Why Starting Social Security at Age 65 Can Be a Costly Error - Insights from a Retirement Specialist! 🫣

Are you nearing retirement age and considering when to start taking Social Security? It's a big decision with many factors to consider, and it can have a major impact on your financial well-being in retirement. In this video, Medicare Retirement Expert, Marvin, breaks down the pros and cons of taking Social Security before age 65, one of the earliest possible ages to start collecting benefits, and how it relates to Medicare. On the one hand, taking Social Security at age 62 to 65 can provide an immediate source of income. It can be particularly appealing if you're facing financial challenges or health issues that make working difficult. However, there are some significant downsides to taking Social Security early. For one thing, you'll receive a smaller monthly benefit than waiting until your full retirement age (typically between 66 and 67, depending on your birth year). Additionally, taking Social Security early can reduce the total benefits you receive over your lifetime, as your benefits will be reduced by a certain percentage for each year you take them early. But how does taking Social Security before age 65 relate to Medicare? Marvin explains that if you start taking Social Security at 62 through 65, and how you'll automatically enroll in Medicare Part A and Part B at age 65. However, if you delay taking Social Security, you may need to actively enroll in Medicare when you turn 65 to avoid potential penalties. In this video, Marvin Musick fo Medicare School covers: How Social Security benefits are calculated and how taking them early can impact your monthly benefit and overall lifetime benefits The pros and cons of taking Social Security at age 65, including how it can impact your retirement income and tax situation How taking Social Security before age 65 relates to Medicare, including the potential penalties for delaying enrollment Strategies for maximizing your Social Security benefits, including delaying your benefits until your full retirement age or even later, if possible Tips for planning for retirement and building a solid financial foundation for your golden years, regardless of when you decide to start taking Social Security If you're approaching retirement age or want to learn more about Social Security and Medicare, this video is for you. Don't make a hasty decision that could majorly impact your future financial security - watch this video and learn from the experts! ✅ Watch the internet's #1 Online Medicare Educational Workshop for FREE: ✅ To get 1 on 1 Help from our Team, Schedule a Call Here: ✅ Join our weekly live Q&A through our Facebook group (click the link and press "Join": #medicare #retirement #medicareschool #medigap #supplementplan #medicaresupplement #retirementrealtalk #retiring...(read more)

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Taking Social Security at 65: A HUGE Mistake? Retirement Expert Explains! As we approach retirement age, one burning question on most individuals' minds is when to start claiming Social Security benefits. Many believe that beginning to receive Social Security at age 65 is the ideal move, as it was traditionally considered the age of retirement. However, retirement experts argue that this decision can actually be a colossal mistake. In this article, we will delve into the reasons behind this assertion and unveil the optimal approach to claiming Social Security benefits. To clarify, there is nothing inherently wrong with taking Social Security benefits at 65. It is, after all, the age at which most individuals become eligible for full retirement benefits. However, the mistake lies in the potential missed opportunities and financial consequences that come with this decision. Firstly, it is crucial to understand that the full retirement age for Social Security benefits is not universally set at 65 anymore. Depending on your birth year, it could be 66, 67, or somewhere in between. Claiming benefits before reaching your full retirement age will result in a reduction in the monthly payment you receive for the rest of your life. Hence, if you decide to start receiving benefits at 65, you will likely receive a reduced amount compared to what you would receive if you waited until your full retirement age. Moreover, starting Social Security at 65 might not align with your personal financial situation. Many individuals, as they age, opt to continue working either part-time or full-time. If you claim benefits while still working, your Social Security payments might be subject to income limits, resulting in a reduced benefit. This could be a significant financial setback, especially if you rely heavily on Social Security to cover your living expenses. Another aspect to consider is the potential for longevity. People are living longer today, thanks to advances in healthcare and lifestyle changes. As a result, delaying Social Security benefits allows for an increase in the monthly payment you will receive. By waiting, you effectively trade a few years of smaller payments for a higher monthly payout once you start claiming benefits. Additionally, an overlooked factor when deciding when to take Social Security is the impact on spousal benefits. Spouses are often eligible to receive benefits based on their spouse's earning record. If the primary earner waits until their full retirement age or even longer to claim Social Security, their spouse might be entitled to a higher monthly payment. This can be particularly advantageous if the spouse did not work enough to qualify for substantial benefits on their own. Now that we have explored the potential downsides of taking Social Security at 65, let's discuss the optimal approach. Retirement experts suggest considering waiting until at least your full retirement age, if not longer, to claim benefits. By doing so, you can unlock higher monthly payments and potentially maximize your overall benefits. This strategy becomes even more beneficial if you are healthy and have other sources of income to sustain you in the meantime. Ultimately, the decision of when to start claiming Social Security is deeply personal and depends on various factors, including your financial situation, health, and retirement goals. Consulting with a retirement expert or financial advisor can provide valuable insights tailored to your specific circumstances. In conclusion, while taking Social Security at 65 might still be a popular belief, it can be a significant mistake. By thoroughly analyzing your options and considering the potential long-term consequences, you can make an informed decision that maximizes your benefits and secures a comfortable retirement. Remember, retirement is a journey, so plan wisely and consult professionals to guide you along the way. https://inflationprotection.org/why-starting-social-security-at-age-65-can-be-a-costly-error-insights-from-a-retirement-specialist/?feed_id=132581&_unique_id=64f4d108d37b1 #Inflation #Retirement #GoldIRA #Wealth #Investing #financialfastlaneyoutube #holyschmidt #holyschmidtyoutube #Medicare #medicare2023 #medicareexplained #medicareonvideo #medicareschool #medicaresupplementplans #retirementplanning #socialsecurity #socialsecurity65 #socialsecurityage65 #socialsecurityat62 #socialsecurityat62vs67 #socialsecurityat65 #socialsecuritybenefits #socialsecuritybenefitsat62 #socialsecuritybenefitsatage62 #socialsecuritydisability #SocialSecurityIncrease #QualifiedRetirementPlan #financialfastlaneyoutube #holyschmidt #holyschmidtyoutube #Medicare #medicare2023 #medicareexplained #medicareonvideo #medicareschool #medicaresupplementplans #retirementplanning #socialsecurity #socialsecurity65 #socialsecurityage65 #socialsecurityat62 #socialsecurityat62vs67 #socialsecurityat65 #socialsecuritybenefits #socialsecuritybenefitsat62 #socialsecuritybenefitsatage62 #socialsecuritydisability #SocialSecurityIncrease