If you are unable to work because of your health, you may be wondering if you should apply for Social Security Early Retirement or Social Security Disability Benefits. It will help to know the difference between the two programs and the eligibility requirements for each.

Social Security Retirement Benefits

Social Security Retirement Benefits are available to workers when they reach 62 years old. You may elect to receive your retirement benefits at age 62 (To calculate your full retirement age look here) but your benefits will be reduced. This reduction can be up to 30% of your retirement benefits. If you elect to draw early retirement, you will also have to wait until you are 65 years old to receive Medicare.

Social Security Disability Benefits

Social Security Disability Benefits are available to workers who are no longer able to work because of their health. There is no age requirement, but you will have to be found disabled by the Social Security Administration in order to receive benefits. The amount of money that you will receive will be comparable to the amount of money that you would receive if you wait until full retirement age. Also, you will be entitled to Medicare after two years of being on benefits.

Comparison

If you are unable to work because of your health, Social Security Disability may be the better option for you. You will receive more money and will have access to health insurance sooner but you will have to be found disabled by the Social Security Administration before your date last insured in order to make this happen. If you are wondering if you should apply for Social Security Early Retirement or Social Security Disability Benefits give the Bishop Law Firm a call. We handle cases in Raleigh, Cary, Durham NC and surrounding areas.

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