Can I Retire At 62 And Still Work

by Pension Forecast

Laura asks…

Can a 62 year old collect social security benefits if they are still employed full time?

I‘m trying to process an application at work and it says she receives $551/month in soc sec benefits, is age 62, but receives a $6600/month salary. Do you think the soc sec is an error and it won’t start until she retires in a few years or is it possible to get it at the same time still working?
She’s actually 61 will turn 62 later this year if that makes a difference…don’t know if 62 is the minimum age to qualify in which case she’d not be receiving any right?

Pension Forecast answers:

Persons who start social security, at 62 will get a reduced amount of benefits. Yes, they are fully allowed to continue working, but have to report the wages. If they make over a certain amount, their benefits are also reduced. Has nothing to do with being full time or part time, has to do with the amount. With that amount of salary, it seems like she would not have any benefits left.

Carol asks…

Collecting Social Security at 62 or 66?

I am at odds at what to do when I should start collecting my SS. I have had two different financial advisors say exactly the opposite about when to collect. The one I side with is to collect at 62 for the reason that I will not be working. My wife will still be working making enough money for both us to live comfortable. My original intent was to wait until she retires. However the point is I can invest all the money I collect from SS. Investing with moderate aggression. Thus making the potential break even at about 15-20 years. If that is the case why put it off? The longevity isn’t a factor as I have plenty in retirement savings so I may as well take advantage of collecting as soon as possible and invest it. For those who disagree with this. Convince me otherwise.. Please.I am 60 now and have plenty of time to plan.
Isn’t the ability to return all your SS that is collected early and returned at 66 so you can collect the larger amount going to go away in another year? I heard there was a bill in Congress to do away with that option and was likely to pass????

Pension Forecast answers:

A friend of mine just had a similar situation and decision to make a few months ago. He opted to collect sooner at 62-1/2 as he was putting it off until 66. His financial person convinced him to invest his SS now since he didn’t need it and he would be much further ahead of the game and with the SS being in a mess, why not get what he can now, invest it, and not worry about how long it will take to break even if he waited. He was advised that his break even point would be when he reached 78-80 depending on where he invests. He doesn’t expect to have a quality of life by that age with his health so it was a no brainer for him to collect as soon as he could.

Good luck. I would collect at 62 in your case. It’s a flip of the coin. I agree that advisors are all over the place with this and it’s really an individual case especially if married.

One scenario is where you would wait is when the spouse doesn’t have much coming when they reach SS age. It then would be the best thing to do is wait as long as possible for the higher SS earner to get the highest possible amount then the spouse can get half of your SS figure once she applies as long as you have applied for it. So that is a big decision breaker.

Richard asks…

If I get PH.D (electric engineering) at 56 years old – can I be hired as an assistant professor at University?

I am an 52 year old electrical engineer. I thought about what to do after I retire, and I came upon an idea that I want to teach at the University level. So I started a PH.D program this semester, but I am not sure how realistic my dream is. When I complete the Ph.D program, I‘ll be 56 years old (if I am lucky, since I am still working full time as an engineer). I want to start teaching as a lecturer for another 5 years part time (56 to 61), then I retire at my company and continue to teach for next 10 – 12 years as a full time professor. Is this realistic plan or am I a complete nuts dreaming a pipe dream? Do Universities hire 56 – 61 years old people to begin with? Can I become a professor at the age of 61 or 62?

Pension Forecast answers:

I went back to school in my mid-40s & got my PhD in Finance at age 49 (from Berkeley). I had trouble getting a tenure track position — and suspect that my age had something to do with it.

On the other hand, universities liked the fact that I had real world experience and thought I would be good in the classroom. I worked for I-Banks in research for over ten years before going back to school. Because of this, I was able to get a series of great visiting positions (MIT, Wharton, Maryland). Some schools have long-term, non-tenure track teaching positions. I hav eone now.

Your industry experience may help you land that kind of a job.

Good luck. It isn’t easy.

Lizzie asks…

MY DAD WONT GIVE US ANY MONEY AND STILL COMPLAINS?

Well There is 6 people in the family, and I‘m 17 years old, my mom does not work she’s a house wive, my dad retired he’s 62 now, I‘m not allowed to work now neither are my sisters, I‘m not allowed to drive too, I can‘t go to my friends house and I nvr get money from him, my mom can‘t do anything about it, everytime I ask for money from my dad he’s always like “I don’t have” or he gives me a dollar, IM LOOKING FOR CLOTHES THERE ISNT FOR A DOLLAR DAD! But he says he doesn’t have, I really can‘t get lipy with him bc then I‘d get in HUGE trouble, and I‘m not even allowed to go out, this goes to all my sisters too! I asked my dad today “I want to go to the mall tmro” he goes like “YOU GIRLS ARE ALWAYS TAKING MY MONEY” he isn’t drunk he never drinks, and he isn’t on drugs he’s always home!! I understand my dad doesn’t have money, but still either he needs to work, or me and my sisters work! But he wants none of that!! I‘m getting so fad up! I‘m depressed! I cut myself, I‘m so self concious! I get toschool and every girl is talking about the new fashion and I sit there confused!! They are so out going they are freaking smart! I don’t even have cable at home, I‘m feeling so choked, I can‘t get money at all WHAT SO EVER!! I‘m always bringing this up to my dad, but he’s always like “I HAVE NO F MONEY” idk what to do anymore’ I feel bad for my sisters! I feel for them! It’s killing me! Wat should I do???? I know that no one here can help me, but I just feel like letting ths out..

Pension Forecast answers:

Happiness is an attitude to life that you must always keep in mind. It is much more than an emotion or feeling. To be truly happy, it is very easy; just follow these steps
Remember that nothing they can say should hurt you. You decide if you want to be hurt.
You are the owner of your life. You should not depend on anyone emotionally.
Remember that life is simple, but we humans make it complicated.
It is not about having the best home, or the latest phone model, it’s about being happy with yourself.
Do what you please, but without hurting others.
Start by enjoying the most trivial pleasures, like a delicious snack or a good movie
Let us fight for a better life without feeling self-defeated.

Steven asks…

Loved Yet Resented Can it Work?

I have a painful neurological and degenerative bone disease that at 56 keeps me in a wheelchair. I can still feel my husband of 30 years love but most of the time it is plain he resents the extra work it causes him not to mention the lack of a sex life. Talking about it makes him feel angry then guilty no matter how I approach it. We tried counseling and he takes an antidepressant and I am feeling like a burden more and more. I don’t want us to end up like his parents. His Mom had MS and he spent his retirement taking care of her. The thing is if I leave now I worry about his being alone he is 62. He retires next year. Should I wait and see if it gets better? I think he will resent me more. Anyone else been through this? I don’t want to end up hating each other after all these years but I don’t want to be one of those old couples you see fighting at the store either. I know I won’t meet someone else but maybe he still can. We have 2 adult kids and 5 grand-kids but I think he would lonely and alone without me. It is such a conundrum.

Pension Forecast answers:

Definitely wait and see. When he’s retired he may be happier to do things for you as he’ll still have plenty of his own time for whatever he wants.

If you don’t really want to leave him but are considering doing so because you think it’ll be better for him doesn’t he have a say in what is better for him? If you’re still serioulsy considering leaving him for his own good then talk to him about it. See how he responds to your encouragement to go and find another partner and enjoy his retirement. If he loves you then he’ll probably be shocked that’s how you feel and he’ll help you to see that really he wants you to stay.

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