Social Security at 62 or 70 If Benefits Get Cut

If Congress doesn't act, Social Security benefits will be cut by about 22% starting in late 2032. That has a lot of you asking whether you should claim earlier to collect as much as you can before a cut hits. In this video I walk through the numbers, then show two tools you can use to test your own situation.

Resources mentioned in the video:

Open Social Security (free claiming calculator): https://opensocialsecurity.com
Boldin: https://go.robberger.com/boldin/yt-ss-cuts
2026 Social Security Trustees Report (summary): https://www.ssa.gov/OACT/TRSUM/index.html
Have We Been Lied To About Social Security's Break-Even Age? (my video): https://youtu.be/xoF9V8uggX0

*Join the Newsletter. It's Free:*
https://robberger.com/newsletter/?utm_source=Rob+Berger&utm_medium=ATF+Link&utm_campaign=Newsletter&utm_id=YouTube

*Financial tools I use:*

*I track all of my investments, performance, fees, and asset allocation with Empower. It's Free:*
https://go.robberger.com/empower/yt-

*I use Monarch Money to manage our budget:* https://go.robberger.com/monarch-yt/yt-desc

*My retirement plan comes from Boldin, the most robust retirement planner available at a reasonable cost:*
https://go.robberger.com/boldin/yt-

*I used Capitalize for my last 401(k) rollover. They did all of the work, and it's Free:*
https://go.robberger.com/capitalize/yt-

*My Book (Retire Before Mom and Dad):*
https://amzn.to/4d9qbhA

#retirement #investing #robberger

0:00 Should you claim early before a cut?
0:21 A viewer's question
1:09 Your check at every age, with a cut
1:52 Full checks before the cut
2:53 The breakeven, with and without a cut
4:14 Do breakeven ages matter?
5:06 My take
5:34 Testing it in Open Social Security
7:19 Why the gap is smaller than it looks
9:22 The assumptions and the discount rate
11:53 Modeling a cut in Boldin
13:21 Summary

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. I've since sold my websites, bought them back, and started a new website and this YouTube channel.

I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (https://amzn.to/3by10EE)

LET'S CONNECT

Youtube: https://www.youtube.com/channel/UC9C17-OMxa-7oRSaCtztObw?sub_confirmation=1

Facebook: https://www.facebook.com/financialfreedomguy/

Twitter: https://twitter.com/Robert_A_Berger

DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

*Disclosure*: Some of the links in this description are from partners who compensate us. This means — at no extra cost to you — I may earn money if you click and sign up for a product or open an account. This creates a financial relationship that may influence my recommendations, but I only recommend products and services I believe in and would recommend to my own mom. Advertisers have no control over my content. Read the full advertiser disclosure here: https://robberger.com/how-we-make-money/