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Old 01-19-2011, 03:46 PM
 
Location: On our boat!
5,682 posts, read 10,504,262 times
Reputation: 3197

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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.
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Old 01-19-2011, 04:45 PM
 
Location: Los Angeles area
9,323 posts, read 7,269,587 times
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I had an engineer friend who took early Soc. Sec. retirement at age 62 because he had been unemployed for several years and was running out of savings to live on. This was some years ago before our economic meltdown of 2007-2008, but engineering is a feast or famine occupation from what I understand. Since he had a house that was paid for, he is O.K. despite the reduced amount. He lives very frugally.
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Old 01-19-2011, 05:52 PM
 
Location: Boca Raton, FL
4,052 posts, read 5,149,021 times
Reputation: 3631
Smile Several

My husband is a CPA and has had several clients applying for SSI at 62 due the conditions you describe.

It is a true shame. These clients do not want to take it early but are forced to. They, like you, cannot find employment at all.
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Old 01-19-2011, 05:54 PM
PDD
 
Location: The Sand Hills of NC
5,942 posts, read 6,221,649 times
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I retired early at 60 on disability because I was finding it more difficult to put in a full days work with the pain I was having in my hands, ( I was a tradesmen) I went to see SSI and they sent me to their doctor to diagnose my pain and when it was discovered I had arthritis in my hands they put me on permanent disability.
I was given the full amount that I was due to receive at 66 on full retirement and when I reached 66 I went from receiving disability payment to receiving full retirement benefits.
These disability payments were the first time in 40 years that I asked for any type of assistance so I don't feel I cheated any system. I paid for benefits and when I needed them I applied.

If you are unable to perform your former work perhaps you can apply for disability.

I certainly would have traded the disability payments to be pain free and able to work full time but that's not how things work out sometime.

FYI SSI encourages you to work even on disability so you can do some part time work without losing benefits.
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Old 01-19-2011, 07:01 PM
 
Location: New England
12,386 posts, read 8,620,077 times
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You are able to make something like $14K-$15K per year on top of your early social security payments. Call your SSA office and find out the amount. Check out if it is true that at full retirement age, you can then make as much as you want. Best wishes, something good will come up for you.
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Old 01-19-2011, 08:42 PM
 
Location: Los Angeles area
9,323 posts, read 7,269,587 times
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Quote:
Originally Posted by newenglandgirl View Post
You are able to make something like $14K-$15K per year on top of your early social security payments. Call your SSA office and find out the amount. Check out if it is true that at full retirement age, you can then make as much as you want. Best wishes, something good will come up for you.
I can confirm this is correct. The Soc. Sec. website tells us that the earnings limitation for 2010 was $14,160. After full retirement age (66 if you were born 1943 to 1954) you can make as much as you want without having benefits withheld. But if benefits were withheld before retirement age, they are not permanently lost; you get them back in the form of higher benefit amounts after you reach full retirement age, although I don't know how many years it would take to recoup the losses completely. Sorry I don't know offhand the 2011 earnings limitation, but I suspect it may be the same as 2010 because there was no COLA for 2011.
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Old 01-19-2011, 08:51 PM
 
Location: Arizona
410 posts, read 390,261 times
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Quote:
Originally Posted by PDD View Post
I retired early at 60 on disability because I was finding it more difficult to put in a full days work with the pain I was having in my hands, ( I was a tradesmen) I went to see SSI and they sent me to their doctor to diagnose my pain and when it was discovered I had arthritis in my hands they put me on permanent disability.
I was given the full amount that I was due to receive at 66 on full retirement and when I reached 66 I went from receiving disability payment to receiving full retirement benefits.
These disability payments were the first time in 40 years that I asked for any type of assistance so I don't feel I cheated any system. I paid for benefits and when I needed them I applied.

If you are unable to perform your former work perhaps you can apply for disability.

I certainly would have traded the disability payments to be pain free and able to work full time but that's not how things work out sometime.

FYI SSI encourages you to work even on disability so you can do some part time work without losing benefits.
Sometimes, good things happen to good people!

