QUESTION:

can i retire?

i am 57 and have no hope that i can retire. i have no pla2n savings. i am still paying a mortgage, car payment and am living from paycheck to paycheck. my spouse is retired military and still works seasonal work. my health is failing and it worries me that i may not be able to work much longer. i believe i can collect ss at 62 but not sure. can you give me options.
asked by sandramillett, 5/3/2008
Categories: Retirement Income, Financial Planning for Retirement, Pre Retirement, Social Security, Retirement Investing
ANSWERS:
Answered by: Editorial, 05/08/08
Overall Rating: Be the first to rate it.

In general, most people can start Social Security at age 62. However, your monthly payments will be less than if you delay until your maximum retirement age.

-- To determine your maximum retirement age (the age at which you could maximize your monthly income), please visit:
http://www.ssa.gov/retire2/agereduction.htm

-- If you would like more information about the many benefits of working when you are of retirement age, continue here: http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx

-- Learn more about the benefits of delaying Social Security here:
http://www.newretirement.com/Services/Social-Security-Benefits.aspx

I would also encourage you to look for ways to eliminate your mortgage. Have you considered downsizing your home or a Reverse Mortgage?

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