Stretch Your Dollar: Learning about early retirement benefits

Stretch Your Dollar

(WTNH)– The economic shutdown due to the pandemic threw millions of people out of work and some into early retirement. It’s why financial experts recommend anyone even nearing retirement age become familiar with their benefits.

We are stretching your dollar with the questions you should consider asking.

For the millions of people who found themselves out of work, or under-employed, the pandemic was the unexpected we’re always told to plan for. It’s why financial experts like Paul Miller suggest everyone, especially those nearing retirement, become familiar with your benefits.

“I would get on top of it now before you retire, because once you retire, it could be a challenge,” said Miller.

Miller says social security offices are overwhelmed and many people find it hard to get answers when they need help immediately. It’s why you should seek the help early, even if you plan to continue working.

“A lot of people want to wait to 70 to get the maximum amount of money but if you don’t enroll and suspend, then your estate could lose those benefits,” said Miller.

You want to stay on top of how many credits you have, you must earn at least 40 to start collecting. Find how much you need in that “rainy day” fund to continue living the life you want, even in retirement.

Remember, this pandemic was the rainy day for a lot of families. You want to have your finances in order in case the unexpected or another downturn impacts you as it has for so many people already.

“She’s taking her benefits early because of Covid, forced early retirement, can’t get a job… these are tragic events. They’re really difficult and you’ve worked your whole life to only get two when I thought I was going to get three,” said Miller. “It’s very, very, very sad.”

Another question to consider is whether it’s more lucrative to take your own social security benefits or 50% of your spouses. All questions you don’t want to wait until the last minute to get answered.

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