I’ve been getting SSDI for years and working part time. Social Security just told me that no matter when I retire, my benefit amount will remain the same as I’m getting now, I just get switched over to retirement.
So if I retire at age 70 I would get the same amount as I would get if I retired tomorrow. I was hoping if I retired I would get more but I still think social security is a good deal.
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Have you invested in pension plans while at work ?
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I used to. I cashed it in to pay off a credit card debt.
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I think this may be because social security (whether you’re on it for disability or retirement) goes up by the COLA every year. So if you retire now, in future years, your retirement ss goes up by the same COLA as your disability ss would have gone up.
This is just an uneducated guess on my part though.
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Yeah, but I just expected I would get more by retiring from working a job all these years. And if I would have gotten more from retirement and still got the COLA that would just have been a bonus.
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That is true because your SS retirement payment is solely based on your SSDI payment. No additional income applies. If you were not on SSDI your SS retirement payment would be based on the average of the 35 years you earned the most money.
Just like SSDI, SS retirement has income restrictions.
Of course working and earning within the restrictions puts more money in your pocket.