[Jobs] Is there a Penalty when you Retire?

Daniel Frye dbfrye0468 at gmail.com
Fri Aug 24 01:15:26 UTC 2018


Steve:


Unless the law has changed, and I am confident that it has not changed with respect to this issue, you will not receive a diminished check when you turn full retirement age. The only thing that will happen is that the characterization of the benefits that you will receive from the government will change from disability to retirement. As I tried to explain in my previous posting, The payment of title to disability insurance represents the amount that you are determined eligible to receive at full retirement age, at that point when you become deemed disabled and eligible for benefits. So, in short, you will receive a letter from Social Security at that point when you reach full retirement age (which varies for most of us now) and you will learn that you have been transitioned from one program to another, but your benefit amount should not be diminished. The only disadvantage in terms of your retirement benefits, should you receive disability benefits, relate to the fact that you are receiving your full retirement benefit amount at an age in your life significantly earlier than ordinary; had you not received disability, and had you continued working, your benefits might have been higher when you retired. But, what you are receiving now on disability benefits will not diminish when you turn retirement age. Of course, all of this is also dependent on whether the Social Security program continues to be funded at its current rate and under The existing formula. This is the bigger question that conscientious consumers should be mindful of as we move forward. I urge you not to allow inaccurate press accounts to frighten you about the prospect of the program becoming entirely unfunded; this is unlikely, but there is some substantial likelihood that there may be a fractional, across-the-board reduction for everybody. In this case, it will not be fairly attributable to blindness.

I hope this explanation offers you some sense of consolation as to your question. If people have other questions about Social Security, and assuming that I am not overwhelmed, I invite you to reach out to me for private consultation through my small, consulting firm.



Dan Frye
(410) 241-7006 (personal mobile)

Please forgive brevity and any typographical errors.
Sent from my iPhone

> On 23 Aug 2018, at 9:01 pm, Steven Atkinson via Jobs <jobs at nfbnet.org> wrote:
> 
> Dave, I am forty-nine years old now and I have been receiving S.S.D.I.
> payments since 2001 because I am blind.   I worked right up till I lost my
> eyesight when I was thirty one years old.  I am not going to lose my
> S.S.D.I. benefits when I am at retirement age, am I?  I will still be blind
> and disabled and I believe my S.S.D.I. benefits should and will continue.  I
> appreciate someone confirming this with me.  If my income suddenly goes down
> when I turn sixty-five, I am in big trouble!
> 
> Steve
> -----Original Message-----
> From: Jobs [mailto:jobs-bounces at nfbnet.org] On Behalf Of Dave via Jobs
> Sent: Thursday, August 23, 2018 3:48 PM
> To: jobs at nfbnet.org
> Cc: Dave
> Subject: [Jobs] Is there a Penalty when you Retire?
> 
> \Hello,
> 
> This question is for those of you receiving Social Security Disability,
> or if you are an Expert in the methods and Practises of the Social
> Security Agency.  
> 
> 
> Some of you worked actual jobs, at least long enough to build up enough
> credit to be able to apply and receive Social Security Disability
> payments.
> 
> Do you know if receiving these SSD payments if it will affect the amount
> of Social Security Retirement payments when you actually Retire?  
> 
> 
> The Retirement payment is calculated by some formula run against the
> income you earned as a employee, or Business owner.  However, if you once
> made $3500 a month, then could not find further work, and you end up on
> SSD, and now you get $1400 each month as a Disability payment, does
> Social Security now look at that $1400 each month as income?  And if
> they do, the $1400 each month is way less than the $3500, and so will it
> change what you may receive each month when you retire?
> 
> 
> Applying for and receiving SSD could be detrimental to the amount you
> eventually receive once you retire.  
> 
> 
> <Slight laugh>  I was reading some Social Security info yesterday, and
> was stunned to see the typical amount people receive as a Retirement
> benefit was only around $1100 per month.  
> 
> I am not sure how people are living on such a small amount.  
> 
> So, thought I would ask a question or two.
> 
> Grumpy Dave
> 
> 
> 
> 
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