As a matter of general rule, the amount you expect to receive from Social Security Disability Insurance is usually slightly less than what you expect to receive in the event you had worked until full retirement age. This is informed by the fact that workers generally earn more later in their professional life hence by becoming disabled before you reach the top of your earning years, the Social Security formula is on the lower side.

Applying for Social Security Disability or Social Security Retirement

social security disability age limitDisabled employees over the age of 62 but below the full age of retirement are usually advised to apply for disability benefits. This is because at this age, the benefits you will receive from the retirement are only 75 percent of the total benefits. However, at the age of 62, disability benefits pay up to 100 percent of all the total benefits accrued.  Furthermore, if you are being given these benefits and are within this age category, you have the option to request the administration to accrue the benefits and start paying you once you attain the retirement age. This ensures your retirement benefits will not be reduced because it started being drawn prior to the full retirement age.

There are many considerations to be made when you apply for the disability benefits. Nonetheless, it is easier to qualify for these benefits when you are older. The only distinction between these two types of is only on the total amount paid on a monthly basis. Thus, disabled working- age seniors can explore this choice. If you are a disabled person and can qualify to receive income under the SSI, you will also be entitled to other benefits such as Medicaid. Additionally, you become eligible for food stamps. However, what you are given will be determined by your place of residence as well as your previous monthly salary.

As a retiree you can choose to start receiving the benefits at the minimum age or have the option of waiting until age of seventy as earlier alluded so as to sort of invest the money which will grow up to eight percent annually. Also, this will open a door for a much more monthly income as compared to if you started receiving the monies from the initial moment you became entitled to these benefits.

Another issue determining the amount you receive is taxes. You may be required to pay taxes on the amount you receive. However, for taxes to become applicable, you must be getting quite a considerable amount. Good news is that, in the event the cost of living increases, the benefits also increase in order to cushion you. Therefore, the variation in terms of whether it is the disability benefits or retirement benefits which are much higher depends on the considerations above.


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