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Question for the Money Doctors

Question submitted on Apr 19, 2011.

Question

i am 60 years old and have no money aved for retirement. i am forced to retire in 2012. help!

Answer

If you have worked as an employee for at least 10 years during your lifetime, you should be eligible to collect Social Security retirement benefits at age 62.  You should contact your local Social Security office to determine if you will be covered.  If you do not have sufficient work credits to be covered, you may need to find another job that will provide you with income and will also help you to obtain the credits necessary to retire.

if you are terminated from your position involuntarily, you may also be eligible for unemployment insurance.  You should contact your State unemployment office to get more details.

You should also consider working part-time, even if you are collecting Social Security.  You can earn up to $14,160 per year withour losing any of your retirement benefits.


For additional information visit http://www.360financialliteracy.org/