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rawilley
Level 1

Unemployment

Can I still draw unemployment benefits if I decide to retire while eligible?

3 Replies
Opus 17
Level 15

Unemployment

That would be a question for your state unemployment insurance agency.  Normally I would say "no", traditional rules for collecting unemployment require that you be actively looking for work and willing to take a job, you don't get unemployment if you don't want to work.  However, the rules during COVID are special, so maybe there is free money for retirees too.  I hope not.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
rawilley
Level 1

Unemployment

It's not "free" money.  Anyway, I just learned that I CAN collect unemployment along with SS as long as I go through the normal process.  Sorry I wasn't clear, but I would still be looking for other work.

Opus 17
Level 15

Unemployment


@rawilley wrote:

It's not "free" money.  Anyway, I just learned that I CAN collect unemployment along with SS as long as I go through the normal process.  Sorry I wasn't clear, but I would still be looking for other work.


In that case, yes.  I was thinking "Retire" in the common sense of not going to work any more.  If you are meaning retire in the sense of "apply for my social security benefit", then yes you can apply for your benefit and still work or look for work.

 

However, if you apply for your social security benefit before your full retirement age (which will be age 66 or 67, depending on your birth date), and you continue to work, your retirement benefit will be reduced $1 for every $3 you earn.  If you apply for your benefit, and then get a job, you can "suspend" your benefit, which will give you increased credits the longer you work. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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