Assuming you suddenly become incapable of working before the ideal retirement age, can you collect pension early if disabled?
Early retirement due to disability is not a strange occurrence. Many civil servants quit their jobs due to medical conditions or impairments interrupting their productivity. This sparks the need to know their fate upon retirement.
For this reason, I will be taking you on an informative journey. In this article, we will discuss the provisions for disability pensions, eligibility criteria, and the downsides there are to it.
What is a pension?
A pension is the financial benefit workers receive from employers after retirement. This is their hope of income and financial security when they are no longer fit to work.
While pensions were created to compensate workers who have fulfilled their work contracts, there are other beneficiaries of this scheme. For instance, early retirees due to disabilities or terminal conditions can also receive financial benefits.
Can you collect pension early if Disabled?
Asking the right questions can provide clarity in the face of unforeseen circumstances. To answer this, workers who have to abruptly quit their jobs due to severe medical disorders are eligible to obtain a steady income from their employers. This income is known as the disability pension.
Early collection of pension is possible but not entirely easy. Many government programs like the Social Security Administration supervise the issuance of these benefits. This is to dissuade swindlers from feigning ill health to shy away from their responsibilities.
Moreover, you must meet conditions before you get the approval for this particular retirement fund. Let’s explore the strings attached to it.
Also Read: Importance of Life insurance
What makes you eligible for a disability pension?
Now that you know there’s room for retirement benefits for the impaired, it is also time to see if you qualify.
Medical Criteria
- Your condition must meet the basic definition of a disability
According to the SSA code of federal regulations, a disability is a medically established condition that affects your normal activities. This impairment should be either long-term or life-threatening.
- Proof that your disability prevents you from working
Your condition must be so severe it restricts you from substantial activities.
- Evidence that there’s no remedy for your condition
The disability must be one without an available treatment.
- Assurance that you cannot work part-time after retirement
Candidates should not be able to take other jobs after collecting a state pension.
Employment criteria
- Currently employed
- Younger than the ideal retirement age
- Must be registered for Social Security benefits
Application process
Firstly, all applications must go through your country’s Federal Benefits Unit or your workplace pension provider for employees in the private sector. Be ready to provide essential information, including:
- Social security number
- Personal information of spouse and children below 18 years of age
- Bank details
- Medical information
- Contact details of someone familiar with your condition to help with your application
- Complete information regarding your disability.
- Contact information of your doctors and hospital or clinic address
- List of medicine prescriptions
- Names of medical test
The waiting period for an early pension is about 120 days after application. During this time, you are entitled to an income to cover your cost of living.
How can I access my disability pension?
After completing the application process, those who meet the requirements will get approval for an early retirement. Family members may accept the pension on your behalf if you choose.
Finally, there is a slight reduction in the amount, so expect a different amount than the actual retirement fund.
Conclusion
Summarily, if you are wondering how to collect a pension early if disabled, you will find answers in this article about the application process for early retirement in the case of disabilities.
