Some of us never plan on retiring. Given the current status of our investment accounts, especially those of us that lost just about everything through the 2008 recession, we wouldn't much care about the benefits of filing for Social Security disability. If you're like me, even after age 65, I'll (hopefully) still be getting up each morning early and heading into the office. I love being a Social Security disability attorney. I don't want to stop any time soon.
However, there are some of us getting older and their physical or mental complications are getting worse. In fact, some of us are no longer able to work at all.
Let's back up just for a minute and understand retirement and disability benefits.
First, when you retire, Social Security looks back over the last 30 years of work and averages out a wage the Administration will send you each month. The years you pay into the Social Security system and the amount determines what will be spit out on the back end.
If you can see where I'm going with this, then you're on the right track. If there are years in which you do not earn a paycheck, those years of no work and not paying into the Social Security disability system significantly diminishes the amount you will receive in retirement. It's just like being back in school and receiving a zero on a test or two. When it's time to get your final grade, those big zeros pull your average way down.
Now, here is where disability can help. For those years you were disabled and you were approved for benefits, those years of lost wages do not count against you. In other words, it's not counted as a big giant zero that takes your 100 average down to a 50 and you have to go to summer school.
This is incredibly important. Yes, you may want to continue to work after age 65, but you could also be receiving benefits as well. That's the difference between perhaps driving a Yugo and living in an apartment, and driving that BMW you always wanted and going to Italy with your significant other.
I can't express to you how important all this is. This is especially so if you are over the age of 50 and you can no longer work due to a physical or mental (or combination of both) impairments. You must attempt to receive disability benefits. Not only does this benefit you immediately with a monthly income, but it allows these years of no work not to count against you in retirement.
We hope this helps. If you need to speak to us, please feel free to contact us at: (888) 780-9125.