How Does Early Retirement Affect Your Social Security Benefits

You are allowed to receive your Social Security retirement benefits as early as 62, but you should know that your monthly payment will be significantly lower than if you retired at 70. You will not be able to get your full retirement amount. Your Social Security benefits will be reduced by the amount of months you have left until you reach full retirement age.

Eligibility: In order to receive SS benefits, you will need 40 credits of work in your file. Generally, if you worked for at least 10 years and have been paying taxes to Social Security, then you are likely to be eligible for Social Security benefits.

Average earnings: The average amount you can receive a month is figured out by using the average index monthly earning — AIME. This will also be adjusted with changes in wages as well as the standard of living during your working career. The 35 highest years that you worked, will then be added up and averaged to a monthly earning that you will receive.

Payouts: The AIME that was just used above is now used for monthly payments toward finding out your primary insurance amount — PIA. This is the amount you will receive if you claim SS benefits at your full retirement age. The formula for PIA is:

• 90 percent of the first $767 of your AIME, plus
• 32 percent of your AIME over $767 and through $4,624, plus
• 15 percent of your AIME over $4,624

The benefit payouts are decreased if you want to claim benefits before you are full retirement age, but may increase if you wait until the age of 70 to claim. It is important to remember that early retirement can affect these numbers. If you retire and don’t have 35 working years, Social Security will place zeros in, which can significantly decrease your monthly payment.

If you plan on depending on Social Security benefits, it is best to wait as long as possible to retire so you are getting the highest amount. If you do have health problems, there are exceptions to early retirement. Ask a Social Security disability lawyer for help during this time.

Should I Apply SSD Benefits for Bad Knees & Joint Pain?

If you suffer from knee pain and are interested in applying for Social Security benefits, you know that living with your knee pain makes life more difficult. The Social Security Administration does not approve all knee-pain applications, but these tips may help you win your case.

The root of most cases of knee pain is the joints. Injured joints can cause severe, debilitating pain whenever the knee is moved. Though it is possible to qualify for SSD benefits if you suffer from severe joint pain, it is not an easy task. This is where a Social Security disability lawyer can help you through the application process.

In regards to severe joint pain, the SSA requires that the applicant provide evidence that his ailment is “medically determinable.” This means that you, the applicant, must have specific medical tests done that can physically show the SSA your injury. These results can provide you with an arsenal of evidence to use when applying for Social Security benefits in Washington DC. This evidence has to prove that your joint pain will last longer than a year and that it is so severe that it is altering your lifestyle and work performance.

An SSD attorney can take you through the specific tests and medical procedures that will help support your case. However, a rough list includes your official diagnosis, MRIs, x-rays and labs, in addition to proof that you have tried different treatment options and how your body responded (or didn’t respond) to that treatment.

According to the SSA, you can qualify for benefits in one of two ways:

1. Proving that your disability meets the requirements outlined in the SSA’s book of disability listings.
2. Showing that your disability limits you physically or mentally, preventing you from working full-time.

To qualify under the SSA’s disability listings, your joint pain must be caused by a deformity. This can be proven with an MRI. Since the joint pain is pinpointed to your knee, this deformity must be so severe that it alters your ability to walk normally – thus altering your day-to-day lifestyle. Do you need help running errands? Can you walk up stairs by yourself?

Qualifying for Social Security benefits in Washington DC under the second set of qualifications can be even more difficult. If you do not know what your best bet is, or even where to begin, an SSD lawyer can help you get your application started.