5 Minutes Ago: Everyone is Quitting!!! Claim Social Security ASAP [YouTube Now]

what's going on everyone how you guys doing today we are live and I definitely wanted to address the elephant in the room a lot of people have been talking about quitting whether it's quitting their jobs well it's whether it's quitting uh you know this this housing market and not being able to keep up with their mortgage payments whether it's quitting YouTube in fact you may have actually noticed some significant changes on the YouTube platform lately and uh and I definitely wanted to talk about that but uh you guys have actually let me know about something that you wanted to talk about you wanted to talk about you know specifically for people over the age of say 62 a lot of people are asking me or in the ballpark of age 62 some people are in their 50s and are asking me Ron would you quit right now should you quit your job now and start collecting Social Security ASAP P specifically the main reason why people want to quit right now and collect Social Security is to get it before it runs out now that's a very good question and we're going to dive deep into that question today but you may have been noticing a lot of differences on the YouTube platform like you know maybe you're not seeing as many of your favorite creators on the platform such as I don't know uh you may have heard of uh some of these guys here you may have heard of uh Graham Stefan so Graham step you know he's a very popular YouTuber he's been on the platform for many years and you know he's one of the many people who are uh evolving on the platform in fact you may have heard of Maris brownley so mares brownley he does a lot of tech stuff he does a lot of uh clearly he's a big huge iPhone fan and he's got 18.1 million subscribers I don't think that mares brownley or uh MKBHD could drop a video and I don't think he could get less than a million views on a video even if he tried this dude's killing it but Graham Stefan Graham Stephen's more along the lines of personal finance and uh you know that's definitely per uh Graham Stefan space you may have also heard of Casey knad now this guy he's pretty much like one of the bigger bloggers uh I should say vloggers uh he's got well over 12 and a half million subscribers on his channel you'll see this guy pretty much anywhere uh he spends a lot of time in New York but uh this guy he's got some of the some of the most awesome videos I've seen on YouTube in a long time I love how real he keeps it you got Peter McKinnon this guy you know phenomenal uh cinematographer editor YouTube coach yada yada y like he's just he's just amazing when it comes to like you know uh any any kind of like aspiring YouTuber you probably have heard of him and of course Shelby church like she's she's just pretty dope like she's you know she does Tech lifestyle YouTube stuff uh travel hacks you name it she did some Airbnb stuff uh as you can see in the I quit video here why she's quitting Airbnb now Airbnb is a whole another problem but uh but something I wanted to talk to you guys about is uh you know specifically in the world of YouTube like more than likely at this point you've probably noticed that the YouTube platform is a little different what's going on Catalia what's going on Scott doson I hope you guys are able to see and hear me okay in this video uh hopefully you can if you can hit the like button for your boy uh let me know if you're able to see and hear me okay and uh and I'm going continue but appreciate the love you guys you guys are freaking awesome but yeah a lot of people have been telling me Ron I'm missing your videos I've been unsubscribed from your channel what is going on or you know uh I I never catch your videos because my notifications are not going off I don't know what's going on but I I want you guys to understand that you know there's a lot of changes happening and a lot of people are quitting whether it's you know whether they're quitting the YouTube platform whether they're quitting their jobs whether they're quitting you know different aspects of their life because uh let's just be honest with you guys like the last three years has been rough for a lot of people um but one thing that one thing that YouTube did do to kind of make people uh to make lives easier and to encourage more people to try to make money on the YouTube platform is they actually changed their monetization policy so they actually it used to be like a thousand subscribers and 4,000 hours of watch time to get monetized on the YouTube platform but now they have actually lowered it and so you can actually get monetized with like 500 subscribers in like 3,000 hours of watch time so you know that was a big help for a lot of new YouTubers just trying to get their foot in the door and kind of help them get started so they're definitely uh it definitely looks like they're trying to encourage more and more people to become creators and to create uh you know channels on the platform and you know generate YouTube Revenue whether it's through you know uh uh whether it's through memberships or uh or super chat or video ads that play you know mid roll that kind of thing but these are just some of the changes that we're seeing and a lot of people are quitting and you know unfortunately you know in this economy a lot of people are just kind of getting they're kind of getting beat up from all sides let me know if that resonates with anyone but anyway guys um this is this is a pretty big deal for a lot of people so I definitely wanted to touch on that but also something I wanted to touch on uh because I get a lot of questions from you guys about this is when should you collect Social Security in fact should I quit my job now because Social Security may run out of money before I can actually start you know uh claiming my benefit so uh I definitely wanted to touch on that so you know what's the number one reason to even claim Social Security right like that's a question that a lot of people have so you know claiming Social Security before your full-time uh before your full retirement age uh can definitely reduce your monthly payments