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I am Canadian living in Canada my wife is a american and was collecting SS she died in Jan 2024 can I collect benefits and how????????

I'm going to give you a few reasons why I could not have retired at 62. All situations for all people are different. People who state that everyone should take it at 62 are not capable of critical thinking. For one thing, in my case, if I would have tried to take SSA at 62, I'd be totally screwed right now at the age of 66!! Please consider that maybe not everyone has paid of their homes at 62. I didn't buy my first house until I was 52, 14 years ago!! I'd bet safely that anyone even considering retiring at 62 has for sure paid off their house. And even at 70 I'll still be paying on my house unless I hit a big lotto prize or something. Another factor for me is I married a spendthrift woman who didn't believe in saving anything at all. Her attitude was you spend all your money you have now, why wait? So I have very little saved up even counting my 401K. Also, yet one more factor is I really didn't start being a big earner until recent years. Ten years ago I was only making about $60K per year, now I make more than double that. Hard to turn down all that money and since SSA is based on your average yearly salary, at 62 my SSA per month would have been too meager to live on then. Especially with a mortgage to pay!! So the next time I read some comment from some person who assumes every single person can and should retire at 62, I'm going to get sick.

Luckily, my spouse and I were able to pay off our mortgage early. We took the money we were spending to accelerate our mortgage repayment and invested it right away while we were both still working. We were able to retire early after accumulating what would have been our home payment for over 7 years and maxing out our 401K/403B plans. Thankfully, both of our parents taught in us the importance of living within our means.

I’d rather have $ in my 60s/70s, than 80s……. You aren’t doing much in your 80s (break even point)…..I’m taking it at 62

Sorry about your father's passing, he lived a long life. Hello, I have a similar experience in California also. My children's mother passed away in March 2024 at the age of 59. I was married to her for 14 years, we divorced and I never remarried, and I am 61 I will be 62 in October. I was told by an SSA agent when I called to check on my own early retirement since I'm a disabled veteran living off of my meager va 10% disability. He explained I should be eligible for surviving divorced spouse benefits. I applied through him and waited for the appointment in May. Talked again to a local SSA agent in California filled out everything, and turned in the divorce original, and the Marriage license as requested. a month later, I got a denial stating,: my application for widower benefits was denied because I wasn't married at the time of her death,? So confused and dismayed, but I did file the appeal. Am I wrong or are they? Why would I present as requested a divorce decree, I was applying as a widower which I wasn't?

How much is rent back then ?

What you didn't mention 9that there is an annual cost of living adjustment each year, which will add more money each month. You also didn't mention that there is a required minimum withdrawal from IRAs at age 72, and if you take early social security at age 64, the 2 amounts of $ between early and full social won't be equal until about age 76-77. I taught this material as a HS math teacher BTW.

My Brother was 62 and received 2 ss checks before he died. If you can get as soon as you can!! 275 days till retirement!!!

Your father remaining active until at least 91 is very impressive! Unfortunately, there's the other side of the coin, potential expensive health issues toward the end not covered by insurance. In my dad's case, he required increased care after about 91 yrs old, and lived to 93. My dad chose to stay at home until the end, necessitating very expensive round-the-clock in-home care. In my mind, this is a reason for waiting to get the higher SS benefits. Another reason for waiting came from my own financial planner: "Do you need the money now?" Interestingly, this same reason is given for taking SS early. If you don't need the income now (for everyday expenses), it can be used for investing. If it is, it Must make >6% annual gains to match the rate that SS rises each year by waiting. There are very few investments that provide a *guaranteed* return of 6%. (Of course, if it's not needed, it could also be argued that if the investment fails, it's of no consequence.) Regarding the "once your health starts deteriorated, expenses drop:" Yes, travel expenses do, but it's highly likely that health expenses increase, and at a much higher rate. That to me means saving for the last few years to avoid burdening the rest of the family. Both my parents lived into their 90s, so for me, I'm waiting until later to start collecting.

Well done, thank you.

Well done, thank you.

Hey Lane!!!! You have replied to comments from me before, I have your book, and find your CZcams channel very helpful! My wife’s parents are getting low on funds, need to start looking at assisted living, and really need an advisor like you to help them glide to the end rather than crash. How can I find somebody like you for them in Hampton Virginia? They are relying on advice from banks and brokers. A good fiduciary advisor is what they need but I am not sure how to find a good one! Any help is appreciated!!!! Thanks

Can you confirm the information in this video only applies to roth IRAs. My understanding is for a backdoor roth after tax 401K (after tax contribution with automatic Roth conversion) distributions will part contributions and part earnings. Distributions from a Roth 401(k) account will always be part contributions and part earnings determined pro-rata. For example, if your Roth 401(k) account is 70% contributions and 30% earnings, your distribution will be considered 70% contributions (always tax free) and 30% earnings (subject to tax unless a qualified distribution).

