Social Security & Unemployment Benefits: Can You Collect Both Benefits at the Same Time?

With record high unemployment rates more and more older Americans are trying to consider what are their options to tap into additional money to live during the lockdown. Especially because, in many cases seniors who are receiving Unemployment Insurance Benefits (UI) benefits find that their Unemployment benefits are not enough. This is coupled with the fact that the additional Unemployment benefits authorized under the CARES act stimulus package like: Pandemic Unemployment Assistance (PUA) and Pandemic Unemployment Employment Compensation (PUEC) extension will be ending soon for many. So, this leaves Seniors trying to find ways to haven enough money to continue live with dignity. One option to consider for older Americans is taking both their Social Security Retirement benefits early and continue to receive Unemployment benefits. Today we are going to talk about what are some of the considerations for seniors who are on Unemployment insurance (UI) and are thinking about taking their Social Security Retirement benefits early, as well as, what are the effects both these programs may have on each other.

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