by as much as 30% but there's a lot of people who have reasons why to for them it's just worth doing maybe they're fed up with their job maybe their job is pissing them off or maybe they're physically in a at a point in life where they just really can't do the job that they used to do and you're almost kind of forced out or uh you know uh there was a there was a uh I I was watching uh the news earlier today and there was a briefing that actually said that uh YouTube Let Go like 100 staff members or you know laid off maybe a 100 employees or some some figure like that and the reason that they indicated not YouTube uh the the the news broadcaster indicated the reason was that uh there was more AI being implemented so some of those roles were eliminated and so you may find yourself in one of those situations where you're like hey you know um I just want to get out of my job now I want to quit because you know either a you're tired of your job B you're seeing the writing on the wall AI artificial intelligence is is kind of eliminating your position and maybe collecting Social Security early is the only option that you feel is available for you so uh you know so with some of that being said I figured it was a good it was a good enough reason for me to cover kind of some of the reasons why you might want to collect Social Security a little bit earlier than normal um and you know there's but again you know there's a lot of reasons why you might want to do it either it's poor health maybe it's uh debt maybe you have you know excessive debt maybe you've eliminated your debt and you're like hey you know my cost of living is so low I can live off of less social security benefits payments I don't need this huge increase in Social Security B uh payments that would have come from retiring at an older age cuz you know at the end of the day guys nothing's guaranteed right nothing's guaranteed so some people are like hey I would rather take this guaranteed you know $2,000 a month today versus the hopefully $3,000 per month uh four years from now right but uh you know but initiating Social Security retirement benefits at the age of 62 also does not necessarily mean you have to retire so there's some limitations on what you can do but there's a lot of people out here who are literally making more money uh as a as a as a social security recipient than they had when they were like a full-time employee so uh you know there's definitely hacks and ways of doing that like I I met this one consultant this person used to work you know 40 50 hours a week they were making like you know $100,000 a year on their job and what they ended up doing was they ended up uh quitting their job they started to collect Social Security and between the Social Security and their uh ended up starting to kind of do like Consulting on the side um they were actually making more money between Social Security doing their little Consulting side hustle gig on the side compared to just working a full-time job so they got to spend more time with their family more time with their grandkids and it worked out and they were able to make sure that they got their social security benefits before the program ran out of money so um that was actually a good move so it may be a good move for more people than than than actually realize it and um you know but you know it's it's usually discouraged but for some investors claiming early actually makes a lot of good you know a lot of uh Financial sense to do so so um basically here's the thing um number one you need to understand the full retirement age right so if you were born in like 1943 through 1954 like your retirement age is like 66 but if you were born 19 60 and later then the full retirement age is actually 67 years old so uh I figured I go ahead and clear that up for you guys but uh you know even if you love your job you know let's face it you know you probably like the option to be able to retire early spend more time doing what you want to do maybe you don't necessarily like getting up at you know 4:45 in the morning uh to sit in you know your ice cold car and then sit in traffic on your way to work you know but hey maybe that's your thing maybe that's your thing I don't know but some people maybe they're done with that um but uh but yeah there's a lot of reasons why people are looking at doing this right and for a long time Social Security was treated you know basically Social Security treated 66 as the full-time retirement age right but you know like I said the program is running out of money so they're making changes so Social Security is like hey we need to we need to make this program last a little longer so we need to pay people out later so that we can kind of delay the inevitable if that makes sense right so they went ahead and pushed it out from 66 on to 67 and I think what they're going to do is they're going to keep pushing it out probably going to get to a point where you got to be like 99 years old just to get some Social Security payments or at least a full amount uh but if they do that hopefully that just means that we we're living like 120 years old on average um but hopefully we're in Better Health cu that's pretty old but anyway um so yeah you know uh but there is definitely a financial cost to you know taking your benefits early you know definitely so you know uh for example like you could actually initiate your payments as early as 62 years old right now your payments would be basically roughly 30% less than uh what they would have been if you held out and actually hit the full retirement age of 67 years old so if you don't want to hold out for the extra 5 years you can actually start collecting at 62 but you're going to take that that hit upfront but what a lot of people don't think about is okay if you if you got 30% more money by waiting till full retirement age a lot of people are forgetting the fact that from 62 to 67 that's five years you didn't get Jack squat from them so technically if you can afford to retire at 62 think about how much how much um how many paychecks you'd have to get from Social Security if you waited until you're 67 years old compared