SSER Versus SSDI Payments

Were you recently diagnosed with a serious medical condition, or did you sustain a significant injury that is going to prevent you from working for an extended period of time? In either situation, if you are nearing full retirement age but are not yet there, you may be wondering if you should consider applying for Social Security Early Retirement (SSER) or for disability benefits through the Social Security Disability Insurance (SSDI) program. No matter your choice, it is important to know that, once you do reach full retirement age, any SSDI payments you have been receiving will convert to traditional retirement benefits. Accordingly, your next steps will depend on how close to full retirement age you are, and how much your early retirement benefits will be versus the amount of your SSDI benefits.

In most cases, a person is best served applying for SSDI benefits and then having those benefits convert to Social Security retirement benefits once they reach full retirement age, but our national disability benefits lawyers can explain in more detail.

Understanding Early Retirement

If you are 62 or older, you may be able to choose early retirement, but it is important to understand that your benefits could be reduced by as much as 30 percent from the total amount that you would ultimately receive until you wait until full retirement age. According to the SSA, if you decide on early retirement, your benefit will be “reduced 5/9 of one percent for each month before normal retirement age, up to 36 months.” And if the number exceeds 36 months, “then the benefit is further reduced 512 of one percent per month.” This can amount to quite a significant amount of money in the long run.

Ultimately, if you are likely to be approved for SSDI benefits, you are likely going to be best served by obtaining SSDI benefits until you reach full retirement age (currently age 70 for most individuals who are now at an “early retirement” age).

Eligibility for SSDI Benefits 

Are you eligible for SSDI benefits? If so, it is likely a good idea to apply for these benefits and to have them convert to regular retirement benefits once you reach full retirement age.

To be eligible for SSDI benefits, you will need to have worked long enough and recently enough to qualify for benefits (for most full-time workers, this applies), and you will need to have medical evidence that shows your disability is likely to last for at least 12 months or to result in your death, and that it prevents you from engaging in significant work (known as substantial gainful activity, or SGA).

Contact Our National SSDI Benefits Lawyers Today for Assistance

When you have sustained a serious injury or been diagnosed with a serious medical condition, it can be difficult to know your best path forward when it comes to early retirement or seeking SSDI benefits. The decision is ultimately one that should be made on a case-by-case basis depending on your individual circumstances, and it is a decision that one of the experienced national SSDI benefits lawyers at the Law Offices of Stephen Barszcz can help you to make. As we have discussed above, some of the key considerations will be how close to full retirement age you are currently, the severity of your medical condition, and other related factors. Do not hesitate to get in touch with our firm to learn more about seeking Social Security benefits when you are nearing retirement age and also dealing with a significant medical condition. Contact us today for more information about how we can assist you.

Sources:

ssa.gov/disability

ssa.gov/oact/quickcalc/early_late.html