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RobertJDFL, Attorney
Category: Legal
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Experience:  Experienced in multiple areas of the law.
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I am 62 ..thinking about retiring soon ( will apply for social

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I am 62 ..thinking about retiring soon ( will apply for social security ) but recently been finding it difficult to work ( doctor gave me 3.5 weeks off)
I have severe stenous in my neck ... been getting progressively worse .
My question. should I apply for social security or wait ?
Thank you for your question.

If you are in a position where you could afford to stop working if you had to and would still be able to support yourself without claiming social security, then it may be worth it to wait. Social Security will even tell you that you could end up reducing your monthly benefit amount by 30% by claiming early.

For example, suppose you’re 62 and eligible for $1,200 per month, and your retirement age were 66. If you wait until your full retirement age of 66 to start claiming benefits, that amount will rise 33% to approximately $1,600 per month. That's a difference of 25%.

Your cost of living increase is also based on your benefit amount -so claiming it early would mean your COLA is reduced.

Customer: replied 3 years ago.

just wondering ...what if my condition worsens and I can"t work ..It seems like there is a significant difference ... thanks .mike

It's not, for social security purposes, unfortunately. They don't ask why you are claiming early, if you choose to do so, you get the lower amount.Whether you take the amount because you had to or wanted to doesn't have any effect.

Now, you could apply for social security disability if you are unable to work. If you were awarded social security disability, what happens is that at full retirement age, Social Security will automatically convert your disability benefits to retirement benefits beginning with the month you reach retirement age.

The only issue with this - getting approved for disability can many times be a lengthy process which can take 18 months to 2+ years.
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