to if you started collecting at 62 right like let's just say the average I'm going just do some quick math here so let's just say the average person collects uh if if anybody com if anybody collect Social Security right now hit me up in the I got time before I get to the eight um calia's got time before she gets to that age what's going on Billy Woodruff we got uh leafy is in the house uh we got Mara and we got uh Wegman Nixon what's going on everyone darthy uh clemer Kate Walton what is going on Kate has finally caught me live yep you got me I'm here I'm here I'm glad you're here too so I'm G just do some quick math because I'm just curious let's pretend and comment down below if you're collecting Social Security Now if you are how much are you getting per month I'm curious because if I go matter of fact this is what I'm going to do I'mma go to uh I'mma go to Google and I'm G ask Google how much is the average social security check I think Google's listening to me because it like kind of halfway answered me before I uh before I uh finished uh typing in the question but anyway so Google says the average social security check is $1,757 so I'm going just take that 1775 plug it into the calculator and grab 30% of that so 30% of $175 is $511 now think about this guys anybody who's sitting on the sideline and this is not Financial advice I'm not a financial adviser but I'm just doing some rough math here right let's just say you're debating on do you collect Social Security at 62 and take a 30% hit versus waiting till full retirement age at 67 five years later and getting that extra 30% so basically 30% more would be an extra $511 so instead of getting 1705 30% more of that would be 1.3 You' be at 2,26 $ assuming the average social security check is $1,700 right so that would mean that for six years you are missing out on $511 per month because of the you know 30% you know reduction in in in uh social security check right so 6 years is 60 months so let's go ahead and multiply that so that would mean you've missed out on an extra $330,000 um that basically you know by not getting that extra $511 for the next five years you've basically missed out on a total of $3,660 but what that means though is here's the thing if you don't collect any payments until 67 that would mean that there's five years of you not getting the 1705 all right and so this is what a lot of people for forget to consider so if you don't collect 1705 as soon as you can get it at age 62 for the for the next five years you have basically missed out on you know 1705 time 60 you've missed out on $102,000 just so you can start getting an extra $511 a month so that's a big difference so let's just look at this plain and simple if you collect that if you collect Social Security and assuming you're the average person the average social security check is 1705 but if you waited 5 years you get a check of 2,200 but by waiting five years you've missed out on all of those $1,700 checks because you're waiting to get this $2,200 check I hope that makes sense and when you look at that whole fiveyear stretch of time you've missed out on $102,000 because you're waiting to get this bigger check 5 years in the future that you hope to live long enough enough to get and we hope to live long enough to find out that the Social Security Administration still has enough money to pay that so these are just some things that I would be considering if I were you know anywhere in the ballpark of considering retirement at this point but even if you're not thinking about retirement now or even if you're not close to retirement we are all you know most of us you know have jobs we have uh either a 401k we're investing in the stock market we're investing in uh you know our IRA or traditional IRAs or rth IRAs or whatever the case is right we have businesses we have side hustles we have some of us are 1099 workers some of us are contractors or gig workers right uh you may have an LLC you may have a you know maybe an uh an escort whatever the case may be if you happen to have an LLC you may have uh set yourself up with a SEP IRA which is basically a self-employed I think a self-employment retirement account or something like that basically it's a uh if you have your own business it's like your own uh IR it's like your own Ira for your business right that your business can actually contribute to on your behalf by the way not a tax guy I'm just saying though so anyway um I guess what I'm saying though is we're all working toward retiring at some point so even if you're like 20 years old or 30 years old or 40 years old um if you're WI is you're investing now why you got a lot of time because the earlier you invest the more that compounding of your money will benefit you in your later years of retirement everything's going to be more expensive in the future just know that guys so don't let anybody lie to you get your money working for you and ideally get your money working harder for you Warren Buffett said uh years ago if you don't figure out a way to make money while you sleep you're going to work until you die so uh don't work until you die if you can help it um Catalia says take it while you qualify get it at an earlier age five years to wait to get an to get a higher amounts too long to wait I agree I wouldn't wait I never did the math until now guys so I'm literally looking at this and there's no way I will wait till 67 uh it sounds nice but then again it's like okay in in if I wait five years I'm going to get get 30% more right are they also going to include all of the cola increases that would likely be for every year in between are they is is it 30% more than what you get at 62 or is it 30% plus all the cola increases because let's not forget inflation's always going to be here so if you wait five years and they're not considering the fact that the cola increases need to be added you're really probably going to end up getting short changed um so I'm just I'm just I'm just saying I'm just putting it out here I'm just sharing some thoughts here like I said you know this is not Financial advice this is just a conversation hanging out with you guys