Claiming Social Security at 62 has long been the most popular age to file…but things are starting to change. In fact they’ve been changing over the past several years and now the data is becoming more clear that fewer people are filing at 62. In this video I’ll tell you three reasons why we are seeing these changes and share some thoughts with you that may help you make a more informed decision about when to file. Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- 📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with my team of Registered Social Security Analysts → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑💻 ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ ⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 -----------------------------------------------------------------------------------------------------...(read more)
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Social Security at 62: How Filing Ages are Changing Social Security is a government program that provides financial support to retirees, disabled individuals, and surviving spouses and children of deceased workers. For years, the age at which individuals could begin receiving their Social Security benefits was generally set at 65. However, the landscape is changing, and many people are opting to start receiving their benefits at the age of 62. So why is this shift occurring, and what are the implications of filing for Social Security at 62? The most significant reason for the change in filing ages is people's desire for financial stability and the ability to retire early. Many individuals may prefer to start receiving their Social Security benefits at the age of 62 so they can enjoy their retirement years without worrying about income. This is especially relevant for individuals who have physically demanding jobs or want to spend more time with their families. However, filing for Social Security benefits at 62 comes with some downsides. The most significant drawback is that starting benefits early will result in a reduced monthly benefit amount. The reduction is a consequence of receiving benefits for a longer period of time. Social Security is designed to provide individuals with a larger monthly benefit if they wait longer to claim it. The general rule is that individuals will receive their full benefit amount if they wait until their full retirement age, which is currently between 66 and 67, depending on the year of birth. Claiming benefits at 62 can result in a permanent reduction of up to 30% compared to the full retirement age benefit amount. Another factor influencing people's decision to file for Social Security at 62 is uncertainty about the future of the program. With talk of potential changes to Social Security, some individuals may be concerned that the program's financial status could worsen or that benefit amounts may be reduced in the future. Filing early ensures that they can at least secure some benefits before any potential changes take effect. However, it is essential to consider individual circumstances before deciding to file for Social Security at 62. Those who are in good health, have other financial resources, or plan to continue working may find it beneficial to wait until full retirement age or beyond to claim benefits. In addition to the reduced monthly benefit amount, there are also potential implications for individuals who are still working while receiving Social Security benefits at 62. For those who earn above a certain limit, their benefits may be subject to an "earnings test" that reduces their benefit amount temporarily. Ultimately, the decision of when to file for Social Security benefits is a personal one that should be based on individual financial goals, health status, and other sources of income. Seeking advice from financial professionals or utilizing online tools provided by the Social Security Administration can be indispensable in making an informed decision. As filing ages continue to change, it is crucial for individuals to assess their financial situation thoroughly. Understanding the implications of starting Social Security benefits at 62, such as the reduced monthly amount and potential earnings restrictions, can help individuals make the right choices for their retirement planning. https://inflationprotection.org/changing-filing-ages-a-shift-in-social-security-at-62/?feed_id=126974&_unique_id=64d8a821189b8 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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