Heartache of Leaving the Workforce 10-15 years Early

leaving workforce early

leaving workforce earlyAbingdon, Bristol and Johnson City

According to a Gallop poll, the average age of retirement is 66 years old, up from the age of 60 in 1995. Early retirement is now a thing of the past. This is due in part to the cost of living, and that many people are living longer. It is no longer sufficient enough to work 30-40 years, retire, and then support yourself for another 20-30 years. For some, early retirement may be financially feasible, and an outright choice. But, for others, what happens when you are forced to retire a decade or two before your time, and you are not financially prepared to do so?

Here is a look at why you may be forced to retire early, and what your attorney in Bristol can help you do about it.

The Law Offices of Michael R. Munsey, P.C., understands that sometimes people go through unfortunate circumstances, such as a personal injury, medical injury, or even an injury on the job that leaves you disabled and unable to work for the rest of your life, forcing you to retire early. For some, that day may come much sooner.

When you are forced to retire, you are likely not going to have enough funds in your retirement. Even worse is if your investments have hit a slump in recent years causing you to lose money you hadn’t planned on losing. Plus, social security benefits do not start paying out until you reach age 62, but even then the payments are only partial payments. Not until age 66 can you receive full social security benefits.

If you have suffered an injury or medical condition that has left you disabled, you may qualify for social security disability (SSID). This means that you could potentially receive social security benefits earlier than required, due to your medical circumstance.

I was forced to retire early, should I seek disability?

If you were injured or suffer from a medical condition that will prevent you from working for up to one year or more, then you have a case to apply for social security disability. Even with SSDI, you are eligible to work some, although there are requirements on how much you can work. However, if you are completely unable to work in any capacity, you may need help paying your bills and living expenses. In this case, SSDI can help.

How do I qualify for SSDI?

To determine if you qualify for SSDI, be sure to consult with an experienced disability attorney in Abingdon. There are certain requirements that you must meet in order to get approved for benefits. Applying for benefits on your own is an option, although many individuals get denied, and only an experienced attorney can get an appeal approved. At the Law Offices of Michael R. Munsey, P.C., we possess the knowledge and experience necessary to fight for you in a case for SSDI in Tennessee or Virginia. Going up against the program by yourself may end up delaying your benefits or worse, getting denied with no backup for an appeal.

Social Security Disability in Abingdon

If you are interested in learning more about whether you are eligible for social security disability or how to apply or fight a denial, contact the Law Offices of Michael R. Munsey, P.C., by calling (276) 451-2056. We are proud to serve clients in Bristol, Kingsport and Johnson City, TN, as well as Bristol, VA.