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  1. #1

    Default Early Retirement to Care for a Parent, and Social Security Benefits

    I may have to early retire at 64 due to an aging parent needing caregiving. I would far prefer to retire at 65, which is Aug. 2016. Does Social Security offer any "breaks" in such a scenario? Caregiver credits. etc.? Thank you.

  2. #2
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Forced Early Retirement Due to Aging Parent - Caregiving

    Retiring from your employment does not mean you're required to take your SS benefits immediately. Does your employer offer any kind of retirement plan?

  3. #3
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Forced Early Retirement Due to Aging Parent - Caregiving

    Quote Quoting edkrane
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    I may have to early retire at 64 due to an aging parent needing caregiving. I would far prefer to retire at 65, which is Aug. 2016. Does Social Security offer any "breaks" in such a scenario? Caregiver credits. etc.? Thank you.
    Nope, no breaks. You start collecting this year at X dollars or next year at Y dollars, etc.

    You can probably figure out the difference on the SS website.

    Or, you can retire from work and defer SS benefits as long as you have enough money to cover your living expenses.

  4. #4
    Join Date
    Jun 2014
    Posts
    3,212

    Default Re: Forced Early Retirement Due to Aging Parent - Caregiving

    If you take early retirement, your benefits will be permanently.reduced.

  5. #5
    Join Date
    Jun 2015
    Posts
    988

    Default Re: Forced Early Retirement Due to Aging Parent - Caregiving

    Your SS benefits will be permanently reduced if each month early you start SS ...or conversely you get paid a bit extra to wait ....it's about 3/4 % a month ...generally it pays to wait a bit to collect but individual needs may vary.

    In some states if you need to quit your job to care for a family member you might qualify for unemployment comp....details vary ..check your state.

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Forced Early Retirement Due to Aging Parent - Caregiving

    Quote Quoting HRinDEVON
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    In some states if you need to quit your job to care for a family member you might qualify for unemployment comp....details vary ..check your state.
    Yeah, some states do, but generally with rather draconian eligibility requirements.

    Would have been nice if OP had posted his state like he was supposed to.

  7. #7
    Join Date
    Jun 2011
    Posts
    157

    Default Re: Early Retirement to Care for a Parent, and Social Security Benefits

    Does your parent receive Medicaid?

    Look into what's called HCBS Waiver services. It's a Medicaid program which pays for home health aides to care for elderly or disabled people. It's meant to be an alternative to institutionalization in a nursing home.

    Those services may be enough to enable you to delay retirement.

  8. #8
    Join Date
    Jun 2014
    Posts
    3,212

    Default Re: Early Retirement to Care for a Parent, and Social Security Benefits

    Put, your state HCBS Waviers, in Google and you should be able.to.find out the criteria in your state.

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