Early Social Security

About 73% of Social Security filers last year took their benefits early, even though they would receive larger checks if they had waited until full benefits kicked in at 66. Here’s why these folks thought it was the right decision.

Our Stories and why we took Social Security Early

Elaine Armstrong, 63
Lives in: Bradenton, Fla.

At age 62, I was laid off from my job when the small landscaping company where I worked as a bookkeeper was acquired by a Canadian conglomerate. I had $10,000 in credit card debt at the time and aside from unemployment benefits, I had no other source of income.

I live alone and, after helping my kids with their finances, I have no major savings. I had to sign up for Social Security early just to keep my head above water.

I see no jobs on the horizon for anyone, let alone someone of my age. Still, I’m looking. But I have a bad hip and a bad shoulder. It’s not like I could be a cashier at Wal-Mart and stand all day!

I’m probably not going to be homeless but it’s just going to be a struggle.

Photo courtesy of Elaine Armstrong

Daniel Ryan, 63
Lives in: Overland Park, Kan.

First, we got slammed on 9/11. It was supposed to be my first day at a new job as a marketing manager for a poster maker. After being stranded in Tennessee for a week [when all flights were grounded], I returned home to Kansas only to find an email that said the company decided not to fill the position after all. They were scared of what was going to happen with the economy.

That was just the beginning as I found myself in the world of age discrimination. Even though I had years of tech work for companies like Sony, Microsoft, etc. I was unable to get work. Then in 2005, my wife’s company decided to shut down her office. It took her 5 years to get a part-time job!

So in short, we went from making over $100K per year to $16K per year. We had to have food stamps and we filed for bankruptcy.

I realized we weren’t going to make it, and when I turned 62 I was forced to sign up for Social Security to help make ends meet. I didn’t really want to do it, but I had no choice.

Now I’m developing web sites for myself and a couple of others, but it is not enough extra income. Social Security provides me about $715 a month, and if my wife wasn’t working, we wouldn’t be able to make it.

Photo courtesy of Daniel H. Ryan

Are you being forced to take retirement early or go on Social Security soon that you had thought? Tell us your story and we will share it for you.

Ira got her first check!




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