Retire at 62, with a minor at home?

I'm at cross roads to retire at 62, but have a minor at home... we make 70,000 year but my job is hard on the body.

People keep telling me to collect Social Security, and still work my job, in order to collect benefits for a minor and put that toward education even if I don't collect because of my amount we make.

No one ever points you in the right direct though.

We just recently made this amount, now that i got here i don't think i can work at this job much longer (1 more year).

I tried contacting cpa/cfa planners but they never return my call. if you tell them you want to give them $1mil to invest they jump on the phone and never stop calling.

SS told me to sign up, ask them questions, then decide to collect. How in the world can someone make a snap decision like that?

I have no idea of any taxes problems that may follow.

I am between a rock and a hard place!

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Wendy:Retirement decisions aren't easy. It really sounds like you are getting bad information from friends or co-workers... I don't know how much I can help, but here are a few thoughts.

1) Consider postponing Social Security if you are still working. If you are only working one more year, let that benefit grow. After all, assuming you live 20 years (or more), you will collect that same benefit for the next 20 years, right? You need it to be as much as it can.

2) You say that people tell you to collect benefits so that helps your minor somehow... I don't get that part at all.

3) Most Financial Planners will do a free consultation with you. You visit once and provide all the data that they need, then return later to hear their idea on how you are doing and what they suggest for your future. If you have little savings, there really is little they can do, as you have nothing to invest -- but it surely doesn't take anything close to $1 million dollars to get an appointment with a planner.

4) Maybe you misunderstood Social Security. What I am guessing -- they want you to schedule an appointment with their 800 phone number. Then you will visit a local office and someone will be ready to answer your questions based on your own work history. No waiting, they are ready for you because you set up the appointment. Then, you go home and make decisions.. nobody can decide but you, but you can go in, get your questions answered, and then take your time figuring it out.

5) Since you mentioned a minor, is it possible to continue working with the same company in a less demanding position (even if at a lesser salary)?
That could be an option for you,... increasing your Social Security payment, working longer with benefits, maybe there are more reasons to stay?
Maybe, after the last year, you quit but find a part-time job while collecting Social Security?

Finally - I don't know if you have retirement savings or not... or if you are married... or if you have a pension or will rely on savings and Social Security alone, or how old the child is... I am happy to see you are working this out, thinking about it, asking for help... keep on working and your answers will become clear, little by little.

Wishing you the best!

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