• Question
  • Early retirement at age 60

    Asked on 4/2/2008

    I am unemployed, unable to find employment and have no income except what I receive monthly from a roomer. I am at my wits end. Am I eligible for retirement benefits at the age of 60. I will be 61 in October, 2008.

    Thank You
    Mary

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  • Categories: Out of Money, Social Security, When to Start?

Answers

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  • You probably will not be able to take Social Security until you are 62 -- and if you take it at 62, then you will be taking early retirement -- meaning that your monthly benefits will be less than what you could receive if you waited until age 65.

    I would encourage you to continue a search for employment. Many retirees find that even very low paying jobs provide financial help as well as social and intellectual benefits.

    You might try this Social Security Calculator to determine how your monthly benefits would be impacted by taking early retirement.
    https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx

    And, you can find more information about retirement jobs and working as an older adult, here:
    https://www.newretirement.com/Services/Working_In_Retirement.aspx

  • Login to rate this answer:   Answered on 4/3/2008
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.