Should I claim Social Security at 64 after job loss? Only earning $600/month while caregiving for sister

That's such a hard spot to be in! I'd take the SS now if I were you. Bird in hand, you know? You're already 64 so it's not THAT early. Plus if you're spending retirement savings, you're just losing money anyway. I had to make a similar choice last year at 63 after my company restructured. SOMETIMES YOU JUST GOTTA DO WHAT YOU GOTTA DO!!

Your situation requires careful consideration of several factors. At 64, you're about 2-3 years before your Full Retirement Age (FRA), depending on your birth year. Taking benefits now means a permanent reduction of approximately 13.3% to 20% compared to your FRA benefit amount. However, there are legitimate reasons to consider early filing in your case: 1. You're depleting retirement savings that could be earning compound interest 2. Limited income prospects despite strong qualifications 3. Current caregiving obligations limit employment options Have you created a break-even analysis? This would show at what age waiting for higher benefits would mathematically overcome taking reduced benefits now. Typically this break-even point is in the late 70s to early 80s. Also, have you looked into local Area Agency on Aging resources? They might have programs that could compensate you as a caregiver even if your sister is resistant.

my cousin was in almost same spot last yr. shes 63 and was taking care of her mom. she ended up taking ss early + doing doordash on weekends when her niece could watch her mom. not ideal but she said the stress of no money was worse than taking a cut in benefits. good luck whatever u decide.

Is the $1544 what the SS website calculator shows? Make sure your earnings record is accurate because I checked mine last year and they were missing THREE YEARS of my work history!!! Had to send in W2s to prove it. Could make a big difference in your payment.

The part about your sister refusing to let you get paid as a caregiver really bothers me. That's not right. If you're providing care that would otherwise cost thousands monthly, that's WORK and should be compensated. There are programs through Medicaid (depending on her assets/income) where family caregivers can be paid. You should look into that regardless of what she thinks. As for your SS question - have you considered claiming now BUT continuing to look for work? If you find a good job, and earn above the earnings limit ($22,320 in 2025), benefits would be reduced, but you'd get credit back when you reach FRA. Basically gives you income security now while keeping options open.

One important aspect to consider is that the Social Security earnings test would apply until you reach your Full Retirement Age. For 2025, you can earn up to $22,320 without any benefit reduction. Above that amount, SSA will withhold $1 in benefits for every $2 you earn. However, there's a critical detail many people miss: these "withheld" benefits aren't lost forever. Once you reach your FRA, your monthly benefit will be recalculated to credit you back for the months when benefits were reduced or withheld. Regarding your caregiving situation, many states have Home and Community-Based Services (HCBS) waivers through Medicaid that can pay family caregivers. These programs vary significantly by state, and your sister's financial situation would determine eligibility, but they're worth investigating regardless of her initial resistance.

Try calling social security to discuss your specific situation. I spent THREE DAYS trying to get through last month only to get disconnected each time!!! So frustrating!!! Finally used a service called Claimyr (claimyr.com) and got through to SS in about 20 minutes. They actually call SSA for you and connect you when an agent answers. Saved me hours of hold time. Check out their demo: https://youtu.be/Z-BRbJw3puU The agent I spoke with ran calculations for different claiming scenarios which really helped me decide. Much better than guessing or just using the online calculator.

To answer your question about break-even calculators - yes, the SSA website has tools, but they're somewhat basic. I recommend using a more comprehensive calculator like Open Social Security (free) or maxifi (paid) for a more detailed analysis. These can help you determine the optimal filing strategy based on your specific circumstances. Another important consideration: Have you checked if you qualify for any other benefits? Given your current low income, you might be eligible for assistance programs that could help you delay claiming Social Security. This could include SNAP (food benefits), utility assistance, or other local safety net programs. One more thought - since you have teaching qualifications, have you considered online tutoring platforms? Several pay $15-25/hour with flexible scheduling that might accommodate your caregiving responsibilities.

Something else to consider - if you think you might be able to get higher-paying work in the next year or so, remember that your SS benefit is based on your highest 35 years of earnings (adjusted for inflation). If you're currently replacing a zero or low-earning year in your calculation, even one year of solid earnings could increase your benefit permanently. Also - if money is really tight right now but you want to avoid claiming early, have you considered a small 401k/IRA withdrawal to bridge the gap? Since you're over 59.5, there's no early withdrawal penalty. Might be worth comparing the long-term impact of reduced SS benefits versus a bit more from retirement accounts.

I just want to say how CRAZY it is that you have THREE DEGREES and can't find work!!! Age discrimination is so real and nobody talks about it enough. My husband has been dealing with the same thing - he's 62 with an MBA and 30 years experience but nobody will hire him. They never say it's because of age but we all know that's what it is. The whole system is broken!!