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

Channel: The Ramsey Show - Highlights

Views: 637,292

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, when is the best time to pull social security, social security, social security benefits, retirement planning, retirement, working and social security, retirement income, social security income, social security retirement, financial planning

Id: b78vxgEg-_A

Length: 5min 1sec (301 seconds)

Published: Wed May 15 2019