Learn Social Security Basics with Devin Carroll. Social Security and Medicare are not the same program and you will likely sign up for them at separate times.
In this video, we discuss how you can file for Social Security benefits as early as 62 or as late as age 70. However, when you enroll will affect the amount of money you will receive from Social Security every month. Taking it early at 62 can result in a check that is only 70% of the benefit you would get if you waited for your full retirement age.
Also, men often have higher Social Security checks than women, so if a man takes his early and later passes away, his wife will have a reduced benefit, so the longer you can hold off on enrolling in Social Security income benefits, the better.
Waiting until age 70 will result in a check that is 124% higher than your full retirement age.
Devin explains why you shouldn’t try to guess your life expectancy or use a break-even analysis, which is something that even the Social Security administration stopped printing on the statements. He also goes over how important it is to review your Social Security Earnings Record each and every year.
Devin Carroll is a financial planner and has his own channel here on Youtube. Find it at : https://www.youtube.com/devincarroll
He is also the co-host of the podcast Big Picture Retirement and has written a book about social security basics.
You can find more information about Devin here:
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Please watch: “Can you Retire on Social Security Alone”