Social Security question by recently laid off senior

by R. Phillips
(Houston, Tx. USA)

I was laid off my well paying job 4 months ago. My type of work is now become virtually non-existent due to the decline of oil related businesses.

I am nearly 63 (in 2 months). I'm presently drawing unemployment compensation and also living off savings. I assume I can't draw both... SS and unemployment comp.

If I don't get a job by next summer I plan on drawing my SS is this wise? Any suggestions?

Wendy's Two Cents: There is no simple answer to a question like this...

-- Will SS be your only income? Will it pay your bills?

-- Do you get a pension or have a 401K type retirement plan?

-- Will you work part-time and draw SS too? (Your SS payments will increase each year based on addtl. earnings).

-- Will you need to use savings plus SS? How long will savings last?

I'm really sorry -- huge question! Try a Financial/Retirement Planner... most will do a free consultation and offer their thoughts after they know the details of your situation.

Best Wishes! Wendy

P.S. Don't assume you can't get SS and unemployment... ask first. Unemployment was just approved for a retiree from my employer.. even though he gets a pension. We were surprised... why did he get it? because he was laid off - involuntary termination, not just a retirement resignation.