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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I am 62 years old and have been on SSDI since I was 55. Can

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I am 62 years old and have been on SSDI since I was 55. Can I apply for retirement?

Customer:

I realize you have a question about social security. My goal is to help you better understand your options.

Customer:

How are you today?

JACUSTOMER-vey16t42- : Fine, thank you.
Customer:

Your social security will change to retirement, once you reach age 66

Customer:

There is no need to apply for retirement age age 62

Customer:

In fact, if you applied for retirement age 62 your benefit would go down by about 32%

JACUSTOMER-vey16t42- : I may be able to earn more money if not on SSDI.
Customer:

Well, before full retirement age, your benefit is reduced $1 for every $2 you earn over $15,120

JACUSTOMER-vey16t42- : I am self employed and could earn 24000.00 annually.
Customer:

If you wish to switch to retirement, all you would need to do is go to your local office

JACUSTOMER-vey16t42- : I know but not sure it would be worth it?
Customer:

Well, your benefit would go down 32% right off the bat, and then based on your earnings, you would be reduced an additional $370 (although they would not do this up front, they would wait until you file your tax return, then ask for the money back)

JACUSTOMER-vey16t42- : Okay, is the $370 monthly or annually and every year?
Customer:

Monthly, but for a year at one time - so it would be $4,440

JACUSTOMER-vey16t42- : Just taken out that first year?
Customer:

No, each year you earn over $15,120 until you reach 66

Customer:

once you reach age 66 you are in the clear

JACUSTOMER-vey16t42- : okay, so it would be best to wait and keep my yearly income from my businees under what amount in order to not lose SSDI?
Customer:

You cannot earn more than $1,040 per month - this is profit

Customer:

so your income can exceed your assets by only up to $1,040

JACUSTOMER-vey16t42- : I am taking a draw of 600 each month, does SS look at this amount or my business earnings?
Customer:

The business earnings

JACUSTOMER-vey16t42- : Net earnings?
Customer:

Correct, after all expenses

JACUSTOMER-vey16t42- : Last question...can I estimate my earnings annually...say $1040 X 12? Some months are better than others.
Customer:

Yes, you could do that

JACUSTOMER-vey16t42- : Okay, thank you.
Customer:

You're welcome.

Customer:

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