Social Security early
I am 62 years old and was diagnosed 2 years ago with cancer (ovarian) that does not have a high survival rate. It has come back twice already. I know you never, ever recommend getting social security early, but given my health, I don’t expect to make it to the ideal age to get it. In my situation, do you think it would be ok to to start it at 62? Obviously, I have enough credits and am eligible. Thanks for any advice you can give.
Terry Says
Absolutely, given this unfortunate circumstance, you should start to collect immediately. You don’t say what health insurance you are using, so I’m assuming you might still be employed. Just so you know that your lower, early benefit will be reduced by $1 for every $2 you earn above $23,400 in 2025. But if you need the money now — even that half-benefit (assuming you are still working), you have my blessing to go ahead and take SS.
Now, you didn’t ask, but I’m quite sure with this serious condition, you must have organized your life, and created healthcare powers of attorney and a living will — and of course a will or revocable living trust. But if you have questions about any of those things, please respond privately to the email you receive saying your question has been answered.