An increase of 8.7% in the cost-of-living adjustment for 2023 will provide Social Security recipients with their largest raise in the past four decades.
Some individuals may become impatient and feel pressured to file for Social Security retirement benefits prematurely; nevertheless, we advise you to wait a while before making a decision.
Social Security Payments
If you are approaching the age of 62, you are coming closer to the age at which you can begin receiving Social Security retirement payments. This new COLA raise can be pretty enticing for older citizens, therefore it is only reasonable that you would like to take advantage of it.
All of these individuals, however, are receiving a clear warning from economics experts: you may want to wait.
There is a low likelihood that you will miss out on these advantages if you do not apply for them immediately, as most individuals opt to wait because your checks may be decreased if they apply too early.
If you recently turned 62, you will not be eligible for full retirement age benefits, which vary from 66 to 67 years old. Depending on where you were born, you will receive 100 percent of your earned benefits. Take a bit longer to begin receiving benefits, say until age 70, and you’ll receive an 8% increase for each additional year beyond the retirement age.
Read more: SSI and SSDI payments: What additional benefits of up to $1,000 you could receive this year?
Applying For Disability
There is no assurance that applying for Social Security in your golden years would result in a quicker decision than filing while you are younger.
Social Security’s disability examiners take your employment history and medical circumstances into account. To be considered permanently incapacitated, your symptoms must preclude you from working permanently at any job, not just the one you presently hold.
When you are in your twenties, it can be more difficult to demonstrate that there are no jobs that could be adapted to your conditions and needs for the next forty years.
Once you are close to retirement age, it becomes much simpler to demonstrate that your ailments preclude you from working for the next few years.
Even if your age is in your favor, approval for Social Security Disability might take a long time. Timelines are contingent on a number of variables, including your medical condition, the speed with which your medical sources reply, and whether your application is randomly picked for quality review.
Three to six months after completing your application, you will receive an initial decision on average.
Read more: Social Security update: Things Gen Z should know!
