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Subject:  Start taking from savings or file for early SS Date:  6/11/2004  5:29 PM
Author:  susanmb Number:  41191 of 76079

I have a quandry. I'll be 64 in a week and cannot get my full SS until I'm 65.5 years - a year and a half away. My job went away the end of Jan. My serverance pay is gone and I have 17 more weeks of unemployment. A health related issue precludes the likelyhood of getting another job anywhere near comparable to my previous job (50 - 60k/yr)- or, as far as that goes, any job right now based on the number of people looking compared to what's available out there.

Would I be best served to apply now for my early SS in the lower amount and supplement that from my savings (only around $250k with currently about $100k equity in my house if I could/would sell that - not desirable - or would it make more sense to begin taking what I can scrape by on from my savings when my unemployment is depleted and hold off on starting my SS for a year and half when I can get the full amount? Either way I go, it's a zero-sum game, but the difference in early withdrawal of SS, as opposed to waiting to get the full amount is around $400-500/mo according to the schedule SS sends me periodically.

Which is the lesser of the evils? I'm at the point of brain-lockup from thinking about it.

Thanks,
Susanmb


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