn all factors you must consider before deciding whether claiming earlier or later is better for you. Call us so we can give you solid suggestions based on all factors we discuss in this video to give you the best age to claim Social Security. SUBSCRIBE TO OUR CHANNEL www.YouTube.com/KCIIS Contact Us (No Cost & No Fee) Your Retirement Advisor (18 Years) Kai & Ann Chung & Gracie (Our Retirement Puppy) 408-502-7080 www.RetiringOptions.com KCIIS (KC Independent Insurance Solutions, LLC) Watch related videos on Social Security & Guaranteed Lifetime Income: 7 Biggest Changes to Social Security in 2023 👉 Pension Hybrid Playlist: 👉 👉What is an Annuity & How does it work? (5 Types to Learn) 👉HOW to Recession Proof Your Finances (401k vs Pension HYBRID?) 👉HOW The 4% Rule CAN MAKE YOU BROKE! (Early Retirement Recession Risks) 👉THE BEST 3 Buckets Strategy RECESSION-PROOF Finances & Income (5-Simple Steps!) Follow Us! 👉 www.facebook.com/RetiringOptions.com 👉 👉 👉 www.linkedin.com/in/kciis 📖 CHAPTERS TITLES 00:00 Delay Social Security VS. Claim Early! 01:28 DELAY Your SSI In These Situations 02:26 Disadvantages in Delaying Social Security 04:04 Delaying Can Cause Medicare Part B & D IRMAA! 04:56 Benefits of Claiming SSI Early 07:01 How to Maximize Both SSI & Retirement Savings =============================================================================== HERE ARE THE LINKS Receiving Social Security Benefits While Working Medicare Part B & Medicare Part D IRMAA #socialsecurity #retirementplanning #annuity #hybridpension #KCIIS...(read more)
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Delaying Social Security Damages Your Retirement & Medicare Social Security is a government program that provides income support to retired, disabled, and low-income individuals. Delaying your Social Security benefits might seem like a good idea, but it can actually damage your retirement and Medicare. Let's explore why delaying your Social Security benefits can have a damaging impact on your future. Reduced Retirement Income One of the most significant drawbacks of delaying Social Security benefits is that it can reduce your retirement income. If you delay your benefits past your full retirement age (FRA), which is between 66 and 67 years old depending on your birth year, you'll receive a larger monthly benefit. However, the longer you delay your benefits past your FRA, the less time you'll have to collect those larger monthly payments. Social Security benefits can be claimed starting at 62 years old, but they'll be permanently reduced by up to 30% if you claim them before your FRA. Conversely, if you delay claiming your benefits until age 70, you'll receive a permanent increase of up to 8% per year in the monthly benefits you receive. However, if you delay claiming Social Security until after age 70, there's no additional benefit. Even though you want to have more money in your retirement than you do now, delaying your benefits could lead to a smaller payout in the long term. Higher Medicare Premiums Delaying Social Security benefits could also lead to higher Medicare premiums. Medicare is a critical government program that covers healthcare expenses for individuals who are 65 years old or older. However, the amount you pay for Medicare is determined by your income, and your Social Security benefits are used to determine your income level. If you delay your Social Security benefits, you'll receive larger payments when you eventually claim them. But your higher income could push you into a higher income tier, leading to higher Medicare premiums. Therefore, even though you'll receive higher Social Security benefits, you could end up paying more for Medicare, offsetting the increase in your retirement income. Long-Term Costs Delaying Social Security benefits is not always the best financial decision. While you might receive a larger monthly benefit if you delay, you'll have to make up for the lost income from each year that you delay. Plus, you'll receive payments over a shorter period of time, reducing the overall benefit you'll receive from the program. Additionally, some seniors don't make it to age 70 – the cut-off age for additional benefits – due to health issues or unexpected events. If you have a shorter life expectancy, it might make sense to claim Social Security benefits earlier rather than delaying them. Conclusion In conclusion, delaying Social Security benefits could appear to benefit you in the short term. But if you take a closer look, it can have a damaging impact on your retirement income and Medicare premiums. So before you decide to delay claiming Social Security, make sure you weigh the pros and cons and consider your overall financial situation. https://inflationprotection.org/postponing-social-security-adversely-affects-your-retirement-benefits-medicare-coverage/?feed_id=87445&_unique_id=64383c2a41c10 #Inflation #Retirement #GoldIRA #Wealth #Investing #bestagetofileforsocialsecurity #DevinCarroll #EarlyRetirement #financialfastlane #FinancialPlanning #fivereasonstoretireandtakesocialsecurityatage62 #howmuchsocialsecuritywilligetatage62 #medicareonvideokeith #retirementincome #retirementplanning #retirementplanningat60 #socialsecuritybenefitsexplained #socialsecurityclaimingstrategies #socialsecurityretirementbenefitsexplained #socialsecurityupdate #SpousalIRA #bestagetofileforsocialsecurity #DevinCarroll #EarlyRetirement #financialfastlane #FinancialPlanning #fivereasonstoretireandtakesocialsecurityatage62 #howmuchsocialsecuritywilligetatage62 #medicareonvideokeith #retirementincome #retirementplanning #retirementplanningat60 #socialsecuritybenefitsexplained #socialsecurityclaimingstrategies #socialsecurityretirementbenefitsexplained #socialsecurityupdate
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