3 Stupid Reasons to File for SS at 62 – from Devin Carroll

Nationwide Retirement Institute released this incredibly important study about the ignorance of Americans regarding Social Security.

Most older adults think they are eligible for Social Security benefits sooner than they actually are, including 57 percent of future retirees.

Future retirees also expect to receive $1,628 on average as a monthly payment from Social Security. However, that’s almost 30 percent more than what current retirees say they collect ($1,257).

Concerningly, nearly nine in 10 (88 percent) older adults don’t know what factors determine the maximum Social Security benefit an individual can receive.

YIKES!  9 in 10 older adults don’t know what factors determine how to maximize Social Security??? That’s not good. I can only imagine the numbers would be nearly 95% or more if we factored in younger adults too.

So, in this episode, I share with you the THREE most critical factors you need to understand about Social Security:

  1. AIME – Averaged Indexed Monthly Earnings
  2. PIA – Primary Insurance Amount
  3. FRA – Full Retirement Age

Once you have these factors tattooed on your brain,  you then can start developing a plan of action in how to maximize your benefit.

But it makes no sense to do anything until you have a clear understanding of those three factors. EVERYTHING is contingent on those.

Need some help? Just contact me.

Song of the day – Hog Jaw “Gitsum”.  A great song for the Washington Capitals who have FINALLY beaten the Pittsburgh Penguins and now advance to the Eastern Conference Finals!


I watch a LOT of videos on Social Security and READ a ton of stuff on the topic as well. I do many videos, podcasts and blogposts on the topic. Thus, I like to think I am very well versed in the area.

However, I don’t hold a candle to Devin Carroll when it comes to what he knows about Social Security. He has made a career of understanding the intricacies. The only other person I can think who probably knows more is Larry Kotlikoff from Boston University.

Folks, it simply does not make sense to claim your Social Security benefit early for the vast, vast majority of people. Filing early is bad in so many ways. I won’t get into these here.

Instead I’ll allow Devin to share with you his 3 stupid reasons in which to file for early benefits.

This is a funny video. Unfortunately, it seems this kind of thinking permeates. And that is not good.


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