I am a Military retiree with 40% disability and planning on retiring at age 62 with 40yrs in the work force. Due to ill health problems increaseing, I would like to no the disadvantages and advantages on retiring early. Will I be able to apply and use Medicare.

Hi,

No, you won't get Medicare coverage until age 65. Also, if you start Social Security benefits at age 62, they will be between 25% to 30% lower than your full retirement age benefit, depending on your year of birth.

If your health problems are severe enough to prevent you from working, you may qualify for Social Security disability benefits. If so, you would be able to draw the rough equivalent of your full retirement age benefit amount, regardless of your age at the time disability entitlement begins. However, if you start reduced retirement benefits before qualifying for disability benefits, you will keep a benefit rate reduction for the months you received reduced retirement benefits.

You may wish to run the maximization software available on this website in order to fully explore your filing options.

Best, Jerry