Social Security Retirement Vs Social Security Disability

If you start collecting social security retirement benefits early before the age of 67 for people born in 1960 or later your benefits are reduced for each month before you reach your full retirement age.
Social security retirement vs social security disability. If you have been collecting social security disability insurance benefits they automatically switch to retirement benefits when you reach full retirement age. Estimate monthly benefits based on your social security earnings record. Applying for disability benefits has a reputation as a time consuming and inefficient process. Social security forms an important part of most people s retirement plans but the program itself does much more than just that in a nutshell social security is designed to support disabled and.
However this strategy has the potential to cost you a lot of money in the long run. Consequently many people entering their 60s who could potentially qualify for disability benefits may opt to just elect for social security a couple of years early to avoid the hassle. Social security benefits at full retirement age are equal to any ssdi payable. If you are eligible for more than one kind of benefit social security will pay you whichever is higher.
Social security disability benefits are available up until the full age of retirement. 66 years old as of 2012. To the social security administration you can be retired or you can be disabled but you can t be both. If you receive ssdi you receive full monthly benefits and annual cost of living increases.
You can also input expected future income for inclusion in the estimate. When eligible individuals receiving disability benefits reach retirement age the. Pensions before the advent of iras and 401 k plans. Compare retirement benefit estimates based on your selected date or age to begin receiving benefits with retirement estimates for ages 62 full retirement age fra and 70.
For most retirees without a pension social security will not be enough so other types of retirement savings like a 401 k are encouraged. The social security administration offers both disability and retirement benefits to individuals who qualify.