As you get older, your chances of winning a Social Security disability claim get easier. This is partly because the way Social Security looks at it, the older you are, the less likely it is that you could be retrained to do a different line of work than what you have already spent your career doing. The question that those are 62 years old or older face is “Should I apply for early retirement benefits rather than disability benefits?” There is no doubt that applying for early retirement benefits is easier than applying for disability benefits. But you need to understand that while early retirement may be an easier process, retiring early will reduce the amount of your monthly benefits for the rest of your life.
If you apply for early retirement benefits once you reach age 62 years old, your monthly benefit amount will be permanently reduced to 75% of the full benefit you would receive if you waited until age 66 to begin retirement benefits. This means that you will receive only 75% of your full monthly benefit for the rest of your life! Over the course of your retirement years this could add up to tens of thousands of dollars less than you would receive by waiting until age 66 to retire.
However, if you apply for and receive Social Security disability benefits rather than Social Security retirement benefits, your monthly disability benefit amount will be equal to what you would receive once you reach your full retirement age of 66 years old. And once you reach full retirement age, your benefits will automatically convert from disability benefits to retirement benefits and will not be reduced.
If you are trying to decide whether to apply for disability benefits vs. early retirement benefits, you need to speak with a Social Security disability lawyer and find out all your options. The Social Security Lawyers at Mountain View Law Group are knowledgeable, experienced and will be happy to help you consider your options and how this decision will affect you and your family. Call us today at (801) 393-5555 and set up a free consultation to discuss your options.