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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12056
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I worked years, then went on SSDI years, I am turning 66 in

Customer Question

I worked for 32 years, then went on SSDI for 11 years, I am turning 66 in June what decrease will I get ?
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi,...You will not get a decrease....There are two major changes that take affect when you reach full retirement age. The first is that your benefits will no longer be paid through SSD. Instead, you will transition to the "Old Age retirement benefits"....Your benefits will not be interrupted with this transition and the benefit payment will be processed as usual. It will simply come in from a different Social Security fund rather than SSDI, but you won’t even notice the difference....The second change that comes with reaching full retirement age is that your benefits are no longer subject earning limits that were in place with your SSD benefits....Said differently, you can increase your earnings from a part time job, or even full time, without losing dollars in your monthly benefit check....Basically there's just a conversion ... and the years of NOT working are erased from the AIME formula, so that the amount stays the same
Expert:  Lane replied 1 year ago.
Finally, you won't don’t have to do anything when you hit the age of full retirement. Socila Security Administation automatically transitions your benefits to the retirement fund without requiring you to complete new applications or other forms....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the smile or stars on your screen, and then clicking “submit”)…I receive no crediting at all unless you rate in this way....Thank you!Lane……I hold a law degree, (concentration in Tax Law, Estate law & Corporate law), an MBA, (specialization in finance & tax), as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.