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You're allowed to retire before you withdraw social security. It's not unreasonable to think someone might not be destitute the moment they quit working.
You can tap into your IRA and 401k starting at age 59.5
You can actually borrow from them before that, as I understand it.
That’s true and then you pay that loan back into your 401k.
I think it's penalty free for 60 days per calendar year
otherwise, the penalties are steep (10 percent plus income tax on the amount borrowed)
My cousin dealt with something similar a few months ago, avoided penalty after borrowing from IRA/401k
Good point… so many seniors are destitute though especially in nursing homes
Medicaid covers nursing homes, but I agree that it's a sad situation.
Medicaid is a badge of poverty
Who wants to work past age 65 regardless of social security eligibility!!!