I'm gonna show you a pretty neat calculator that's gonna show us how much
we're gonna get from Social Security when it's time to retire
and we're gonna play around with a little bit so stay tuned okay we're
gonna play around a little bit with a calculator that's gonna show us how much
we're gonna receive from Social Security when it's time to retire so whether we
choose to start our Social Security at our full retirement age if you saw my
other video it's certainly important to understand full retirement age or if we
decide to take it early as early as 62 or if we want to delay it until age 70
this is gonna give us a pretty good idea on the differences and kind of the the
payouts over time as to what that will do a lot of this information is gonna
come from the Social Security guide understanding the benefits and you can
download this right on my website on Medicare on video comm you can keep it
on your computer or your iPad going forward when we're done here I'm going
to show you a little bit more about my website and I know I've got a lot of
information there on things that will help you now and in the future so let's
now go to the calculator we're gonna kind of go why so we'll see how this
plays out with us when we're trying to get things done so this is the Consumer
Financial Protection Bureau and it's actually a government website and it's
actually a super easy calculator to use I've played around a little bit and it's
actually fun to try and figure out what makes the most sense for you so I'll put
the link to this below the video in the description so take a look below the
video if you're on YouTube and it'll be right there in the description or you
just go to the Consumer Financial Protection Bureau and it's pretty easy
to find so again pretty simple to use so we're going to start first with a date
of birth so let's just go with February 15th 1960 so that I believe is gonna
make us fifty nine years old so if we're looking at this right now at age 59
and then it's asking for the highest annual work income so
how much what is your highest annual income that you've had and again if
you've watched my other videos you know there's some qualifying to Social
Security you have to have certain amount of credits to qualify for Social
Security and it's basically working for a ten year period in your life
contributing to Social Security and so here we're going to make it kind of
simple we're gonna say a hundred thousand dollars and whether it's more
than that less than that whatever it may be you can put in your own information
here and it's gonna spit out exactly what your benefits gonna be so let's get
our estimates and I'll show you how to play with this and then again it's super
easy so we come down here to the chart we now have our information in here our
date of birth and our highest annual work income and you can see here it's
set on the full retirement age so it had 59 our full retirement age is gonna be
67 no longer 65 it's now 67 so if we decide to work until age 67 and then
start drawing our Social Security then and again if you continue to work and
you have a reasonable income you're not likely gonna want to take Social
Security before your full retirement age because there are significant penalties
if you still have significant income while you have before your full
retirement age so we're gonna look right at 67 some people these days retire at
60 63 whatever it may be we're gonna play with that a little bit too so here
we have kind of the regular scenario we're gonna work to 67 we're gonna stop
working we're gonna take our Social Security and on that information with
$100,000 annual income as our high year we're going to draw
24:57 a month from Social Security which equates to 29 for 84 years we're gonna
keep this on monthly so let's decide and you can see here it gives you base if
you by age 85 an average lifespan so here our first question is do we think
we're gonna live to age 85 and I certainly hope so I don't think that's
kind of out there for most people to be comfortable that they're gonna live till
at least 85 so in obviously lifespan keeps getting longer
and longer and longer and so let they're talking to age 85 so that's what we're
gonna base this stuff on that we're gonna live to at least 85 if we live
farther than that then it's going to continue to pay going forward so here if
we draw our income at full retirement age age 67 we will have a lifetime
assuming we die at age 85 a lifetime benefit of five hundred and thirty
thousand dollars 712 so that's on full retirement age now
let's assume we stopped working earlier and we want to draw Social Security at
age 62 and this is where the the kind of controversy comes in people will tell
you one way or another should you take it early
save it invest it and then use it going forward which way will be better but
let's click on age 62 so at age 62 it's going to bring our benefit down by 30%
so if you decide to take it at 62 that's gonna be 30% less monthly payout than it
would be at age 67 which equates to 17 30 a month or 20716 versus you can see
here the 29 for 84 so if we do that and we live until 85 and then we die at 85
we will have received four hundred and seventy five thousand seven hundred and
fifty now keep in mind anything past 85 you're gonna do much better the later
you've taken your Social Security so here with this window between whatever
age you take it at age 85 if you take it at 62 it's gonna pay total of for it on
$75,000 if you wait til 67 it's gonna pay a total of five hundred thirty
thousand dollars so if you live to age 85 you're obviously gonna make out
significantly better by waiting to age 67 now granted some folks may need the
