Q: Mrs. P asks: “I will be 64 this year, if I start Social Security early retirement now, will I be locked in on the smaller amount forever, even after 66? I know I will be limited to earned income of only a little over $14,000 until I reach age 66.”
A: Yes. If you start receiving benefits early they will be reduced based on the number of months you receive benefits before you reach your full retirement age www.socialsecurity.gov/retire2/retirechart.htm and this reduction will continue.
One way in which your benefit could change is if you work after you start receiving benefits. If you continue to work while you are getting benefits, we automatically check your record every year to see whether the additional earnings will increase your monthly benefit. If there is an increase, we will send you a letter telling you your new benefit amount.
Q: “Is there a time limit on how long you can receive Social Security disability benefits?”
A: Your disability benefits will continue as long as your medical condition does not improve and you remain unable to work. We will review your case at regular intervals to make sure you are still disabled. If you are still receiving disability benefits when you reach full retirement age, we will automatically convert them to retirement benefits. Learn more about disability benefits by visiting www.socialsecurity.gov and selecting the Disability tab along the top of the page.
Q: “When will I get my automatic Social Security statement?”
A: If you are at least 25 years old and not yet receiving benefits, you should receive your annual Social Security statement about three months before your birthday. If your automatic statement has not arrived and you are within one month before the month of your birth or if you need a statement sooner, you can request one at any time by going to www.socialsecurity.gov/statement. You can learn more about the Social Security statement and how to use it at www.socialsecurity.gov/mystatement.
Get answers to your Social Security questions each Thursday from the Social Security District Director Martin Coffey. Submit questions by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at jvass@timesfreepress.com.