Collecting Social Security at 62 My Thoughts with PawPaw

hey y'all doing this puff ball again and I just had to get out here it stand in front of hundreds I will be picking cherry tomatoes over eight foot off the ground these plants have just took off I think but that's not what today's videos what today's video is about is when should I start drawing my social-security and I'm of the school of thought that we ain't promised to live tomorrow but I I believe we should plan for tomorrow and I realized that everybody's situation is different but with the I with a Social Security Department you or Social Security Administration whatever it is you can still work and draw Social Security and it's only after you reach a certain point do they take a dollar out of your Social Security for every two dollars you make you can look it up what I want to talk to you was just something real simple and I don't have charts to show you I'm just gonna superimpose on this video the numbers that I'm calling out okay now AARP has a real good chart so that instead of me giving away how much I'm going to be drawing personally they just use a chart and say okay if your full retirement benefits at age whether it be 65 66 66 and two months 62 four months right on up if your full retirement benefit is $1,000 a month but you choose to start taking it as early as you can get it which is age 62 you can you only draw seven hundred and twenty-five dollars okay thanks pretty good lick or do you so with that ACE for me personally when I reach full retirement age they'll be 66 years and 6 months 66 and a half from me so it will be 54 months beyond age 62 well they say figures don't lie but Liars can figure and here's the way I look at it if I draw seven hundred and twenty-five dollars a month for fifty four months then I'm gonna draw 39 thousand one hundred and fifty dollars but for I turned 66 okay now at age 66 and a half had I waited that my Social Security would be $1,000 a month okay but because it chose to take early only it's 725 for the rest of my life and people say well I would wait I would wait till I'd wait that four and a half years and not take nothing so that I can draw more when I'm 66 and a half well what if you don't live 66 and a half but let's just assume you do let's just assume you're gonna live to a ripe old age let's look at some numbers here at 66 and a half or full retirement age for me it's $1,000 a month versus the 725 that I started early which I intend to do now the difference in full retirement age a pension and the early pension is two hundred and seventy-five dollars a month okay so I hope that I'm able to educate a bunch of you out there and there buddy situation gonna be different but the numbers aren't going to change because this is based on on a percentage okay this is based on $1,000 just a base of thousand dollars if you gonna draw two thousand the numbers are gonna be different but it all works out the same percentage so if I'm sitting here and I say to myself I say self if if I wait until I'm 66 and a half his start drawing how long would it have been that I'd have made up for that 39,000 $150 you got scratch your head there a minute you guys say well the difference is $275 a month so if I took it thirty nine thousand one hundred and fifty dollars and I divide it by 275 I come to find out we're talking a hundred and forty two point three six months and if we divide that one hundred and forty two point three six months by twelve we come up the levan point eight six years right at twelve years so I'm gonna be 78 year old before would have made a difference follow me Oh Oh as mrs. sasquatch sometimes her but never seen so it won't be till I'm 78 year old that it makes a difference and when I started drawing so I'm of the school that Holt at 39,000 $150 before I turned 66 and a half I think I put better use of that money than the government can nothing to say you can't take that money pushing a bank draw you a little bit interest or you know invest in some kind of business or whatever you know I can use that seven hundred twenty-five dollars a month couldn't you you still work just you just can't walk past a certain amount let's start taking it down hey that's my fetus well folks I hope I sort of open your eyes on that yo my I have a relative I won't say what relation he is but he thinks I'm crazy to retire to draw my money at 62 I said what if I don't live 63 my dad my dad did the 70 year old thing okay he waited until he was 70 year old to start drawing his money and he died well he was able to draw his money for 15 months he started drawing in October and then October 2 the following year the November of the December the Jang where's the third he passed away so 12 13 14 15 you got to draw 16 checks and before he passed away it could have been drawing that money since he's aged 62 so I'm learning from him and I may be y'all learn something me I don't know but it's going to be even for people it's younger than me I was born in 57 for people younger than me it's gonna be a longer period of time before you get to draw that first check so you know keep an eye on that y'all have a wonderful day and a better good more bye I can't wait these Tomatoes get ready you

21 thoughts on “Collecting Social Security at 62 My Thoughts with PawPaw

  • Right on, I am taking it at 62. Less than 2 years away, can’t hardly wait. Don’t wait people get your money as soon as you can.

  • Easy to say keep working till you're 70 when you're nowhere near retirement… the closer I get to 62 the better it looks. I'm wore out NOW, I can't imagine doing this shit til I'm 70.

  • Im down with u man! B 62 this November i'm getting my shit now! We not promised tomorrow! Time 2 live it up while i can! I want 2 work part time anyway to make a little money on the side and stay active!

  • Yeah, I thought my husband was going to divorce me after I did the same. I am investing it all every month. Hopefully with about a 10 present interest. And it will take even longer to be considered a mistake. Since he thought it was such a bad idea, my son's are the beneficiary.

  • Born 1960, they have my FRA at 67…hahaha no way Im getting out at 62! I think more than 50% of us on the tail-end of the baby boom are getting out at 62.
    Its not always about the money folks, sometimes its about doing what you want to do, when you want to do it, without 40+ hours a week getting in the way

  • I look at the situation this way: Time value of money, money is worth more today than tomorrow. Also, goods and services are going up! Besides, who knows what the damned govt. is going to do next! Get your money NOW!!!

  • Paw Paw…You’re telling the absolute truth…I took my SS at 63….Even though my FRA…..Full Retirement Age was 66. Tomorrow’s not promised to us…get it while still can, and find a part time job. God Bless you Paw Paw.

  • that's a shame your dad waited like he did BUT at lest you learned something from it too thank you for
    schooling the 1's that needed to know how S S works, they rather see you die B-4 you can draw your $.

  • took mine at 66 as soon as I retired I want some of it out and used before there's nothing there to be paid out after 50 years of work since so much if it's going to those who have not paid in their fair share

  • I was already way ahead of you on this one. I knew a long time ago waiting to full retirement wasn't what it's cracked up to be. I'm retiring in October of 2020, 3 months after my 62nd birthday selling everything I own and moving to the Philippines where there are already 300,000 + U.S. retirees and my dollar over there is worth what it used to be in 1966 here in the U.S.

  • I'm 61 in two weeks, I can hardly wait an other year, but, it gives me another year to downsize and prepare. Thanks for the old school common sense talk. By the way ( that's, btw for the younger crowd ) I saw that hummin bird in the maters.

  • Heya Paw Paw, let's not forget..also that when you do reach your majority age ( if you're an American citizen LOL) that because you're only making you $725.a month, you're under what they call the poverty level and can apply for Supplemental Social security income benefits..which will bring your monthly income back up to probably almost as much as you would have gotten in the first place..

  • Yep I already figured that out when I turn 62 getting my money and I'm going to work three more years and put my money in the bank and just live on my Social Security

  • Paw Paw you got it right, you worked for it, why not get it, yeah that number with more zeros sure looks good, but if your health is not so good, and or you have had several major injuries the body will only withstand so much before it begins to break down. So you can take the lower amount and if you can work you can maybe work part-time and enjoy some fishing, etc. Or you can wait, draw the bigger number, but your not going to get outta this world alive, so take what you can and enjoy it and take time to stop and smell those roses. Life is already too short.

  • You did the exact calculation I did when my husband (who is older than me) was turning 62. I see know reason to wait. I signbed up when I turned 62 and now I'm just counting the days until I get on Medicare – 12 months and 8 days!

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