With Peewee decline I am going to be forced into early retirement.

ladypeewee

I just don't see any other way around it. So here's my plan. In April I am going to tell the social security office of my intent to retire I will be 62 in July. I just can't work and pay someone else to come in my home and watch my Peewee.

I had these people living in an old mobile home in my back yard. They were helping me with Peewee for Rent. However the Lady Passed away a year ago. And now the man thinks he has colon cancer.

M1

Big decision obviously, for lots of reasons.  Sounds like you're thinking it through--have you run the numbers to see what impact it's going to have for you financially over the next few years?  I'm no expert, it may be worth getting professional advice on this if you can/have time.

Ed1937

I agree with M1. You need someone who can help you with this. The Social Security office should be able to help with that.You will have to understand what the difference will be if you retire now, or in a year or two. Then you will need to have some type of understanding what it will cost you to live.

Quilting brings calm

Question- are you immediately going to start your social security?  If not, you don’t need to tell them if you retire.  I retired in December  at 62, but I’m going to delay SS. Instead I am going to take money out of my IRA for a few years.  I don’t want to take 25%+  the hit on my SS benefit. Our financial advisor agrees with this.

terei

Please understand that if you take your SS at 62, you are going to have a reduced

check for the rest of your life.  Every year that you wait til 70, you will receive 8%

per year more.   This will impact your financial life permanently.

Also, I can remember if you +PW are married.   How much is he collecting per month...is

it a lot more than you would get?  It may be advantageous for you to marry if his benefit

is/will be a lot higher than yours, since you would collect his full benefit if it is at the time 

of his death.   You should check with an expert on this + NOT the SS office.  They are 

prevented by law from giving you advice.  They can only present the facts to you, which may

not be full information to make the best decision 

David J

Ladypeewee-

Terei brought up the point I was going to make. IRS employees cannot tell you what is best for your situation. As terei said, they can only give you the facts. Unfortunately, they can get those facts wrong. Please see an accountant who knows SSA rules. 

I don’t know your specific situation, but if you retire now and need SS income you are short changing yourself.  Assuming you would get $1200/month at 62, waiting until 70 would give you $2,221/month. Also assuming Peewee is getting SSA Disability, and he made significantly more than you, it may make sense to take the spousal benefit instead of your own. Like I said, please consult an accountant. 

Dave

Rescue mom

Please please do not take what a SS or IRS employee tells you, is the best thing for YOU. Depending on what Peewee made, and/or his and your, circumstances, you may well be better off to take yours now, and then his—as spousal benefits—later. This issue depends on several factors, as some said above. What works best for many people does NOT work best for everyone,

In general, you may get less if you start taking it now, but there are many situations where you do much better to take yours now, and his later. It depends on the circumstances for the two of you,.

Quilting brings calm

The ability to take a spousal benefit and switch to your own has been eliminated for anyone born after 1954.  SS will give her one or the other. Only widows and widowers can draw on their deceased spouse and then switch to their own at age 70.

ladypeewee

Thanks everyone for the replies. Peewee and I are married have been since 1997. Peewee makes a lot more on his Social Security  Disability  than I will get on mine early retirement check.. His Check is $1188.00 my Check would be $628.00 a month. I do not have any kind of 401k. I do not  have any savings Nothing put back for retirement. I was born in 1959. I may not live to see 70. I have to Take care of Peewee Now.

Doityourselfer

Ladypeewee,

You have to do what is best for you, no doubt about that.  Sounds like you're on the right path.

Rescue mom

My DH made a lot more than I did, and collected more from SS. Our financial planner told me I should go ahead and take mine at 62 because, IIRC, I will get his benefits when he passes. And at that time, we could use that (my SS) money without tapping into other retirement funds that carried penalties. Again, IIRC. 

I don’t know how disability may play into that, or other factors, but sometimes people are not worse off for taking theirs earlier. And, as you said, as a caregiver, I often wonder if I will make it to 70. He may outlive me! 

Quilting brings calm

Have you exhausted FMLA leave yet?  I managed a final year of working by applying for intermittent leave. That allowed me to take a week or a day at a time as I needed it.  In my case I had sick time so it was paid leave, but those without could take unpaid leave.  It protects your jobs

LadyTexan

Hello Lady PeeWee. 

I retired early to care for my husband. It was a very hard decision. I struggled with it for a long time. 

You are thinking this through and thinking about what is best for your situation. That's so important as there are so many dynamics involved. 

I am sending you hugs and love.

Take care dear Lady.

-LT

Cynbar

Where do you live? Massachusetts now has paid FMLA, paid by the state. It started January 1st of this year for workers taking FMLA for their own illnesses, and will start July 1st for workers taking care of family. It's a sliding scale based on your wages with the maximum benefit being $850/wk. Not all companies offer FMLA based mostly on their size, but many do and their employees are not always aware of the benefits they could access. You can always still use any sick or vacation time during FMLA.

ladypeewee

@ Cybar

  I live in Arkansas and I work for Walmart. I have Vacation time that I am taking from Feb 14th through Feb 22nd altogether I have 80 hours of vacation time saved up. I also have 76.12 hours of sick time saved up and I have 14 hours of Personal time. I take Peewee back to his doctor the 18th and then I will know for sure what to do.

@Quilting brings a calm.

  I do have intermittent leave that I have been using from time to time but it's not that often I can take my be 5 times in 12 months,

@ Lady Texan

Thank you for the hug I needed it. I just found out that someone I work with took early Retirement and they let him work part time so That maybe an option for me.

Cynbar

Just be careful if you take early retirement and plan to work part time. Until you reach full retirement age (66 for me, may be older for you), there is a limit to what you can make before SS starts deducting a percentage from your benefit check. The SS website will give you more specific info on this.

Lynne D

Retiring at 60 was not a hard decision for me. I feel I am best suited to care for my DH and was close enough to retiring to make it work. It sounds like you feel the same. I didn’t like my last job anyway. 

From what I understand, Social Security payouts are all actuarialy based. If you draw earlier but live longer than the tables show, you win! 

Lady PeeWee, please make sure you have respite care woven into your plan, even if it is to get away for a few hours for a walk or shopping. It is only going to get harder. Take care of yourself. I admire you!

Jo C.

Dear Lady Peewee, while you are thinking about early retirement and you know income will not be great, please do find out how to get healthcare insurance for yourself; do not overlook that and let that go, it is extremely, big-time important.  While companies will offer COBRA insurance for a period of time post-employment as required, the cost is gosh-awfully hugely expensive and often not affordable.

Please do cover your bases well; there are elder law attorneys that will work pro bono for those with a lower income; you can check with your local bar association for names.

I send only the best wishes and warmest thoughts your way for all to go well and work out just right for you and your Peewee.

J.

Jo C.

ttt