Social Security Retirement Benefits can be filed as early as age 62. Many people believe they must retire early because they are not able to continue working due to their age and health problems. Unfortunately, those who do so will have to receive a lower monthly Social Security payment for the rest of their lives. Those who have not yet reached full retirement age but find they are not able to work due to their health problems have another options that doesn’t require collecting reduced Social Security payments forever. Such people may be eligible for Social Security Disability Benefits instead.
If you have not yet reached full retirement age but cannot work anymore due to your health problems, you should apply for Social Security Disability Benefits. The purpose of Social Security Disability is to provide financial help to individuals who are working age but cannot work due to disability. If approved for Social Security Disability, you receive your full Social Security payment, not the reduced payment that early retirees receive. You will collect your Social Security Disability payments until you reach full retirement age (there are different rules for SSI recipients). Once you reach full retirement age, your benefit will convert to retirement benefits without a reduction in your payments. You get to collect your full Social Security payment from the onset of your disability and, most importantly, you avoid receiving reduced payments for the rest of your life.
Electing early Social Security Retirement Benefits rather than filing for Social Security Disability Benefits could result in a person losing out on thousands of dollars in benefits over their lifetime. A Social Security Disability Lawyer can determine whether you are entitled to Social Security Disability Benefits and can help you optimize the election and timing of these benefits for the long-term. Contact Smith Godios Sorensen today and we’ll be happy to answer any questions you may have about your eligibility.