Q I am nearing my full retirement age, but I plan to keep working after I apply for Social Security benefits. Will my benefits be reduced because of my income?
A No. If you apply for benefits once you’ve reached your full retirement age, you can work while you receive Social Security and your current benefit will not be reduced because of the earned income. If you keep working, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your survivors could receive. If you receive benefits before your full retirement age, your earnings could reduce your monthly benefit amount. After you reach full retirement age, we recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings. You can learn more by reading our publication, How Work Affects Your Benefits, at www.socialsecurity.gov/pubs/10069.html.
Q I understand that to get Social Security disability benefits, my disability must be expected to last at least a year. So do I have to wait a year before I can apply for benefits?
A No. If you believe that your disability will last a year or longer, you should apply for disability benefits as soon as you become disabled. It can take about three to five months to process an application for disability benefits. If your application is approved, your first Social Security disability benefits will be paid for the sixth full month after the date your disability began. For example, if it is determined that your disability began on Jan. 15, your first disability benefit will be paid for the month of July.
However, Social Security benefits are paid in the month following the month for which they are due, so you will receive your July benefit in August. For more information about Social Security disability benefits, refer to Disability Benefits (Publication No. 05-10029) at www.socialsecurity.gov/pubs/10029.html.
Q What are the rules for getting Supplemental Security Income (SSI)? I’m thinking about applying.
A To be eligible to receive SSI benefits, you must be disabled, blind, or age 65 or older and have limited income and resources. Income is defined as wages, Social Security benefits and pensions.
Income also includes such things as food and shelter you receive from others. Social Security does not count all of your income when deciding whether you qualify for SSI. Resources include bank accounts, cash, stocks and bonds.
You may be able to get SSI if your resources are worth no more than $2,000. A couple may be able to get SSI if they have resources worth no more than $3,000. Learn more by reading our publication, Supplemental Security Income (SSI), at www.socialsecurity.gov/pubs/11000.html.
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.