The Wall Street Journal’s Future of Everything newsletter recently shared reactions to an “age-simulation suit” that lets you feel what it’s like to be 82 — restricted movement, dimmed vision, reduced hearing. Some readers praised it as an empathy tool. Others criticized it for exaggerating aging by lumping every possible impairment together.
That discussion got me thinking about how Social Security itself is structured around aging and disability.
Social Security isn’t just disability insurance. It’s OASDI — Old Age, Survivors, and Disability Insurance. Aging and retirement, as well as disability, are built into the system:
You can start early retirement at 62, but there will be a reduction in benefits compared to your full retirement age.
Full retirement age is 67 for those born in 1960 or later.
Wait until 70, and you receive 24% more than at full retirement age.
Society recognizes that with age, people eventually stop working — whether by choice, health, or necessity. This is why Social Security offers retirement benefits to those who qualify based upon their work history.
Life expectancy makes this even more relevant. According to Harvard Men’s Health Watch newsletter (using 2021 CDC data), women lived to approximately 81years old and men to age 76.
Aging and disability can correlate. The aging process can lead to impairments which can cause disability. For example, as we age we may be more likely to experience osteoarthritis. This condition certainly can affect our ability to function.
Some people will work into their 70s, others need support much earlier. Either way, understanding your benefits is crucial.
I’m frequently surprised that when folks call me to apply for Social Security disability benefits, they do not know the amount of their benefits. So, if you haven’t done so yet, go to www.ssa.gov, answer the security questions and set up an account. Then review your benefits statement to learn what you could receive.
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