rubbermaid
Confused about dryer sheets
Hi, female, no money & should I take Social security income leveling option? Help!
Would greatly appreciate any advice here.
I'm eligible in a few months for a monthly pension of $616 with a 3% annual COLA, at age 60.
My estimated SSA award is $1408 at age 66.
I will be taking the pension, but am trying to figure out whether or not I should take the Social Security income leveling option my company offers based on using my age 66 Social Security benefits in calculation.
I'm single and hispanic with some college but no degree or dependents. I had to quit my job 11 yrs ago to take care of both my elderly parents with dementia who became bedridden. I lost all property in the recession and haven't had any income the past decade. I had a family obligation. I basically moved into my parents house and took care of them using their income which just covered them and me and lasted until both died. My dad was the last to die this past summer. Since then, I've been clearing out their house little by little to prepare it for sale. The sales have enabled me to keep the lights on while working on the house which I anticipate being able to sell this summer/spring. The house ownership passed to my sister, and she will receive the money when the house sells. So, I have no income and no assets except $1,000 in a Roth which is unavailable to me for several more years.
No matter what I do, I know that I will have to find a job to supplement whatever retirement income I have from age 60 on. I'm literate but unable to return to past occupations and can't do general labor due to physical limitations, so I'll have trouble finding more than minimum-wage jobs. I can count on having maybe ten more years before I become unable to work due to my health and physical condition. I also lost past eligibility for Social Security disability due to being out of the normal work-force so long.
Yet, after 10 years, my life will finally be my own again. I'll either be living out of a van or finding a cheap room to rent for $300/mth once I sell and vacate the house (local living costs are low here).
My dilemma is whether or not to take the Social Security level income option when I retire shortly, or not? I've seen debilitating old age up close, and it's not for me. I may have to depend on medicaid right now, but I anticipate checking out of the hotel myself before I need personal care.
I'd appreciate any suggestions or perspectives anyone has concerning my situation. Thank-you!
Would greatly appreciate any advice here.
I'm eligible in a few months for a monthly pension of $616 with a 3% annual COLA, at age 60.
My estimated SSA award is $1408 at age 66.
I will be taking the pension, but am trying to figure out whether or not I should take the Social Security income leveling option my company offers based on using my age 66 Social Security benefits in calculation.
I'm single and hispanic with some college but no degree or dependents. I had to quit my job 11 yrs ago to take care of both my elderly parents with dementia who became bedridden. I lost all property in the recession and haven't had any income the past decade. I had a family obligation. I basically moved into my parents house and took care of them using their income which just covered them and me and lasted until both died. My dad was the last to die this past summer. Since then, I've been clearing out their house little by little to prepare it for sale. The sales have enabled me to keep the lights on while working on the house which I anticipate being able to sell this summer/spring. The house ownership passed to my sister, and she will receive the money when the house sells. So, I have no income and no assets except $1,000 in a Roth which is unavailable to me for several more years.
No matter what I do, I know that I will have to find a job to supplement whatever retirement income I have from age 60 on. I'm literate but unable to return to past occupations and can't do general labor due to physical limitations, so I'll have trouble finding more than minimum-wage jobs. I can count on having maybe ten more years before I become unable to work due to my health and physical condition. I also lost past eligibility for Social Security disability due to being out of the normal work-force so long.
Yet, after 10 years, my life will finally be my own again. I'll either be living out of a van or finding a cheap room to rent for $300/mth once I sell and vacate the house (local living costs are low here).
My dilemma is whether or not to take the Social Security level income option when I retire shortly, or not? I've seen debilitating old age up close, and it's not for me. I may have to depend on medicaid right now, but I anticipate checking out of the hotel myself before I need personal care.
I'd appreciate any suggestions or perspectives anyone has concerning my situation. Thank-you!