Ask Terry Questions Retirement, SS, SSDI

Retirement, SS, SSDI

By Terry Savage on September 26, 2023 | Wild Card

I hope this doesn’t sound like a soap opera so I’m trying to condense. I was let go of my job of 22 years at 59 1/2, got SSDI while replacing 4 joints, now 66 and have aged out of SSDI. I’m working for $16/hr as the parts coordinator at a car dealership and truly enjoying the job. My partner makes 250k and has always insisted we pay equal amounts on all bills, which I have done, topping out at a salary of 78k then. I am still expected to pay half at my current salary.
I have a retirement account that is quickly being depleted taking out 2k/mo. to cover my half, which is why I found a job. I want to postpone SS like you recommend but a recent back issue has kept me off work for two weeks and I fear my attendance will be occasionally affected by problems, leaving me to fear the loss of income from SS.
We owe 28k on the house which I want to pay off, but am not getting cooperation. That would allow me to reduce my monthly stipend from my retirement, but leaves no room for medical time off. Working full time pretty much equals what I was getting from SSDI.
How long do I have to deny my SS, and how do I opt out?
How long after I re-apply will I see payments?
I’m hoping to make it to at least 67, but hope for 70 to have to accept SS.
Should I push to pay off the mortgage?
Approximately what percent is the increase at 67 and 70?
Terry, I so appreciate your expertise and you taking the time to guide me through this. I’m kinda scared here.

Terry Says

I mean this sincerely: I think you need a relationship counselor (or a domestic relations attorney) more than a financial advisor! Your “partner” is not being fair. So why do you stick around? With only your income, you could get subsidized senior housing, food stamps, and Medicaid. Net/net it seems you might be better off alone! What are you getting out of this “partnership”?
Do you own the home with your partner? Is your name on the title? On the mortgage? Is your partner’s name on the mortgage or title?

I’m distressed at this situation. When you receive an email saying “your question has been answered” please reply to it and give me more details if you want more specific advice.



a personal
finance question