Many people who are approaching the early retirement age of 62 are unable to continue their employment due to a physical or mental condition. Typically, they just take the early retirement, and never consider the possibility of Social Security disability.
However, disability benefits are preferable to early retirement benefits. Disability benefits are paid at the higher “full retirement age” amount, rather than the “early retirement” amount. For those retiring by the year 2016, there is a 25% difference between early retirement benefits and full retirement age benefits.
You have the option of pursuing Social Security early retirement benefits and disability benefits at the same time. Social Security allows you to take the early retirement benefit, and then undo that choice if the disability claim is granted. Applying for disability and early retirement at the same time solves one of the biggest hardships for those claiming Social Security disability benefits, which is surviving financially while the disability claim is pending.
Everyone’s situation is different. Social Security benefits vary, depending upon how much you have paid into the system over the years. If you can no longer do the work you used to do, and you are not working now, consider applying for disability. Contact Prince Law Offices for a free consultation.