UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next
Author: susanmb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Start taking from savings or file for early SS Date: 6/11/2004 5:29 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Reestablishing the Middle Class
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement