Should I Start Taking Social Security and Invest It?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 17 December 2021

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.1	Jeff is with us in Tulsa, Oklahoma.
0:15.9	Hi, Jeff, how are you?
0:18.1	Hi, Dave.
0:19.1	Thanks so much for taking my call.
0:20.4	I really appreciate your time.
0:22.1	We're honored.
0:23.1	How can we help?
0:24.1	Well, I'm 56 years old and we're in baby step seven.
0:28.5	And I heard you say something recently that got me to thinking and that is that Social
0:33.0	Security basically is a break even if that.
0:35.8	And I was wondering what advantages or disadvantages would be like if I were to take out my Social
0:43.0	Security as early as I can, 62, 65, whatever the age is.
0:47.1	And invest that money instead of waiting.
0:49.5	If you take it 62 and invest it and don't touch it, you'll end up with more money.
0:54.3	Yes, sir.
0:55.3	That's what I have.
0:56.3	That's my question.
0:57.3	Yeah, so the difference in what you get paid if you wait to 65 versus 62 would be made
1:04.2	up for in the investment that you create by investing everything from 62 to 65.
1:12.2	You take all that put into a lump sum, that lump sum will pay more than it would pay extra
	...

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