When Is The Best Time To Start Collecting Social Security? - Dave Ramsey Rant

Tracie's with us and Billings Montana hi


welcome to the Dave Ramsey Dave what's

up thank you very much really appreciate

the opportunity I'm 61 years old and I

keep getting these letters from Social

Security want to know what I want to do

and you know I'm still working I'm on

baby step 7 I am married and you know I

don't know what when is the best time to

take advantage of that fantastic program

I sense sarcasm Tracy well I mean the

the trick to knowing when to take Social

Security is to know when you're gonna

die and once you've got that figured out

then you can then you can calculate it

precisely okay obviously the longer you

live the better it is mathematically to

take it later because you're going to

get a bigger check for a longer period

of time okay and I throw something else

in there sure I was actually intending

to I don't need it so I was intending to

invest 100 percent of it however then I

found out that I don't get the full

amount if I start early so go ahead I'm

sorry you don't you know and the later

you start whether it's 62 all the way up

to 70 the later you start every year you

would get more okay but if you run some

math out you can actually run the

calculations on their site it's fairly

easy to do if you run the math out in

your situation and you say okay oh I

could take it at 66 or 67 and I would

get this amount okay and if I took it at

62 I'm going to get a different amount X

versus Y you follow me and the

difference in those could be made up

almost every time you can run the

numbers on it by taking every dollar

from 62 to 66 that you get and put it in

a good investment if the investment

returns will give you greater than the

difference for the rest of your life

almost every time so it usually makes

sense to take it early if you're going

to do what you're going to do which is


we bit of it and let it run now taxation

comes into play we you're still working

all those other things come into play

you've got to look at that and figure

out how much you're actually going to

net going around with whether you're

gonna whether they're gonna make it

taxable by your income and all that

garbage but aside from that the basic

concept is that you can get a better

rate of return than they will pay you by

waiting so that you take the total

amount between that four years of X

number of dollars a month into a good

mutual fund will then from the rest of

your life that one account will make you

more than enough to cover up the

difference between your 66 account and

your sixty-two account that payment

amount that's what it amounts to plus

when you die that money that's in that

mutual fund is part of your state when

you die with Social Security nothing

that's what you get so that's what you

get like you said it's a great plan if

you run the numbers out on your Social

Security folks you will discover it's

about a negative four percent rate of

return in your life only the government

can figure out a way to talk everyone

into having a something removed from

their check that they make a negative

four percent on and everybody fights to

keep it in place

and it becomes a political icon only in

the United States government could they

figure out a way to make that crap work

and you guys all just home listen I'll

tell you what here's a plan I'm 58 years

old if you never made me pay again you

could keep everything that I paid to

this point I've been paying into it

almost 40 years I have been paying into

it for years you could keep all that

I'll still come out ahead in the next 20

years not putting money in the stupid

thing just putting that amount of money

the amount of money you robbed from me

and my check for this broken screwed up

mathematical disaster see that one in

the sarcasm that's just calling it out I

could take the amount of money I'm gonna

pay in where you're ripping me off put

that in the mutual fund and I would have

more income than I will have having paid

in and gave up the whole 40 years you

guys can just keep that because your

programs so freakin awesome you can just

keep it that's the man

it sucks that bad only the federal

government could talk you people into

doing this and letting you just like a

bunch of sheep yell let's just take it

out of my check one and I just can't

leave ma'am we all just love it and God

forbid that the Democrats or the

Republicans ever tinker with this broken

frickin system Oh your grandmother is

going to starve but it's going to be all

your party's fault

what a crock the whole thing is a


okay got that out of my system Tracy

your sarcasm turned into my rant that's

how this works around here