Claiming Social Security before full retirement age (FRA) has consequences – namely, that you’ll get stuck with a lower monthly benefit for life. That’s why some seniors expressly aim to wait until FRA to file for benefits to avoid that fate.
But what if you’re forced into early retirement? You may have every intention of working into your late 60s or early 70s, only to find yourself out of a job by age 62. At that point, you may feel you have no choice but to claim Social Security in order to pay your bills and avoid depleting your nest egg.
Actually, you may have some options for holding off on Social Security even once your job-related paycheck is yanked away ahead of schedule. Here are some worth looking at.
Explaining Social Security, TLDR edition: The 8 things you should learn about your benefits
1. Get a part-time job
You might struggle to find a full-time job if you’re laid off at work or if health issues prevent you from working 40 hours a week or more. But that doesn’t mean you can’t work on a part-time basis.
These days, the workforce is growing increasingly flexible and remote, so you may have more options for finding a job that’s easy to manage, even if you’re grappling with limited mobility. If you’re able to secure a high-enough paycheck, you might manage to get by for a while on that income alone, thereby letting your Social Security benefits grow.
2. Downsize your lifestyle
Losing your job could force you to immediately claim Social Security – unless…
