After having taken care of everyone else,I went to SSDI at 52. I have had to seek PT work to survive lately. To keep my benefits I can only make $700.00 a month or there about. Because I have stayed under the allotted amount, none of my work time was counted against my 9 month trial period. What is the retirement age now? Must I continue to make about $700 to maintain my SSDI? I am still disabled but I need the money to survive.....I will be 64 in April.
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Positive Possibilities
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You can go online to the SS website and it will explain the benefits to you and when you can apply. I know that the earlier you apply the less you get, but that's all I know. Sorry I can't help you more. -
Thanks for the Post
thought that retirement age was 65. I was told that it is 66. I want to go from disability to social security so that I can earn a litle more money to be able to survive.
I am not sure if you can personally make this decision. At 64 I don't think it will make a big difference......
Positive Possibilities Comment
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Hi kittin:
For people born between 1943 and1954, the full retirement age is 66. Early retirement still begins at 62, with benefits reduced by some amount for every month before age 66. (http://www.socialsecurity.gov/retirement/1943.html)
At full retirement age, the SSA transfers people on SSDI from disability to regular retirement. The amount of the benefit doesn't change, but the rules about extra income do. As you know, at full retirement age, there are no income restrictions. As you're figuring, that might not make much difference if your retirement age was only one year away, but can make a significant difference since it's two years away.
On SSDI, you're already receiving your full retirement benefit. For sake of argument, if you (were able to) take yourself off of SSDI and take early retirement benefits instead when you turn 64 in April, your retirement benefit would be reduced to 86.7% of what you're making now.
The rules about income are different for early retirement than for SSDI. In early retirement, the Social Security benefit is reduced by $1 for every $2 earned by work a above an annual limit (for 2011 the limit was $14,160). That changes in the year of full retirement age. After full retirement age, there is no limit on the amount of earned income. However, earned income and the Social Security benefit itself are subject to income taxes. You would need to compare the bottom line -- all things considered -- of staying within the SSDI income limits to working under early retirement.
So, for sake of argument, if you switched from SSDI to early retirement at age 64 and circumstances changed such that you were no longer able to work at all, you would be receiving about 13% less than you are right now, with the added burden of not being able to work to make up the lost income. Then you would probably have to apply for disability all over again, subject to the 5 month exclusionary period if and when approved.
A representative from the Social Security Administration is probably the best person to go over all of this with you, particularly the part about whether SSA will allow you to simply change from SSDI to early retirement, considering all of the complications. From what the numbers indicate, it will take some detailed calculations of best- and worst-case scenarios to determine if there's any overall benefit to be gained by switching to early retirement.Comment
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THANK YOU THANK YOU
You answered my question.
I know these facts are available but it was not getting past the "fog". My besy bet is to stop taking care of anyone else and take care of me. I will continue in the part-time job at $700 a month for at least 2 years, God-willing and see if I make it to 66. Thank you for your reply. You went to the point and did not double talk me as I have I have heard in the past. I am so grateful......
Positive Possibilities Comment
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You're welcome, kittin!
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