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Just curious........who here on the Retirement forum has, or will have to, apply for SSI/early retirement due to being unemployed? At this age, it is extremely hard finding a job.
I will turn 62 this coming June. Wife and I have agreed that if I don't find a job within the next couple of months, that I will apply for early retirement for sure. We both know that it will be lower than if I wait, but having some money ($800 or so) coming in is better than none (like I have right now). My unemployment comp money is done. We also know that if I do end up applying/getting SSI, the highest wage I can earn on a full-time job is $8.50 per hour (cap that SSI has). I will probably just go for a part-time job. I don't mind at all going for early retirement, but of course a full-time job would be better. Without having a college degree and/or certification in my career, it's been extremely hard for me to find a job here in my career (purchasing-inventory control). We don't have the money for college, let alone for me to get a certificate in purchasing (CPM). Besides that, I really feel, at this age, the degree and/or certification would be completely useless!
I can't go back to my former experience of warehousing (prior to getting into purchasing/inventory) due to the physical limitations of a hip replacement and rotator cuff surgery back in '05 and '06.
My wife was unemployed for 3 months and really thought she'd have to apply for early retirement, but got a descent job this past November. She likes working, but got quite spoiled sleeping in or taking an afternoon nap sometimes when she was unemployed. She really wants to keep working til she is 66 for full retirement. By the way, she has a Bachelor's Degree in Business Admin/Accounting with much more intense experience than I have.
I applied for my SS at 62. I had JUST turned 62, lost my job and kinda panicked. Am I sorry I got it early? Sometimes. I'd be getting over $300 month more if I'd waited till 65 but I'd still have to work part time to make it so it really doesn't matter.
The only bad thing was that, back then, I could only make $12,500 a year in wages so I would end up not working the last few months of the year for three years. It wasn't too bad because I made sure I had enough in savings to tide me over. The longest I was off between jobs was four months so not too bad. Kinda like an extended vacation. I'm glad I don't have to worry about it anymore though. I DO love working only part time so I still have plenty of time for 'me' and whatever I want to do. And I love my job so don't mind working at all.
Is there any way that a company can find out that a potiential employee is on SSI? I wonder if being on SSI, a company might think twice about hiring the person?
Can't see why.
To the OP, it sounds like he can have health insurance via his wife's job, fortunately.
This situation is obnoxious and absurd, where we are all one divorce, one pink slip or one natural disaster away from no health insurance.
In face, if there were a public option or some way to decouple health coverage from a full-time benefits job, I think there'd be less "job lock" where people hang onto jobs for dear life because of the health insurance.
THoughts to all who are making the 62 Soc. Sec. decision out of necessity. The system is failing so many people.
Reality has been that women faced not only that for deacdes but actaully were one divorce away from proverty most times. Right now comapnies are doig just what CBO did in scoring their libailty cost for heathcare into the future. its important because it efects their abilty to raise money. Actauly mine has done this and curent empoloyees come outmcuh better than new hires will on retiremnt healthcare cost if they retire before 65 and medicare. basically they can stay in the pool but they no longer get any contribtuion from te company. Presnt retirees and empoyees are covered by terms of employemnt when they hiured on but cost have risen alot for deducatbels;copapys ;abnd out of pocket cost. The mandate basically mean they have to take the increased coverage demanded by them that cost more.Dependent children to 26 and unimited lifetime benefits are two of the big ones.
Just curious........who here on the Retirement forum has, or will have to, apply for SSI/early retirement due to being unemployed? At this age, it is extremely hard finding a job.
I will turn 62 this coming June. Wife and I have agreed that if I don't find a job within the next couple of months, that I will apply for early retirement for sure. We both know that it will be lower than if I wait, but having some money ($800 or so) coming in is better than none (like I have right now). My unemployment comp money is done. We also know that if I do end up applying/getting SSI, the highest wage I can earn on a full-time job is $8.50 per hour (cap that SSI has). I will probably just go for a part-time job. I don't mind at all going for early retirement, but of course a full-time job would be better. Without having a college degree and/or certification in my career, it's been extremely hard for me to find a job here in my career (purchasing-inventory control). We don't have the money for college, let alone for me to get a certificate in purchasing (CPM). Besides that, I really feel, at this age, the degree and/or certification would be completely useless!
I can't go back to my former experience of warehousing (prior to getting into purchasing/inventory) due to the physical limitations of a hip replacement and rotator cuff surgery back in '05 and '06.
My wife was unemployed for 3 months and really thought she'd have to apply for early retirement, but got a descent job this past November. She likes working, but got quite spoiled sleeping in or taking an afternoon nap sometimes when she was unemployed. She really wants to keep working til she is 66 for full retirement. By the way, she has a Bachelor's Degree in Business Admin/Accounting with much more intense experience than I have.
I turn 62 in Novemeber and I will be taking the SS. I already receive a Federal Pension so there were some years I did not pay into SS. The amount difference between 62 and 66 isn't enough in my case to wait.
I am already due to my Fed Pension, under the $14,000 or whatever it is max I can earn on a job. I work 2 to 3 days a week 8 hours or a little more, and can make a little over $9.00 per hour and be ok. I have yet to go over the limit, but I watch it carefully around late Oct. So far I have worked year round on this type of schedule.
Im not sure if I would take SS at 62 if I did not have this pension. If I felt I had to then I most definitely would. I know there are so many like you in your situation including a relative of mine. He is 63 and a situation so similair to yours, and has decided to take it in the next few months. I can completely understand one deciding to do it in this type of economy and lack of jobs. Actually more and more people are finding its not worth it, to wait for full retirement any longer. They end up taking it at 62. The majority of people I work with that are retired from all kinds of jobs, took it at 62 and don't seem to regret it at all. Its really a personal decision though.
Look at this way. You will be taking a hit but you will have a guaranteed income source every month. The younger people are really the ones I am concerned about, that have nothing to fall back on after unemployment ends. If in fact they all get that anymore.
You will be fine. Take the SS and with a part time job you will find its doable.
I thnik we have gotten away from the OP discussion which is SSI.not social securtiy based. It is a separate program from my understanding for low income;disabled or blind persons.Also different fronm disabilty under SS. I the end it really depends if one qualifies which seem strqange with the unable to find a job statement.
I thnik we have gotten away from the OP discussion which is SSI.not social securtiy based. It is a separate program from my understanding for low income;disabled or blind persons.A different fronm disabilty under SS. I the end it really depends if one qualifies which seem strqange with the unable to find a job statement.
No, I believe the posters are correct. OP is planning on applying for early retirement benefits - not SSI. He's just using the wrong abbreviation. (SSI does not pay out $800/mth and his spouse is working.)
Your right below.......I was just using the wrong abbreviation. SS/early retirement is what I meant this Thread to be about.
As far as health insurance goes, I'm a Veteran and have already qualified and been seen by a VA doctor. Having healthcare til Medicare rolls around for me is no problem with my VA in tact.
Quote:
Originally Posted by lenora
No, I believe the posters are correct. OP is planning on applying for early retirement benefits - not SSI. He's just using the wrong abbreviation. (SSI does not pay out $800/mth and his spouse is working.)
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I'm glad I don't have to worry about it anymore though. I DO love working only part time so I still have plenty of time for 'me' and whatever I want to do. And I love my job so don't mind working at all.
