Question: I am 59 years old and am a widow. I am presently unemployed. My husband did not have a pension. I have no mortgage but am lacking an income. Should I take my husbands Social Security at a reduced rate when I turn age 60? I have a small pension but would make no sense to take that too early. I have some stock and receive dividends. What is your advice for me? I have been trying to get a job for over a year now with no luck. I have no medical insurance and am too young for Medicare.
Orman, Suze: If your social security (when you turn full retirement age) is larger than his reduced amount now, then I would take his reduced amount now to help you get by. When you turn 66 or 67, switch to yours. if you're really struggling that much, you might want to consider selling your home and moving some place where you can afford to buy something that's far less than where you're living now -- where you would be able to afford making your payments and getting health insurance.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
