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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13521
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I am 61 years old I will be 62 in June I am not able to work

Customer Question

I am 61 years old I will be 62 in June I am not able to work because I take care of my grand child since the mother has failed to get any form of financial assistance for daycare while she is at there I can start getting my social security benefits right now?i am not able to pay you now. Could you debit my account and I would pay you as soon as I get my first social security check?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

No you can not get retirement benefits now. Moreover, if you do choose to collect at the earliest age of 62, your will be choosing to have your benefit amount reduced down to about70% of your primary insurance amount - so if you were expecting to live on $1000 (PIA), you will forever be stuck with $700-750. On the other hand, if you waited til 70 to collect, you'd get 32% more - or 1320/mo (assuming a PIA of 1000). So you have some decisions to make.

From an outsider view based on your limited facts, it sounds like your child is enabled by you to be able to not secure day care for her child, because you have willingly provided it for her, scott free. This may be a costly mistake. You have 1 chance to grow your SS benefit rate that you will have to live with forever. You blow that now, you may be living in poverty forever after - and if your daughter doesn't see fit to secure other day care for her child despite the HUGE cost to you (both income you could be earning now AND a reduced benefit rate you will cause if you take before 67 or 70), then I have concerns over her willingness to make it up to you later by providing for you when you later are perhaps unable to work, which happens to many of us in our 70s+.

I realize you likely won't be paying for your information gleaned here, but I had to put it out there - you need to re-review your choices. I am also wondering, does your daughter live you and, as an adult, does she pay her share of then rent/mortgage, and who pays yours, if you have chosen to quit working? Are you spending your retirement savings prematurely? All questions you need to think about. Good luck.

Expert:  Stephanie O Joy, Esq replied 1 year ago.

Hello again. It is Stephanie Joy,checking back with you. It is month end for my office accounting - Please,if you haven't yet had the opportunity to do either of the items below, I ask that you do so now, because it is the only way I can receive credit for time spent with you. Please:

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