Yahoo Finance Columnist Kerry Hannon breaks down why more Americans are claiming Social Security earlier amid concerns about Social Security solvency and rising costs of living. Hannon outlines the drawbacks to claiming Social Security earlier and savings strategies to avoid doing so.
#SocialSecurity #youtube #yahoofinance
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Forget to turn off comments on this one?
I was thinking the same thing! Yahoo’s take on economics is so bad they usually turn off the comments surprised to see them open 😂
I’m watching these videos only because of the comments. I know everything they could tell me but it’s really interesting what real people have to say
It appears to be a run on Social Security huh?! 👀…çant blame em. We’re owed it!
LOL….work work work. Go ahead keep paying into the system so I can get my $$$ before it goes bust.
Back when people used to call it a Ponzi Scheme It objected. Now it’s transparent. In a few years Social Security will only pay 80% vs the 100% contributed. Her final suggestion is to work yourself to death. What a viable solution. Drive people to work into their 70s just as life expectancy is starting to decline in the US. Wow. Just wow
I wonder why financial advisors advise to take it early. Is there something they know which we don’t?
it’s recommended by advisors because social security will run out of money soon either by 2030 or 2031, the problem is because there is a lot of people receiving money from social security benefits and not enough people to actually support the system which causes the reserve to run out, it also doesn’t help we are already in debt too.
@Larbi Moukhlis Like they can’t just print more money by selling bonds? lol, ok
Invested properly with historical returns taking the money early and having enough extra to invest will get you more than waiting.
@Monroe bingo, this segment doesn’t lay out the math. The life expectancy after retirement, and how much you can get from investments.
I’m going to take my social security at 62, because I don’t have earned income and every year my retirement income will get less.
In 2021 it was $1100, after I file taxes in 2022 it’s $360, so right after I file taxes for 2023 I’ll claim my benefits.
I can count my money better than any adviser…lol
Is the title to this video even a question??? 🤨🤨🤨
I got mine early to lower payment so I am qualified as property tax deduction
I find this whole message to be kinda condescending, as if people aren’t already aware that to take benefits earlier results in lower monthly payouts. Illness, interruptions to work history, age discrimination in employment, divorce, caregiving responsibilities, housing insecurity, loss of a spouse….many common life situations can have effects on retirement income and the need to take social security earlier. Not everyone has the luxury of 40 years of uninterrupted savings at jobs with good benefits. These news articles should focus providing useful help to the many good people who need to fill the gap between social security and retirement savings.
By 2030 all baby boomers will be able to cash out and so the flow at this point is only natural.
People should not have to work past 60
I’m taking my social security as soon as I turn 62…
Who has the luxury to wait till their 70s?!
Exactly…