Tampa, FL (Law Firm Newswire) September 26, 2013 — The U.S. government is considering a number of options to bolster the Social Security coffers for the long-term.
Two of the options currently being considered are shifting the retirement age of seniors, either increasing the age which defines “early retirement,” or changing the age at which an individual can fully retire. But, either of those solutions would likely dramatically increase the number of disability benefit applications, states a new report by the Government Accountability Office.
“The early retirement age for Social Security is currently 62; the full retirement age is currently 67,” said Tampa Social Security disability attorney David W. Magann. “Individuals who retire at the early age receive a lower monthly Social Security benefit for the years following their early retirement until their death. People who file receive monthly benefits if they are unable to work for one or more years due to a disability.” Insurance benefits continue until the individual can once again work. or until they reach the age of retirement, at which point retirement benefits kick in.
According to the Government Accountability Office, in a report on workers who consider delaying retirement if the age of retirement was delayed, one-quarter of workers who were 60 or 61 between the years 1998 and 2008 had health conditions which limited their ability to work at full capacity. Two-third of the workers in the report stated their job was physically demanding. The report also found that workers who self-identified as having health limitations, also reported that they were concerned they might not be able to work effectively to an older retirement age. They were found to have fewer years of formal education and reported a lower household income than those without health limitations.
The report concluded that the raising of the age of retirement could also raise the number of people who apply for disability benefits; some workers with disabilities might choose to apply for disability benefits rather than working longer. And, by increasing the age for full retirement, benefits would be reduced for those workers who retired early, which could also inspire some to apply for disability benefits.
Learn more at http://www.brandonssa.com/
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
6107 Memorial Hwy
Tampa, Florida 33615
South Tampa Office:
Bank of Tampa Building
601 Bayshore Blvd Ste 105
Tampa, FL 33606
- ALWAYS Ask To SEE Your Social Security Representative's FLORIDA BAR CARD: Never Allow A Non-Attorney to Represent You At Your Social Security Hearing!
You should NOT have a non-attorney clerk at your hearing? This seems obvious, but several Florida law firms and any company identifying themselves as “Experts”, some who are advertising on TV, are sending non-attorney clerks to Social Security Hearings simply because its cheaper for them to do so rather than have an actual attorney appear. How in […]
- Do Not Believe Non-Lawyer Websites Who Post 95% Success Rates!
Continually we see claimants who have had a non-lawyer representative whose company boasts a 95% success rate when in fact it is simply not true. No lawyer website can ethically advertise with success rates in percentages because it is misleading and yes, unethical. Each claim is different and if it is to good to be true, […]
- Missing Your Social Security Statements? SSA's New Policy
SSA has recently changed its policy regarding the availability of the annual Social Security Statement. Effective May 1, 2012, SSA will begin to provide real-time online access to the Statement with the release of the new “MySocialSecurity” portal, www.socialsecurity.gov/mystatement. In March 2011, due to budget issues, SSA suspended the mailing of all annual Social […]
- Self Employed Work: if you have a Social Security Disability claim, beware!
Those engaging in self employed work while having an ongoing Social Security Disability claim have a greater burden of proving the work is not substantial, gainful actvity (SGA). In general, if a worker in the year 2012 makes $1010.00 (non-blind worker)(blind worker SGA $1690.00) or greater SGA will be assumed unless otherwise proven. See, SSR 83-24, 20 […]
- Social Security Funding is Easily Fixable
The outrage over Social Security benefits viability is warranted. It is clear the program faces long-run financing issues since 1983 and it was well understood by Congress that the shortfall was not going be corrected since early in 1993. ”The Figure shows that the deficit has hovered around 2 percent of taxable payrolls for almost 20 years.” Since nothing has been […]