I am happy that someone recognized right away that you had a disability that would prevent you from performing your job/trade. Many are not quite so lucky.

In 2003/2004 I had carpal tunnel surgery on both wrists and trigger finger surgery on almost all of my fingers. My surgeon did not feel that this was a disability. So, he would not support a disability claim.

I worked as an accountant for a real estate development firm in Phoneix. It was so difficult to use a computer & write with my stiff fingers. I had to adjust by resting my time on the computer and changing my writing style. Still very painful, but was able to function at a lessor degree.

In 2005, my daughter asked me if I would leave Phoenix and go with her to a new job opportunity in Ohio. I was 62 years old and there was nothing holding me in Phoenix. I applied for my ex-husbands benefits. I was told by the SS worker that I would receive more money under my ex's benefits at age 62 than I would receive drawing my own at age 66. I applied for the benefits, sold my home and other real estate holdings and left Phoenix.

If, I had waited just a year or two later, it would have been a different story. I would have been without a job and lost all of the equity in my real estate holdings. Yes, sometimes good things do happen to good people.

Love Boating - I don't think it is a bad idea to apply early for your SS benefits. You seem to have great experience and work ethic.

There are many major food chain grocery stores that are expanding. I see many older & disabled people working as baggers. A good way to start and perhaps moving into purchasing. Also, there are some small manufactors looking for dependable people. Amazing in this environment, but the young are still not dependable.

Just keep on a "truckin". It will get better for you.
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Old 01-20-2011, 08:15 AM
 
Location: On our boat!
5,682 posts, read 10,504,262 times
Reputation: 3197
After the hip replacement and shoulder (rotator cuff) surgeries, I had no big problems at my last full-time position as a Materials Coordinator of 4 1/2 yrs. At that position, I had my own office/computer plus would assist the Materials Handler (warehouseman) check in incoming stock and pulling some orders. The heaviest thing in the warehouse was around 40 pounds, so lifting didn't affect my hip or shoulder.......and I didn't do it all day long. My main job was doing computer work/data entry in my office. I had ankle surgery (plate/2 screws) by in 1988 from a motorcycle accident. I can't stand in one spot for a long period of time or walk a lot without the ankle "talking to me" (aching). So, my "warehouse working days" are basically over and that is fine with me. I love office/computer work! One thing is fact, if I get an offer for a job that requires a pre-employment physical, my ankle, hip and shoulder surgeries will come out and many companies don't want to take a person with those previous surgeries. My last supervisor said nothing to me about my ankle surgery (pre-employment physical report) or after I had my hip and shoulder surgeries but I had been working for him and he knew I could continue my job. Getting a new job with these past surgeries is different story.
My wife likes me at home with her at nights, so any kind of nighttime work is out. And, weekend work is out as well. We both got very spoiled working only during the week and that is the way we like it. That does put a limitation on some jobs that I could take, but we have agreed that "weekends are for us to enjoy together!".
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Old 01-20-2011, 09:19 AM
 
Location: In the real world!
2,169 posts, read 5,516,586 times
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Right now I am getting long term disability from my former employer. They are pressing me to apply for SS disability and I probably will have to in the next few months or loose this company disability. I don't know if my doctor would consider this a permanent disability or not since I just got a diagnoses and started treatment (medication) so I told them it is to early to apply for SS disability... lets see how I respond to the medication...

I have about 18 months until I turn my full retirement age so I am hoping I can hang on some kind of way until then but if I am no longer able to draw this disability, I may be looking at early retirement. I just don't see anyone hiring someone my age with the problem I have, while it is treatable, it can come back full blown at any time and again, leaving me unable to work again.

I would lots rather this just go completely away and I get my job back and work until I am to old to work any longer. This is the first time in over 35 years that I have actually been unemployed and I HATE it!
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Old 01-20-2011, 12:55 PM
 
Location: Las Vegas
8,412 posts, read 14,337,714 times
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I'm sure lots of people are doing this. I plan to sign up the minute I am eligible.
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