I just turned 62 in December 2016. My husband is 59. I was just notified my job is being phased out in the next few months. I made less than $300 for the last two months. I am in poor health. My husband is only working part time. After losing a job and being injured. We are struggling financially. I am considering filing for benefits strictly because of financial hardship. What do you advise? Help!

Hi,

I'm sorry to hear about the problems that you're having.

You may want to consider running the maximization software available on this website before filing for benefits. But, I understand that sometimes people can't afford to wait to start their Social Security benefits later at a higher rate. You do have the option of starting your retirement benefits now, but they'll be reduced by about 25% from your full retirement age rate if you start drawing at age 62.

You mention that you are in poor health and that your husband suffered a recent injury. You may both want to look into the possibility of filing for Social Security disability benefits (https://www.ssa.gov/disabilityssi/). If you qualify, you would be able to receive your full retirement age benefit rate early in the form of disability benefits.

Best, Jerry