How Can I Get Social Security Disability & Early Retirement?
Becoming disabled can create financial worry, including whether you qualify for disability benefits or early retirement. This is all coupled with the physical pain and daily impairments from your disability. The sooner you apply for Social Security disability and retirement benefits, the sooner some of the questions get answered.
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Instructions
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Get properly diagnosed. Disability qualification is defined by the Social Security Administration as a physical or mental impairment that is expected to last for at least 12 months, severely restricts your ability to work or can expect to result in death.
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Gather all medical records establishing your disability. Records must include hospital tests, doctor diagnosis, prescription records and medical prognosis for recovery.
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Review financial resources you have. The SSA approves Social Security Disability Insurance based on your work and earnings history. Supplemental Security Insurance only applies when other personal financial resources are exhausted.
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Call the Social Security Administration to determine if you qualify for SSDI and SSI benefits at 1-800-772-1213. Apply via the phone application or ask if there is a local SSA office to make an appointment at to apply in person; you may also apply online at the SSA.gov website.
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Establish eligibility. To qualify for SSDI, you must have at least 1 1/2 years of employment history for applicants younger than 28 years old, with a sliding scale up to eight years of work history for those age 54 or older. Benefits are based on average lifetime earnings. For an individual not eligible for SSDI, resources must be less than $2,000 while couples must have less than $3,000 to qualify for SSI. Financial resources include cash, all financial accounts, land, vehicles, life insurance and other personal property such as retirement savings plans.
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Provide any supplemental information requested such as your doctor's records, bank records and employment history to the SSA. Your representative will give you the address to forward all information to your local department.
Apply for Supplemental Retirement Accounts
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Call the plan administrator for any retirement plans you have such as company pensions, Individual Retirement Accounts, 401k or 403b plans.
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Obtain a distribution form.
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Complete the distribution form, noting a disability distribution. The Internal Revenue Service waives the 10 percent early distribution penalty on early withdrawals resulting from disability.
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Submit the paperwork and wait a week to 10 days to receive the check or have regular income payments begin.
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File Form 5329 when filing personal tax returns. This form notes the disability waiver. Only the penalty is waived, the taxable portion of the distribution is still added to annual income.
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Tips & Warnings
You may be able to work while under SSI disability retirement benefits. Ask your case worker about what "limited jobs" you are allowed to perform without reducing your benefits.
SSDI benefits may be taxed if you have other income resources. Income levels exceeding $25,000 for a single person and $32,000 for a married couple tax 50 percent of SSDI benefits as of 2010 tax regulations. Those with income over $34,000 for single filers and $44,000 for joint filers have 85 percent of SSDI payments taxed.