monthly income between age 62 and 67 so that's a whole different story if you
need the income you know you don't worry so much about the big picture
you got the smaller picture that you have to deal with now let's take any
step further if you have income or if you continue working and you're
seventies and you don't need that monthly income should you wait until age
70 to take your Social Security and in most cases probably not a bad idea so if
we wait until age 70 with this scenario same exact numbers going in our monthly
payouts gonna be three thousand forty seven dollars so it's a twenty four
percent increase over your full retirement age of sixty seven so if you
did not pick a 67 68 69 you can take it at seventy three thousand forty seven
annual income of thirty six five sixty four versus that 29:44 back to thee
let's live until age 85 it's gonna pay out five forty eight so here we have if
we took it at sixty seven days at five thirty
I took it at seventy-five 48 not really that big a difference the difference
will come is if you lived in 94 95 be significantly differences you end 25%
more each and every month now there are cost-of-living increases that go along
with Social Security but if you've seen that in the past they're tiny there's
rarely one that makes any difference whatsoever usually it's eaten up with
your Medicare costs and things like that so just kind of keeping all that in mind
so here we have if you take it at age 62 you've got a total payout of 475 take it
at 67 total payout of 530 take it at 70 total payout of 548 so this is pretty
cool to just play around with and get a comfort level of what you think now
there's a lot of other things you can do here you can put in some other
information you know are you married do you plan to continue working into your
60s and it'll help you try and figure things out well your expenses decrease
after you retire do you expect to have additional sources of retirement income
do you expect to live a long life so you know it's tough to say how long your
life will be but you know again 90 is not exactly way out of the question now
so certainly something to consider going in here so I hope you found
helpful and again click on the link below the video play around with it
yourself and figure out things on what you want to do don't let somebody tell
you what to do figure out what makes sense in your mind
to do so that way you'll be comfortable going forward and I'm gonna give you
some information on my website now and I've got a lot of information on my
website and what I do is I help people with Medicare when they're coming into
Medicare at either age 65 or when they retire I make sure we get all your
choices and your pieces in the right places and it's certainly a big decision
as well there's no cost for you to use me so I'd certainly appreciate if you'd
allow if you'd allow me to help you because that's what I do I work across
the country I help people and from everywhere from Alaska to Maine to
Hawaii and just about everywhere in between so I'd be happy to do that and I
hope you found this helpful and take a little look at my website I'm gonna show
you right now and I hope you have a fantastic day take a look I hope you
found this video helpful and I'm certainly always happy to help with any
questions any issues that arise and they always do so feel free to give me a call
or send me an email you'll certainly want to visit my website I have a
tremendous amount of information there for now and in the future so just visit
Medicare on video comm right in the middle you'll see is where you get a
quote for a Medicare supplement plan and this is obviously what I do for a living
is I help people make sure that we get the right plan at the right price with
the right company whichever zip code you're located in so you certainly want
to run a quote on a Medicare supplement plan you can also get a free discount
prescription drug card and I get really good feedback on this so you might as
well go ahead and download a prescription drug cart and it's likely
gonna save you some money at the pharmacy while you're there you want to
go into the Resource Center the Resource Center tab is going to drop down and
what you'll find is guides and forms where I have pretty much any piece of
information that you need for Medicare right here so if you need something like
the employer form where you're going to retire and you're coming into Medicare
and your employer needs to fill this form out you can download it right on my
website and then email it your HR department give them to fill it out
so that you'll have it when you need it and you can also get a copy of my book
so you can download a copy of Medicare made clear and I cover just about every
topic in Medicare so it's great thing to have on your iPad or on your computer
whatever it may be for now and again in the future certainly very helpful and a
half now you're also in the Resource Center find the video librarian if you
click on video library takes you right to my YouTube channel where I have over
a hundred videos on pretty much everything Medicare so now we've got so
many it's kind of hard to find what you're looking for but if you're looking
for something specific just use the magnifying glass at the top put in
whatever topic you're looking for and it'll bring up the videos that relate to
that topic so it makes it easy to find exactly what you're looking for so I'm
happy to help with any of it and obviously I'd appreciate it if you allow
me to help you with your Medicare supplement plan that's what keeps this
whole thing going and I'm happy to do it and we will make sure that you get it
right from the start so I hope you found all this helpful and have a fantastic
day