IF I OWN MY OWN BUSINESS AND HAVE A DISABLING CONDITION THAT PREVENTS ME FROM TECHNICALLY "DOING WORK" WITHIN MY BUSINESS, AM I ELIGIBLE FOR RECEIVING SOCIAL SECURITY DISABILITY BENEFITS?

Difference Between Social Security Benefits And Disability Benefits

Earlier this month, the New York Times took an in-depth look at the Social Security system and attempted to answer some questions about the system. Certified financial planner, Lesley J. Bray, took several reader questions about the Social Security system and some of the complexities that go along with it.

CLICK HERE to check out the New York Times' coverage on Social Security.

In light of our nation's economic woes, more and more people are relying on Social Security benefits. Whether people are collecting Early Retirement benefits, Full Retirement benefits or disability benefits, the Social Security Administration is shelling out more money than it's taking in unfortunately.

To be sure that you are making the right decision in when to collect Social Security benefits, you have to understand each program and what it entitles you to. While Markhoff & Mittman practices extensively in the field of Social Security Disability, we ensure that our clients understand the ramifications of collecting a benefit at a specific age. Below are components of the Social Security system and brief explanations of how they work.

SOCIAL SECURITY DISABILITY
Disability benefits are available through the Social Security Administration if you are unable to work as a result of a physical or emotional impairment. Disability Insurance benefits, a program that will compensate you based on how much money you've earned while working, also includes Medicare as a benefit, regardless of age. Supplemental Security Income, a needs based program, includes Medicaid. Both programs require the individual to be unable to work. Most people don't choose to collect disability and it's important to remember that if you begin collecting disability at any age, you will retain your disability amount regardless of how much you can get at full retirement age.

EARLY RETIREMENT BENEFITS
Under the Social Security program, individuals who have paid social security taxes will be eligible to collect early retirement benefits at age 62. Usually, a tax-payer's early retirement benefit is less than their disability amount. Early retirement benefits ensure a monthly benefit to a person before they reach full retirement age. If a person collects early retirement benefits, they will retain this amount even after they hit full retirement age.

FULL RETIREMENT BENEFITS
When a person hits their full retirement age, they are entitled to receive the highest benefit amount from Social Security, assuming they are not collecting any kind of Social Security benefit already. Full retirement age can range anywhere from 65, 66 or 67, depending on when you were born. This benefit amount is typically collected by indivduals who keep working up to their full retirement age. It's an attractive benefit amount to collect because it's the highest, but if a person stops working prior to full retirement age, a monthly benefit amount, although it's reduced, might be the best option.

The New York Times implemented a four-part series to address common questions and you can find the story HERE. For more information about Social Security Disability, please visit www.markhofflaw for everything disability related.

Contact Us: Markhoff & Mittman PC 866.205.2415 or info@markhofflaw.com

Serving disabled individuals and their families since 1933. We handle cases througout New York City, Bronx, Brookyln, Queens, Long Island, Westchester and Rockland. We have offices in White Plains, Monsey, Bronx, East Meadow and NYC! Call us or email us today.

The Markhoff & Mittman Team!