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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1040078" data-attributes="member: 12570"><p>You are confusing two entirely different options. The SSLO your friend spoke of is meant to supplement a realtively low pension payment by allowing you to "borrow" from future pension payments by collecting a reduced SS payment as early as age 55. When you turn 62 your pension payment will be adjusted by the amount of the reduced SS payment.</p><p></p><p>If you can afford to do so the better option would be to wait until your are 67 to collect your full SS payment; however, if this is not an option, you can start to collect a reduced SS payment when you turn 62. Waiting until 62 will not reduce your pension payment and may be the better option for you.</p><p></p><p>Click on the link above. You will need your annual SS statement of earnings (the green letter) to help you make the calculations as to which option is best for your particular financial situation.</p><p></p><p>My financial advisor and I will be reviewing my financial situation to see which is the best course of action for me (and his commission).</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1040078, member: 12570"] You are confusing two entirely different options. The SSLO your friend spoke of is meant to supplement a realtively low pension payment by allowing you to "borrow" from future pension payments by collecting a reduced SS payment as early as age 55. When you turn 62 your pension payment will be adjusted by the amount of the reduced SS payment. If you can afford to do so the better option would be to wait until your are 67 to collect your full SS payment; however, if this is not an option, you can start to collect a reduced SS payment when you turn 62. Waiting until 62 will not reduce your pension payment and may be the better option for you. Click on the link above. You will need your annual SS statement of earnings (the green letter) to help you make the calculations as to which option is best for your particular financial situation. My financial advisor and I will be reviewing my financial situation to see which is the best course of action for me (and his commission). [/QUOTE]
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