Real Answers for Life’s Money Challenges
I will be 62 in November and right now times are tough.
Is it possible to take Social Security temporarily and then stop it when things begin to move again?
I was thinking of maybe just taking it for a short time, through early summer 2021.
About 80% of my business are clients who travel.
But youll also have to pay back all the Social Security money youve received.
So Id urge you not to take this approach if at all possible.
The problem is that we just dont know when well get back to normal life.
Id love to think it will happen by summer 2021, but Im not especially confident.
Many people will still be recovering financially, so we may still be vacationing less.
Getting the biggest possible benefit upfront is your best defense against rising living costs.
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Unfortunately, though, a lot of workers find themselves in the same predicament you do.
The average monthly Social Security retirement benefit in 2020 is just over $1,500.
Yours would probably be lower because youd be claiming as soon as youre eligible.
But lets use the $1,500 average for arguments sake.
Is there any other way you could earn $1,500 a month?
Could you replace some of your pet-sitting income with other gig work, like grocery delivery?
Could you put your skills with animals to use by working at a vets office?
Did you know?
Id also look into other non-Social Security benefits you may qualify for.
None of these is likely to be a silver bullet.
Because of your age, you wont get hit with anearly withdrawal penalty.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
Send your tricky money questions to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
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