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Can I Retire Early And Still Collect Disability Benefits?


Many people who can no longer work due to disability, experience confusion about whether to retire early or to apply for disability benefits. What option you chose can have serious consequences for your income over time. While it is correct that the SSA administers both benefits, qualifying for the two benefits is completely different. Disability benefits are for those who will never work again. Retirement can be taken and you can still do some work with minimal penalty. Most importantly, you cannot elect to take early retirement, for example, and then decide to apply for disability benefits later.


Disability benefits are for individuals who can no longer work.  Early retirement is often taken because of poor health. But, as you may know, electing early retirement benefits at the age of 62 reduces the amount of your retirement benefit forever.  If you are thinking of taking early retirement because of a disability, it is better to apply for disability benefits.

Why? Because the monthly amount of disability benefits is the same amount of money you receive if you retire at your full retirement age.  Therefore, if you are receiving disability benefits, you will get a higher monthly benefit amount. Subsequently, your eventual retirement amount will be higher too. You will also receive more money over your lifetime.

If you have a disability that prevents you from working, take a close look at whether or not you should retire early. Taking early retirement can result in a significant loss of income that you may need later in life. Filing for disability benefits is almost always the better choice. Most people who live into their sixties will live past ninety years old. That means that if you retire early, you will be living on a lower amount of money for approximately 30 years. 30 years is a long time to live on less money. Especially considering the fact you should enjoy the money because it is from your years of hard work. If you have questions about what you should do, contact Cannon Disability Law today.


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