Can you receive social security disability and retirement simultaneously? This is a common question among individuals who are facing health challenges and are also approaching retirement age. Understanding the eligibility criteria and the interaction between these two programs is crucial for making informed decisions about your financial future.
Social Security Disability Insurance (SSDI) and Social Security Retirement benefits are two separate programs administered by the Social Security Administration (SSA). While they serve different purposes, they can be received concurrently under certain circumstances.
Eligibility for SSDI
To be eligible for SSDI, an individual must have worked and paid Social Security taxes for a certain number of years. The SSA defines disability as the inability to engage in any substantial gainful activity due to a medical condition that is expected to last at least one year or result in death. The condition must also be severe enough to prevent the individual from performing basic work activities.
Eligibility for Retirement Benefits
Social Security Retirement benefits are available to individuals who have reached their full retirement age (FRA), which is currently between 66 and 67, depending on the year of birth. The amount of retirement benefits an individual receives is based on their earnings history and the age at which they start receiving benefits.
Can You Receive Both Benefits?
Yes, you can receive both SSDI and Retirement benefits simultaneously, but there are some important considerations to keep in mind:
1. Earnings Limit: If you are receiving SSDI and begin working, there is an earnings limit. For 2021, the limit is $1,580 per month. If you earn more than this amount, your SSDI benefits may be reduced or suspended. However, once you reach your FRA, the earnings limit for SSDI is lifted, and you can earn as much as you want without affecting your SSDI benefits.
2. Early Retirement: If you start receiving Retirement benefits before reaching your FRA, your monthly benefit amount will be reduced. However, you can still receive SSDI benefits without affecting your Retirement benefits.
3. Waiting Period: There is a five-month waiting period between the time you become disabled and when you can start receiving SSDI benefits. During this period, you are not eligible for SSDI or Retirement benefits.
4. Application Process: To receive both benefits, you must apply for SSDI first. Once you are approved for SSDI, you can then apply for Retirement benefits.
Conclusion
Understanding the relationship between SSDI and Retirement benefits is essential for individuals who are navigating both programs. While it is possible to receive both benefits simultaneously, it is important to be aware of the earnings limits and other factors that may affect your eligibility and benefits. Consulting with a Social Security expert or financial advisor can help you make the best decisions for your unique situation.
