4 Brutally Honest Truths About Retiring at 62

Comments · 34

• TR

  @TreyLong-g2e · 10 days ago

  Claim at 62. If you don’t need the money, invest it and you’ll be better off than deferring taking it to later.

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• CO

  @concepcionledezma5027 · 1 month ago

  First of all, tomorrow is not a guarantee. Yes, at 70 the biggest check is permanent. But, how long is permanent? I just retired at 62 after 32 years of teaching. Along with a pension, I was totally comfortable with my decision to take SS at 62, especially since we'll be moving to Brazil within 2 months. As we all know, the dollar goes much further in Latin America.

  20

• KI

  @kimberlymcdonald9419 · 2 days ago

  All depends on your financial situation no one age fits all

• DO

  @doracsiky · 5 days ago

  I am not retiring at 62. Just did, at 57.

• CO

  @commonsenseisntcommon24-7 · 3 days ago

  But we never know how long we will live

• CA

  @CarolinaLobito · 12 days ago

  Great video! After 27 years of consistently contributing about 20% toward retirement, I’m semi-retired at 58 working part-time with full benefits and plan to wait until 70 to claim my maximum Social Security benefits.  I’d never really thought about strategically pulling money from different “buckets” in retirement the way you explained it. Very helpful perspective!

• JR

  @JRPersk25 · 2 days ago

  You left out Roth IRA withdrawals which, for most of us, is tax free and does not count as income

• NO

  @normapenetta5940 · 2 weeks ago

  I just retired at 62. I took my social security. I also have a good pension. And a deferred compensation plan. My mortgage and cars are paid off. I only pay 8% of my health insurance,my employer pays the rest. Those subsidies are being cut again, drastically, for 2027.<br>My take home income is higher than when I was employed. I don’t need to access my deferred compensation plan.<br>I am a breast cancer survivor and I have liver disease. I don’t know how long I have. I do know that my daughter can inherit my deferred comp but not my social security.

  1

• AU

  @autoadjuster · 7 days ago

  I just retired at 62, taking SS, social security will pay for my Health Care Insurance and the rest goes into savings. Yes I am taking at 62 but saving and investing. My wife is 67 and started SS and she can still have an income. So both our SS and her salary allows us to live well and save. &nbsp;We do not need to draw on our IRA&apos;s yet, we will use our IRA money for large purchases and fun things. House was paid off years ago and no bills, Every day is Saturday now.

• MI

  @mikedrop65 · 1 month ago

  All the CFPs on YouTube say the same thing - your savings account withdrawals are not taxable. True, but you all forget that the savings accounts earn interest, which is taxable. So, if you have savings accounts large enough to draw from each month, then they are also earning interest each month, and your taxable income continues to climb. It is a killer for most people with large savings accounts and puts you over the obamacare maximum earnings cliff.

  1

• DG

  @dgmelvin · 4 weeks ago

  The part &nbsp;you failed to explain is the 5 or 6 years you will get checks. Thats quite a bit more than the benefit of waiting. I&apos;m tired of online misrepresenting reality..

  1

• RI

  @richg4now · 2 weeks ago

  If you can tell me what day I&apos;m going to die I can make the best plan. &nbsp;I&apos;m going with what is best if I pass away at 66. Taking SS at 62 reduces what is coming out of my savings. My break even is 82, don&apos;t know that I will live that long.

  1