Great video! Thank you. My wife and I are both 62 1/2, but I went down to SSA and officially retired last month. She is going to wait until she is 65 because she is a banker and works from home. Although my dad is 96, that does not mean that I will live to be 96 - per my Doc. LOL. WIth that said, by the time she officially retires in 3 years, I would have accumulated over $50K from SSA and put that in my Schwab Account. I had a friend who waited until he was 65 and died within a year after retirement. He worked for USPS. SMH. This is a no-brainer for me since I will never work Fulltime again. We also own our home, cars and have no debt. For now, I will volunteer, work a Parttime job and run my non-profit Business, which helps seniors and others. There are a lot of Seniors living in poverty in the US, especially with inflation and high rent prices. It's sad. My neighbors Mom (who is 69), is moving in with her next week because she can no longer afford an apartment in Florida. Keep up the great work!

Yes❤ faith, , and healty that the modal, for future, 🎉

The problem with such analysis is that it does not take into account that your investment nest egg will be greatly reduced - opportunity cost - if one waits to take SS. Imagine what $100K plus of money that would not have been withdrawn would be worth if it was left in the market for another 5-7 years. that would make the break-even later in life than 79. Unless you are in excellent health, is there really a reason to wait to 70 (unless a person decides to work until 70...)? If break even is beyond 80, what are you going to do with that extra money? Most people spend quite a bit less at that age. Is it really needed?

I'm contemplating filing. Will be 62 next Sunday. Have a smallish savings, but still want to keep trucking for at least another year. I have already earned the credits.. but feel I've got the energy to keep rolling and earning. Would someone wish me luck and say a prayer. Thanx..

I’m 68 years old. I retired at 62 and live solely on SS with no other income and no savings and I have no problem. I earned pretty good money so my SS is better than $2,500 a month. As I had planned, I retired with no debt, I own my car and home free and clear and my medical care is taken care of by the VA. At age 70 I’ve calculated that I will have collected every dollar both I and my employers have paid in to SS over the years. After age 70 I’ll be living on other peoples dollar. There was one thing I didn’t plan on, but I benefited from. I divorced my wife years earlier. At least I tried to. She was pretty uncooperative and I could never get her to sign divorce papers. It worked out because she died. I started collecting her SS at 62 while letting my own monthly payments increase before switching to my own SS. So, I had a retirement plan. Work hard, retire with no debt and owning my property. I live comfortably with the typical bills. Electric, phone, food etc. Also, I moved to a State that’s cheaper to live in. I live in Texas. I’ve lived here before, but moved here for good thirteen years ago paying $57,000 cash for my home. (I cashed in my pension for a lump sum at age 55 to pay for the home with cash left over for improvements and to splurge. I knew I wouldn’t need it for retirement.) Texas has no income tax. My County property taxes this year for a three bedroom home on 2.25 acres was less than $300. (I get over 65 and homestead exemptions.) Registering my car was $75 and renewing my drivers license cost me $22. When I bought a car I wanted to keep the veteran plates from my old car. I was charged $0.50 to do so. So I suggest retiring in a free State like Texas. (Off topic, but I get to own lots of guns that would be illegal in other States.) The government wants you to wait as long as possible before retiring so you don’t collect SS. They hope you die before then or before you collect too much. Screw statistics. My family has a habit of living to at least their mid 80's, but you don't know _when_ you are going to die or how. Heart attack? Car wreck? Falling down the stairs? Do as I did. Work hard, plan ahead, have some discipline, comfortably retire early and enjoy life with no financial worries. Or, you could continue to work and retire late planning on getting the maximum payment and then die early. What a waste.

Sure, that is a compelling graph if everybody lives to age ninety. I had friends that died in college, or the military. Many have died between the ages of 40 and sixty. Those individuals will never collect a penny of their benefits. Looking at the group that waited to full retirement age has no bearing on persons who began their benefits at age 62,

I am 69 and collect ssi when i reach full retirement at 68. Why ss is still collecting money from me because I am still working and my ssi does not increase . If I retire from the government now I will still receiving the same ssi. So, why ss is still collecting and I don't get any additional benefits and I am looseing over $200/month

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4 million out of how many billions.

