Should I collect now?

[AdrienneC305839]

I am 65 and out of work for a back operation. I have been collecting temporary disability since December which will stop in May. I am worried I may not be able to return to work. My earning last year were 70,000 and this year will be a lot less because of my operation. Will my Social Security payment be less because I earned less this year? Should I begin collecting now so I won't lose out on the higher payment? If I do go back to work I may only be able to work part time. Thanks for your help!!!

[GailL1]

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@AdrienneC305839wrote:

I am 65 and out of work for a back operation. I have been collecting temporary disability since December which will stop in May. I am worried I may not be able to return to work. My earning last year were 70,000 and this year will be a lot less because of my operation. Will my Social Security payment be less because I earned less this year? Should I begin collecting now so I won't lose out on the higher payment? If I do go back to work I may only be able to work part time. Thanks for your help!!!

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If your doctor agrees that your temporary disability is going to be a disability of a more permanent nature and Social Security agrees, then you can apply for SSDI.

In fact, it is possible to file a claim for SSDI and early old age benefit at the same time. 

NOLO - Getting Social Security Disability Benefits After Age 60

Also read this thread running earlier this month to understand how this would work..

AARP Community - Social Security - Disability Benefits

However, taking an EARLY retirement at age 62 is probably going to reduce your benefit more than just having a couple of years of lower wages especially if you have worked a very long time.

SSA.gov - Benefit Planner (Retirement)

As the Full Retirement age has increased, the early retirement age has stayed the same but this means that there is more of a reduction due to filing early.

SSA.gov - Benefit Planner - Retirement age effects

Register for mySocialSecurity, this is your own account with Social Security, like cat0w said and determine which is best for you and your particular situation by using the calculator function OR You can also make an appointment with your local SS office to go over your options.

[JoeyWildcat]

@AdrienneC305839 Sorry to hear about your Health issues.  You are correct in thnking about your potential loss of social security payments due to your lower pay becasue of your back.  Social security averages your highest 40 quaters of earnings to figure out your social secuirty payments.  Also you would be taking your social security early which would lower your amounts faster than your lower income for social security calculation.  Some of this is found in a good video at 

social security income video

[cat0w]

Have you visited Social Security and set up an account?

https://www.ssa.gov/

You should be able to check out about what your payments will be if you retire now.