Early Soc Sec Because You Can't Find A Job? (collect, file, receive)
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Has anyone been forced to take their Social Security at 62 because they can't find work?
I'm thinking of it. I'm 62 and was hoping to work til I'm 70 so I would receive a benefit I could live on. Then my company closed in January and I haven't been able to find a thing.
I really hate to do it but it may be the only thing to keep me going until I find something. At my age it's going to be a struggle. I know I could pay them back if I find something and that if I work past the $14,000 limit the money they withhold will be applied at full retirement. Or at least I think so; I'm a little unsure.
Many have been forced to collect SS much earlier than their retirement date. In my opinion, collecting Social Security early is far preferable than depleting your savings. You can always pay it back if you find a job.
Has anyone been forced to take their Social Security at 62 because they can't find work?
I'm thinking of it. I'm 62 and was hoping to work til I'm 70 so I would receive a benefit I could live on. Then my company closed in January and I haven't been able to find a thing.
I really hate to do it but it may be the only thing to keep me going until I find something. At my age it's going to be a struggle. I know I could pay them back if I find something and that if I work past the $14,000 limit the money they withhold will be applied at full retirement. Or at least I think so; I'm a little unsure.
Anyone else in this position or have any info.
Thanks.
From all that I have been reading, it is becoming more and more common. Apparently, age discrimination has increased rapidly in the last few years.
Unfortunately for me it's not an option as a. I'm only 58 (nearly 59 tho) and b. I've only JUST completed my 40 quarters so SS wouldn't be even close to a survivable amount (even given the added recipricocity of an Aussie "pension" which doesn't kick in fully until 65 anyway).
Unfortunately for me it's not an option as a. I'm only 58 (nearly 59 tho) and b. I've only JUST completed my 40 quarters so SS wouldn't be even close to a survivable amount (even given the added recipricocity of an Aussie "pension" which doesn't kick in fully until 65 anyway).
That's my problem. It's not a survivable amount; I would need at least a 20 hr a week part-time job to get by, that's why I was hoping to wait as long as possible. Right now I can combine it with UE but after that???? And what do I do when I'm 80 and maybe can't work at all?
It may be my only option tho and I should be grateful I have at least that. I know there are plenty of people who don't have the option and a family to support.
Social Security isn't a survivable amount for most people. There are many seniors who are also on food stamps, energy assistance and a combination of Medicare and Medicaid and occupy low income housing in very nice areas. These are very nice, formerly middle class people. You should explore and utilize all public assistance available to you and don't hesitate a minute to do it. Start by familiarizing yourself now with these options so you know where you stand and aren't depleting your cash unnecessarily. Be sure any assets in cash are in retirement accounts so you are not disqualified from receiving assistance. Cash and assets outside of those accounts can be a problem beyond a certain amount. Do not exaggerate the value of anything you have just because you think it's worth something.
You can't afford not to avail yourself of every bit of assistance out there, and there is no shame in that these days. They are rakin' it in on Wall Street with no clue to the damage they have caused. If you have to file bankruptcy to get out from under, do it; if you have to apply for public assistance, do it; if you have to file early for Social Security, do it; if you are renting, explore low income housing and if you find a location you like, get your name on the waiting list. You can always decline if your name comes up. Best always to plan for the worst and hope for the best. For many people, this is your granddaddy's Great Depression and it is going to go on for a long while.
Last edited by Ariadne22; 10-15-2010 at 05:36 PM..
Social Security isn't a survivable amount for most people. There are many seniors who are also on food stamps, energy assistance and a combination of Medicare and Medicaid and occupy low income housing in very nice areas. These are very nice, formerly middle class people. You should explore and utilize all public assistance available to you and don't hesitate a minute to do it. Start by familiarizing yourself now with these options so you know where you stand and aren't depleting your cash unnecessarily. Be sure any assets in cash are in retirement accounts so you are not disqualified from receiving assistance. Cash and assets outside of those accounts can be a problem beyond a certain amount. Do not exaggerate the value of anything you have just because you think it's worth something.
You can't afford not to avail yourself of every bit of assistance out there, and there is no shame in that these days. They are rakin' it in on Wall Street with no clue to the damage they have caused. If you have to file bankruptcy to get out from under, do it; if you have to apply for public assistance, do it; if you have to file early for Social Security, do it; if you are renting, explore low income housing and if you find a location you like, get your name on the waiting list. You can always decline if your name comes up. Best always to plan for the worst and hope for the best. For many people, this is your granddaddy's Great Depression and it is going to go on for a long while.
Thanks, I really appreciate the help. Bankruptcy has already been done. I'm going ahead with the Social Security and will be checking out all options you mentioned as well. And I'll keep looking for work.
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