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SSD retirement age, work credit requirements changing in 2018

Indiana residents already know that qualifying to receive Social Security Disability benefits is a difficult enough task-one must demonstrate their medical eligibility and also the fact that they have worked a certain number of credits to qualify. The requirements for eligibility are set to change in 2018, with it becoming just a little bit harder to qualify to receive SSD benefits.

As many may be aware, one cannot automatically become eligible to receive SSD benefits-a worker must have earned 40 lifetime work credits and a maximum of four of these can be received in a year. In 2017, this meant a person earned one credit for every $1300 of earned income, but in 2018, one must have earned $1320 per lifetime credit. Though many may think this is a inconsequential change, this may end up barring millions from qualifying to receive much needed financial assistance.

The full retirement age is also set to change. In 2018, someone born in 1956 will have to wait until they are 66 years and four months old before they can receive 100 percent of their monthly retirement amount, compared to someone who received it when they were 66 years and two months old in 2017.

Millions of people across the country rely on SSD benefits to make ends meet monthly. 61.5 million people receive benefits, of which 42 million at least are retired workers. More than 40 percent of these retired workers count on these benefits to make up at least half of their monthly income. Millions are set to receive benefits next year as well and it is important to take into consideration the changing laws to ensure one qualifies for the benefits they want to claim.

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