I’ve had many clients ask how early retirement can affect their disability claim. Well, in this short video shot in Sedona, AZ, this question is fully explained by Social Security Disability Attorney Jeffrey Herman.
Knowing when to retire to maximize your social security benefits can mean thousands of dollars
In 2020, the full retirement benefit age is 66 years and 2 months for people born in 1955. The age will periodically increase to 67 for individuals born in 1960 or later.
Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit, and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit. Also, for individuals who defer retirement beyond their retirement age, Social Security will pay a ‘bonus’ up to age 70.
You can file for disability while on early retirement!
A common question I receive is “can I apply for disability if I am on early retirement”? The answer is yes you can. Many clients elect to take early retirement sometime after they turn 62 and before 67. As long as you can prove the criteria of disability before your date of last insurance expires, you can qualify for Social Security Disability benefits which will replace your early retirement benefits and preserve your full retirement benefits.
