Considering Early Retirement? Mellody Hobson's Tips for Social Security Benefits

Aug. 18, 2010— -- More and more people are choosing to retire early, and they're dipping into their Social Security benefits.

The 75-year-old program is facing a rare shortfall because so many people took their benefits in 2009. Thanks to widespread unemployment and a down economy, many baby boomers are finding it hard to get by without that extra income.

This morning on "Good Morning America" you saw personal finance expert Mellody Hobson discussing the issue.

Hobson, who is president of Ariel Investments, talked about the pros and cons of early retirement.

She also gave the following Web-only extra tips:

Mellody's Extra Tips

If you are divorced and you were married for at least 10 years, you still may be eligible for spousal benefits on your former spouse's schedule. In order to be eligible, you must be at least 62 years old, unmarried, and have a lower benefit level than your ex-spouse. You could qualify for as much as 50 percent of your former spouse's Social Security benefit. Check out the Social Security Administration website at www.ssa.gov for more information.