At age 95, I’m not gonna know what to with the $700k difference. We also need to calculate the time vale of money.

My wish someday ,I can have all my kids finish their degree and have their own work to support their self.and be independent enough . No choice! Then

So if you take social security early at 65, are your earrings only limited until you reach full retirement age. Meaning once full retirement age hits will that earnings limit go away even taking social security early at 65?

If you got vaccinated better take it at 62.

He is a legend in his own mind. He thinks he knows everything about everything. EINSTEIN RAMSEY...

If I start claiming now ,& live as long as my mother… I can collect for 25 years. If I wait 5 years… & live as long as my mother… I can only collect for 20 years. I have no idea how long I get on this Earth,& see people lose out on what they contributed. I can take my S.S.B.,& grow it in high interest savings, CD’s, Real Estate, Life insurance,& if I can … I would put it in a Roth ? Not sure if I’m able to, but going to investigate. I am also going to keep working… which will bump myS.S.B.… if I have top 35 income year…& coda will bump up my s.s.b. Too… I could wait,& drop dead…or start now to reap my benefits. I’m 65 …if I wait 2 more years my benefit doesn’t increase that much…& I will loose 2 years of benefits…& that will be 2 years closer to my demise. If I want to this first year… I can change my starting date for receiving benefits…& pay back my benefits… if I make more than the $22,000… after my start date … I’m going to see how it goes.

Can I open a Roth IRA as a self employed person? How do I open a Roth IRA ? I want to invest a modest inheritance in a Roth IRA,& then make yearly contributions… is this possible ?

Can I use a deductible IRA to reduce my income under the dollar earnings limit?

You may want to add military compensation that is tax free . It is also a part of your body and mind being broken. The numbers can be a substantial reason for early retirement alone, not to mention the disability factor and reduced earnings potential.

Unless you have a very good chance of greatly increasing your SSI income during those final years.

Can you please provide me the title of the book again, please?

i am glad I have a life insurance that cash grows income tax free plus LTC. This is very important especially when you get old, healthcare become so expensive.

Really great explanation. I got it years ago and forgot how it works. Thank you

Do what you like I dont plan on working fulltime until im 70.If you want to happy for you.I am also blesed with pension,457,roth,and regular investment account.Unlike my coworkers that buy 100k trucks I stay out of debt including home.I also save in gold,silver,and platnium.Never inherited or won any windfall.If I get ssi at 62 it will be a bonus if its still there.Happy investing/stacking.

One of the best things In my life is to get social security payments at62 I been receiving Social Security for 13years I'm now 75 I do not know how long I'm going to live so it makes sense to get Social Security as soon as possible

Omg

I don't see the 20% reduction in payments, around 2035, when the trust fund runs out. Why? According to the actuaries, unless our government makes changes, EVERYONE collecting SS gets a reduction.

I completely forgot about the extra 50% spousal benefit. That just made my day!

Great info thank you❤

The everyday depreciation of the US Dollar and the unfunded liabilities of SS, Medicare and Medicaid plus the total amount of the US Debt provides for very little trust in these government programs. "As of 2023, the unfunded liabilities for Medicare and Social Security are estimated to be over $78 trillion, which is more than $600,000 for every US household. This amount represents how much money taxpayers would need to set aside today to cover the deficits these programs will incur over the next 75 years." Look it up

I'm 65 in a month, can I still start my benefits at age 62?😢

Thank you for your time sir that helped a lot

And if you don't retire at 62, you will lose all that money.

Security Guard worked all his life at a hospital. The day he retired, he died in his sleep. No Wife No Kids No Family, Just Money in a bank and house and car. No body to leave this to. But the greedy government.

Who the h*ll wants to work like a dog until you're 70 !!!! Life is shorter than you realize..you wake up one and you're 50!...It happens just that fast, you're so busy living your life and at a fast pace , so much money has been misappropriated of course it is suggested people work until you drop dead...no one is promised tomorrow...if you are financially able... retire... and run for the hills!

Reason #9: your benefits will be cut 25% in 2034 when SS runs out of money, so i’m not going to wait an extra 5 years to make 35% more and then get a 25% cut.

My current strategy is not aggressive because I can’t afford to lose anything but, not being a financial planner, there are probably things I can do I don’t know about. Do you offer an introductory meeting to help me determine a way to go with my resources? Thank you.

Both me and my husband will wait until age 70. It helps the survival spouse benefit is our biggest concern.