Taking Social Security at 63 after hours cut - will $900 SS plus $1300 work income be enough?

I had the EXACT same thing happen!! I was 62 and my boss cut me to 20 hours a week. I panicked and filed for SS right away. BIG MISTAKE!!!! If you earn too much they take back $1 for every $2 you make over the yearly limit (think its like $21,000 for 2025). I didnt know this and had to pay back thousands!!! Wish someone had told me before I filed.

The 2025 earnings limit for someone under Full Retirement Age is $22,320 per year. Since your work income would be approximately $15,600 annually, you would be under the earnings limit and wouldn't face any benefit reduction. However, there are several factors to consider: 1. Taking benefits at 63 means a permanent reduction of about 25% compared to your Full Retirement Age benefit 2. If your husband has health issues but a much larger benefit, you might want to coordinate your claiming strategy. If he claims early and passes away, your survivor benefit would be limited by his early claiming reduction 3. Have you considered spousal benefits? Once your husband files, you might be eligible for up to 50% of his FRA benefit if that's higher than your own I'd recommend running calculations using the SSA's detailed calculators before making a final decision.

I went through something similar last year. Here's what worked for me - I used Claimyr to get through to SSA quickly (claimyr.com) and scheduled an appointment to review all my options. The rep went through all the numbers and showed me exactly what I'd get at different ages. They also reviewed spousal benefit options which made a big difference in our case. They have a video that shows how it works: https://youtu.be/Z-BRbJw3puU Best money I ever spent - saved me from making a $45,000 mistake by claiming at the wrong time! The agent showed me that waiting just 7 more months would increase my lifetime benefits by thousands.

Have you looked into unemployment benefits? If your hours were cut in half, you might qualify for partial unemployment in some states. That could help bridge the gap until you figure out your SS situation.

My wife and I were in a similar spot last year. No mortgage but worried about income. We decided she would take SS early at 63 but I kept working until 66. Worked out fine for us!! With no mortgage you two might be ok with his work income + your reduced SS + your part time work. Just watch those tax brackets!!

DONT DO IT!!!! I took SS at 62 bc I got laid off and I regret it EVERYDAY. If I had just found some kind of part time work and waited until my FRA I would be getting $600 more a month RIGHT NOW. That's almost $150k over my lifetime that I'll never get back!!!! Find a different part time job if you can.

Regarding your question about calculating 50% of your husband's FRA benefit: If his benefit at age 62 is approximately $2900, his FRA benefit would be roughly $3866 (since claiming at 62 represents about a 25% reduction from FRA). That means your potential spousal benefit at your FRA would be around $1933 (50% of his FRA amount). However, if you claim a spousal benefit before your own FRA, it would also be reduced. The most important thing to understand is that these benefits need to be coordinated. Your husband must file for his benefits before you can claim a spousal benefit on his record. And if your own retirement benefit is higher than your spousal benefit, you'll just receive your own benefit.

Actually I just thought of this - have you checked if you qualify for any other programs? With your reduced income you might be eligible for assistance with utilities or property tax reductions for seniors. Our county has a program that caps property taxes for homeowners over 60 with income below certain levels.

Has anyone mentioned that Social Security MIGHT be taxable depending on your combined income?? I got surprised by this my first year on SS! If your combined income (adjusted gross income + nontaxable interest + half of SS benefits) exceeds $25,000 for individuals or $32,000 for couples, up to 85% of your benefits might be taxable. With your husband still working full-time, you'll probably hit that threshold.