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Early Retirement vs. Social Security Disability: Which is the Better Choice?

Published Date: Dec 04 2024 By Bross & Frankel

If you cannot continue to work due to a disabling health condition, you may be considering whether it makes more sense to collect your early retirement benefit from Social Security, or to apply for Social Security Disability Insurance (SSDI) benefits. There are pros and cons to each option, which is why it is important to have a full understanding of the ramifications for each course when assessing the best path forward. 

Social Security Full Retirement Benefits

Currently, full retirement benefits are available once an individual reaches the age of 67. However, this is not true for every individual, as Social Security has laws in place to raise the retirement age because people are living longer and are generally healthier in their older age. Though it is worth noting that not everyone opts to retire at this age and may continue to work full-time or part-time for many more years. For those individuals who opt to collect their full retirement at age 67, your earnings do NOT affect your benefit amount.

If you decide to continue working past full retirement age, you will likely be eligible to receive delayed retirement credits from the Social Security Administration (SSA). Even if you delay drawing your full Social Security retirement benefits, you can still apply to receive Medicare health benefits when you reach age 65. 

Social Security Early Retirement Benefits

Now that we understand what full retirement benefits are, let’s discuss early retirement benefits.  Early retirement is available for individuals who are 62 and want to collect their Social Security retirement benefits before reaching the “full retirement age.” In 2024, the full retirement age was 67 years old. Individuals who are at least 62 years of age can apply for Social Security Early Retirement Benefits. However, it is important to note that if you opt to collect before full retirement age, the amount of your benefits will be reduced. This reduction can be up to 30 percent of your retirement benefits, along with a 35 percent reduction for a spouse. Importantly, this reduction will be permanent, unless you are found eligible for Social Security Disability benefits. 

In addition to the permanent reduction in benefits, if you do opt to collect your retirement benefit prior to your full retirement age, you will also be required to wait until you are 65 years of age to receive Medicare. Furthermore, if you decide to take early retirement through Social Security but continue to work (even in a part-time or freelance capacity), you will need to keep your yearly earnings below $22,320 for as long as you are younger than Social Security’s full retirement age. If you make above the $22,320 threshold, your Social Security benefits will be reduced by $1 for every $2 you earn over the threshold.

Social Security Disability Benefits

Social Security Disability Insurance benefits, commonly referred to as SSDI, in contrast to Social Security Early Retirement benefits, have no age requirement. They are accessible to workers who are no longer able to work due to a disabling health condition. Despite having no age restriction, there are specific requirements that must be met to qualify for SSDI benefits, including a finding that you are unable to work in any capacity, either at the job you used to do or any other job in the National Economy. 

The amount of available SSDI benefits is typically based on the credits from your work history. Specifically, you need to have 20 “quarters of coverage” of the last 40 quarters. Simply put, you must have worked at least 5 years within the last 10-year period. 

SSDI monthly benefits are generally somewhere between your early retirement benefit and your full retirement benefit.  The difference between early retirement and SSDI is that, if you prove your disability, your benefits are reduced only until you reach full retirement age, at which point your benefit automatically converts to your full retirement benefit. 

SSDI benefits, like Social Security Early Retirement benefits, require you to keep your monthly earnings below a specific amount that is mandated by Social Security. In 2024, that amount was $1,550 of gross income per month. You will need to keep your monthly earnings below this threshold until you reach full retirement age in order to mitigate the risk of losing your SSDI benefits.

Which is Better – Early Retirement Benefits or Social Security Disability Benefits?

Weighing the pros and cons of each option is important and the ultimate decision on whether to apply for Social Security Early Retirement benefits or SSDI benefits is up to you. Nevertheless, it is worth noting the risks associated with taking Social Security Early Retirement benefits – less money per month from Social Security and a waiting period for Medicare of up to three years. 

If you are someone struggling with a health condition and are considering early retirement, the prospect of insufficient funds and health coverage is likely not appealing. This is why, if you are unable to work due to a health condition, it may make more sense to apply for SSDI benefits. If approved, your benefit will likely be higher, and the availability of Medicare is two years after the administration determines you became disabled.  

Even if you already applied for early retirement benefits through Social Security, you retain the option to go back to SSA and apply for SSDI benefits (as long as you are younger than the full retirement age). This is because SSA gives someone age 62 (or close to reaching age 62) who is unable to work due to their health the option to apply for early retirement and SSDI benefits at the same time. 

If you opt to apply for both Social Security Early Retirement benefits and SSDI benefits, but are ultimately not found disabled by SSA, then you will be relegated to drawing the early retirement “reduced” benefit amount permanently. 

Applying for SSDI? Hire an Experienced Disability Benefits Lawyer

The prospect of applying for SSDI benefits may seem intimidating or downright overwhelming, especially if you are struggling with a serious illness or health condition.This is why it makes sense to retain the services of a knowledgeable and experienced SSDI benefits lawyer. 

At Bross & Frankel, our team of skilled disability attorneys have assisted thousands of people in applying for, and securing, much-needed SSDI benefits (along with other types of disability benefits). Our SSDI lawyers have decades of combined experience advocating for people with disabilities in New Jersey and Pennsylvania. 

If you are concerned about paying an exorbitant retainer fee, do not fret. The majority of SSDI law firms, including our firm, operate on a contingency fee basis.This means that you do not have to pay anything upfront. Instead, you will pay a percentage of any back pay award that you may receive if your SSDI application is approved. The SSA caps this amount at the lesser of 25 percent of a back pay award or $9,200 (effective 11/30/24). This system ensures that people who need legal representation to file an application for disability benefits can receive it, even if they don’t have the money to pay an hourly fee.

Have Questions? Speak to an Experienced SSDI Lawyer Today

Determining if you may qualify for Social Security disability benefits can be complicated, particularly when you are already dealing with health issues. If you are thinking of applying for Social Security disability, an experienced SSDI lawyer with Bross & Frankel can help you determine if you’re eligible and assist in filing your application. 

To learn more or to schedule a free, confidential claim review with a Cherry Hill disability attorney, give us a call at 856-795-8880 or fill out our online contact form.

Written by Bross & Frankel · Categorized: Disability, Disability Insurance, Social Security, Social Security Disability, SSD · Tagged: Early Retirement

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