The “Biggest Myth” about Claiming Social Security Disability Early Revealed

In today’s world, it is easy to get caught up in all the chaos of the news cycle. Each day we are bombarded by news stories about tragedies both at home and abroad, and are inundated at all hours of the day with headlines about war, politics, death, and destruction. Indeed, there is no doubt that information – and misinformation—is easily spread with a click of a button or a swipe of a cell phone screen in today’s increasingly connected world. One of the viral stories that many Michigan Social Security Disability applicants and residents may have heard is about the trend towards claiming Social Security Disability early, due to rising fears and concerns that the Social Security Disability trust will “run out” and there will be nothing left when we reach retirement age. But is this really true? To help Michigan Social Security Disability applicants and residents better understand whether it makes sense to claim social security before full retirement age, we discuss that question here.

Studies Indicate Vast Majority Believe Social Security Disability Will Run Out

According to a report by CNBC News, a whopping 75% of adults aged 50 years old and over believe that the Social Security Disability program will “run out” at some point during their lifetime. Accordingly, 29% of Americans claimed Social Security Disability benefits at the earliest age possible, 62 years old in the year 2022. Another 30% of Americans opted to take their Social Security Disability Benefits before their full retirement age (between 66 and 67 years old, depending on what year the applicant was born). Indeed, most Social Security Disability beneficiaries claimed benefits before their full retirement age in 2022, and only 16% of retired individuals claimed Social Security Disability benefits at full retirement age.

Will Social Security Disability Benefits Run Out?

One of the major reasons that many Americans claim Social Security Disability Benefits before full retirement age is fear that the Social Security Disability program will run out before they are full retirement age. However, experts note that “The biggest myth about Social Security is that when the trust fund runs out, the program is just going to go away,” and that even if the trust fund does run out, Social Security Disability would still have incoming revenue from payroll taxes, albeit payments may be reduced. Of course, in order to determine the best age to claim your Social Security Disability benefits in Michigan it is best to speak with an experienced Michigan Social Security Disability lawyer as soon as possible about your case.

Legal Help with Your Social Security Disability Case in Michigan

If you are interested in seeking Social Security Disability benefits in Michigan and you need legal help, contact the experienced Michigan Social Security Disability lawyers at Nationwide Disability Law. The experienced Michigan Social Security Disability lawyers at Nationwide Disability Law are here to help Michigan retirees and Social Security Disability applicants get Social Security Disability benefits due to them. Do not hesitate to make the call to an experienced Michigan Social Security Disability lawyer today to discuss your case. Contact the experienced Michigan Social Security Disability lawyers at Nationwide Disability Law today and speak to a lawyer about your case now.

Source:

cnbc.com/2024/05/19/delaying-social-security-even-by-months-can-boost-retirement-security.html