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I'm 64 1/2 and had hoped to fully retire at 66, but my father's needs may change everything and I may be forced into early retirement in order to care for him in another state. Does anyone know if SS rules have any "special needs" circumstances for such a case as this. The monetary difference would be $400 per month if I retire early, which I know I will greatly need. I.E., Is there such a thing as early retirement at full retirement benefits under a special need?
One thing you could consider is go ahead and retire but once in position with your father find a part time gig somewhere. I don't know what you do for work but should you take SS early in spite of the decline in monthly difference you might still be able to make that up by continuing to work part time. Worse comes to worse you will at least have the SS income to sustain you until then.
I'm 64 1/2 and had hoped to fully retire at 66, but my father's needs may change everything and I may be forced into early retirement in order to care for him in another state. Does anyone know if SS rules have any "special needs" circumstances for such a case as this. The monetary difference would be $400 per month if I retire early, which I know I will greatly need. I.E., Is there such a thing as early retirement at full retirement benefits under a special need?
Is there any possibility that you dad can pay you for your care? Look at it this way, if he was childless he would be paying someone else to provide his care.
Other things to consider is if you are moving in with him, and he continues to pay for the housing expenses you would not be spending as much and not need as much income so (maybe) you could delay applying for SS. Can you sell your car and use his car? Maybe there are other things to do to cut expenses or earn some extra money.
There are very knowledgeable people on the caregivers forum who can help with caregiver questions.
I'm 64 1/2 and had hoped to fully retire at 66, but my father's needs may change everything and I may be forced into early retirement in order to care for him in another state. Does anyone know if SS rules have any "special needs" circumstances for such a case as this. The monetary difference would be $400 per month if I retire early, which I know I will greatly need. I.E., Is there such a thing as early retirement at full retirement benefits under a special need?
Well-- I gave up 50% of my income to help care for my parents starting in 1998 and things still worked out fine.
With the monthly $$ differance between 64 1/2 to 66, it would appear that you must have had a pretty high income. Anything saved to use temporarily or do as others suggested.
I'm 64 1/2 and had hoped to fully retire at 66, but my father's needs may change everything and I may be forced into early retirement in order to care for him in another state. Does anyone know if SS rules have any "special needs" circumstances for such a case as this. The monetary difference would be $400 per month if I retire early, which I know I will greatly need. I.E., Is there such a thing as early retirement at full retirement benefits under a special need?
I don't agree with the other posters. The way I look at it - if elderly parents need care - they should move to where you are. Not the other way around. Especially if you're still working. And especially if it means you'll have to take a financial hit to do so. Unless that is totally impossible (which it usually isn't). We didn't move to North Carolina to take care of my inlaws. Nor did we move back to south Florida to take care of my parents. I mean what were we supposed to do? Move from here to North Carolina for X years? Then move down to south Florida for Y years? Note that my late MIL first got really sick about 20 years ago - and my father is still alive - at age 97.
Also - what kind of care does your father need? What do you think you'll have to do? When you're in your mid-60's - it's not so easy caring for people (from a physical POV). I suspect there's a good possibility you're looking at a situation where your father is still in his old house - and it is not easy/possible for him to deal with living there anymore. If that is the case - the odds are that your presence alone won't solve the problem.
Note that even if you find a job in your father's area - unless it pays as well as the job you have now - you may wind up with lower SS benefits at full retirement age. Robyn
When you say you will be "forced into early retirement to take care of him," does that mean you must provide for all of his financial and physical needs from now on. Have you 'simply' decided you are the only solution, without looking at other alternatives? While it sounds noble, caring for an elderly person (likely with dimentia and other physical needs), quite often proves to be more than a willing family member is able to handle. If so, you could wind-up retired, with a lower SS, worn-out ... and still unable to properly care for your father. Will you have a support structure of any kind where he is located?
The question that probably deserves closer scrutiny is: "What if was simply impossible for you to suddenly retire and move to where your father is, to take care of him from now on?" There are always alternatives! -- Could he move to an assisted living or nursing home facility near you? Could you have him in your home and seek home healthcare services during the daytime?
Check with Eldercare in your area and your father's area for possible alternatives. I'm sure you have thought this through, but, you may be too close to the situation to objectively consider the alternatives.
Does your father receive SS and/or have any income or resources? If He has resources, can you use those to provide care for him(and yourself, in the process) ... for at least 18-months until you are eligible for full SS? If he has no resources, he will likely qualify for Medicaid assistance in a nursing home or home healthcare services.
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