When to start social security
When Is The Best Time To Start Collecting Social Security? - Dave Ramsey Rant
Tracie's with us and Billings Montana hi
Tracy
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
invest
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
disaster
okay got that out of my system Tracy
your sarcasm turned into my rant that's
how this works around here
