Though you can retire early and still obtain Social Security benefits, doing so before the full retirement age will get you less money overall. With the full retirement age increasing for the final time this year, there are a couple of things to be aware of before claiming your benefits.
The news is both good and bad for older Americans. Though it’s lamentable it’s rising in the first place, this will be the last time it ever does so. Fox News reports the new full retirement age is 67 for those who were born in 1960. From this year onward, the full retirement age will stay at 67 for anyone born after 1960.
As stated, you can begin collecting payments when you’re 62, but you’ll incur a penalty for doing so. Your benefits receive a 5/9 of one percent reduction for each month before the full age, up to three years. If the number exceeds three years, that benefit is further reduced by 5/12 of one percent each month. As an example, if you opt to collect Social Security at 62 years of age, you’ll only get 70 percent of it monthly.
Congress mandated the change to the full retirement age in 1983 to strengthen the program’s finances. It came about as older Americans were healthier and their life expectancy was higher than before.
Those with Social Security benefits received the biggest payment increase in almost 40 years for 2022. This comes from rising inflation, with it being the highest now it’s been since 1982. Additionally, the Social Security Administration attributed the increase to the increased cost of living throughout the country.
There are a Few Ways to get Your Social Security Disability Benefits Faster
People receiving Social Security and those applying can vouch the entire process can be long and drawn out. Luckily, there are a few things you can do to speed up the process regarding Social Security Disability Insurance (SSDI).
The Sun recently shared a number of ways you can get your benefits faster and it’s definitely worth knowing what options you have. First and foremost is making sure your SSDI application contains accurate and sufficient information. Missing necessary details can delay and even deny your claim. On that note, something else you can do is file an appeal as soon as possible if you are denied. You have 60 days to do so, but the quicker the better.
Regarding appeals, a judge hearing is a good way of doing so. It won’t guarantee you receive your benefits, but it typically greatly sways things in your favor. Fourth, you can express dire need, meaning you’re without food and medicine, thus requiring financial assistance. Military veterans who were injured can similarly submit a request to expedite the process, along with those suffering a terminal illness.