uh because there's a lot of changes coming down the pipeline and uh I don't think enough people are actually thinking about these things or having these conversations and you guys have been asking me to kind of talk about this so I definitely wanted to just kind of hop on here and I'm I'm scrolling through looking for any kind of comments or questions that you might have for me that I might be able to quickly answer um yeah so um but yeah so these are just some of the top things I mean that's let me know if that breakdown is something that you guys had already done the math on and were already familiar with or let me know if this is the first time you ever heard of that you know um so uh and like I said 1705 maybe everybody's not collecting $1,700 a month from Social Security but according to Google uh which got that information from bankrate.com on what the average social security check amount is that's that's what they're saying so obviously with averages some people get more uh money and some people get smaller Social Security checks but that's just you know the way the averages work but yeah so um let me see um and then and then also that's like a single person so if you're married then you know both both of you guys are going to get Social Security checks so that average is going to be higher than that so I would I would assume it probably be double uh I don't know if there's I could probably search that but I'm not going to search it but let's just let's just assume you're married and you know if you're single you got 1705 if you're married you're probably getting like 3410 $3,410 a month probably uh that would be my guess but again the same I would think that the same math in general is going to apply is it really worth it right um now of course if you stopped working at 62 if you needed if you wanted to make more money you could technically I mean like technically you could start collecting Social Security at 62 but you could still actually work and uh I'm trying to see if there was some details on here about how much you could continue to earn per year while collecting Social Security uh because that is definitely something you want to consider because maybe cuz think about it if you can start collecting that 6 too but you can still make I don't know uh some extra money it may really be worth it especially if you invested the difference you know if you invested the difference for just the next five years like you could actually probably make more money from the investments in combination from the Investments and how much money or dividends they could pay out capital gains and whatnot uh plus your social security check collecting collecting it at 62 and you know kind of investing you know any kind of money you made from working part-time even if you invested like 30% of your income from a part-time job maybe 50% if you could swing it uh could actually make you more could theoretically depending upon you know what you invested in how much you there's a lot of factors but you might actually be better off collecting early um let me see how much can you earn while on social security cool so um what starting with the month you reach full retire okay so first of all according to the Social Security Administration starting the month you reach full retirement age there's no limit to how much money you can earn and still receive your benefits this comes from the Social Security Administration that's pretty amazing now if you're under full retirement age you're entitled to $800 a month uh let's see let's see you're entitled to $800 a month in benefits $9,600 for a year okay hold on one second um before we deduct earnings from benefits okay let's see um oh here it is all right so if you're under full retirement age for the entire year then you can work and earn $3,200 excuse me $32,000 I hope you guys can see this no you can't you can't see this hold on one second my bad I got too many computers up so check this out guys um let me see how much there we go can you earn while on social security all right so the answer was in here I just want you guys to see it for yourself so check this out guys so you could literally be on social security number one you can be on Social Security and this is as of 2024 right so it says you can work and earn $323 120 during the year so just understand your benefits again I'm not some you know Guru or financial advisor or none of that I'm just getting this information from the Social Security Administration website so um yeah I just want you guys to be able to see this information firsthand so that you can properly prepare and plan uh because a lot of people like I said a lot of people ain't talking about this and not everyone has a financial advisor that's guiding them and getting them ready uh and you need a financial adviser that's not just a an advisor that like went to school 30 years ago and and like hasn't been keeping up with what's going on with Social Security because a lot is going on with Social Security and a lot of people have grown up cuz the school system didn't teach them that didn't teach them this um we were brought up to think ah you just work a job for 30 years and you you retire whatever Social Security's got you and I'm here to tell you uh I definitely would not plan on making Social Security my primary source of income in my later years so anyway I just want to go ahead and drop that information on you guys let me know what you guys think um I don't even know how many people we got here in the live but uh definitely uh drop a like for the video if you guys are getting value from the conversation uh to appreciate that you guys um and if you're new to the Channel please consider subscribing to the channel uh for more content like this and uh things that matter to you uh I really appreciate you guys I hope you guys are enjoying your Monday and uh and stay warm out there we're still dealing with this whole polar vortex thing I think it's probably going to drop down into the into the teens tonight so I hope you guys stay warm out there I hope you enjoyed the live and I'mma catch you guys on the next one y'all be safe take care