How can I take money out of my Social Security before retirement?

[Ben P]

Just got a job and cant keep up with basic bills.

[src50]

No can do. You don't have an "account" at Social Security.

[v b]

It doesn't work that way. It's not a personal account, it's a promise to pay you when you retire.

[rtfm]

You can't. That's not the way Social Security works. You get specific payments based on your age. The only way you can collect Social Security funds before reaching retirement age is if you become disabled and can't work.

[David M]

Hahahaha! Thanks for the laugh. The money you speak of is not yours, it belongs to the Federal government who promised to pay you Social Security benefits when you become elligible. Which you are not now. George Bush tried to change Social Security so a portion of your taxes could go into an acount directed by you containing your money. But Barack Obama and the Democrats killed that idea and now that he will become president and the Democrats control both houses there's no way such a plan will pass. So no Social Security for you until you retire. By the way, who did you vote for?

[TOM M]

The only way to access that money early is to get seriously disabled. People who can't take care of themselves get SSI payments, although they are usually less than someone would make doing a 40 hour a week job at minimum wage.

Make it to 62, and you can get it then (maybe?).


If it was easy, everyone would do it, and no one would be putting in to it.

[Jeanne R]

I'm sorry but the short answer is no for the reasons outlined above.
If this is going to be a permanent income crisis then look for a training program that will get you a certificate or a license that will pay you a higher income. You can learn to be a phlebotomist, a Pharmacy Technician, or a Certified IT Tech in less than six months or take a year and learn to install solar systems. Check out all training programs that are in your area. Most are not that expensive, some are even free. What ever sounds like a job that you will like and that will raise your income.
As for the rest : here is a plan that can help you. If you work the plan, the plan will work for you.

A. Have a garage sale and sell whatever you don't use or need and use that money to pay down your debt.

B. Consider getting a temporary part time job and use all of that salary to pay off your debt quicker. It is better to have a no fun year
than a no fun decade.

1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts, if you are not already, and make no more late payments, if you have had any. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3: minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.