Retirement
I am 60 years old widow and I am still working and would like to retire. I received my husband‘s pension every month and I also have a pension. Not sure if I should keep working or retire early and live off the pensions? With both pensions, it would be $2,200 a month. my second question is everyone says claim your Social Security at 62 what is the downside in the upside of collecting early?
Terry Says
Do NOT collect your SS early! There is a big long-lasting penalty of reduced payments. Please wait until your full retirement age to collect if you can afford to do so. AND, since you are still working and have earned income, you are additionally penalized $1 for every $2 earned above this threshold –$23,400. And your benefits could also be taxed if you earn above a certain level. Just don’t do it!!
