Ask Larry

Can I Retire At 62 If I'm On SSD?

I'm 58 and on ssd for lung cancer can I retire at 62 or will I lose some of my money i receive now

Hi. If I understand your question correctly, you're receiving Social Security disability (SSDI) benefits and you want to know if you can collect Social Security retirement benefits at age 62. You can't collect both SSDI and Social Security retirement benefits at the same time. You could switch from SSDI to Social Security retirement benefits at age 62, but if you do so your monthly rate would then be reduced for age.

For example, say that a person is 58 years old and they receive an SSDI benefit of $2000 per month. If they switch to drawing retirement benefits at age 62 instead of SSDI, their monthly rate would then be reduced to roughly $1408. The only times that a person who's receiving SSDI would likely want to consider switching to retirement benefits prior to their full retirement age (FRA) is if a) their SSDI rate is being offset because they're receiving worker's compensation or a public disability benefit (PDB), or b) they have a spouse and/or children who could get a higher auxiliary benefit rate if the disabled worker switches to retirement benefits.

Best, Jerry

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Posted: 
May 24 2021 - 9:29pm
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