GETTING SOCIAL SECURITY PAYMENTS AT AGE 50

Social Security doesn't allow "early retirement" benefits to begin until age 62.

But many Americans begin receiving full Social Security benefits at ages 50 to 55. How? They are disabled and file disability claims. If approved, they receive their Social Security benefit now.

There is a different and easier set of rules for claimants who are 50+. Vocational-medical guidelines, also called "grid rules," allow disabled workers to retire early on disability. And the benefit is not reduced because you receive it early.

Here are the basic requirements to get this benefit:

1. You must have worked the minimum number of years, which is usually at least 5 years out of the most recent 10 year period. If you didn't pay in, you can't take money out.

2. You must have a severe, medically determinable impairment which has last for 12 month, will last for 12 months, OR result in death. You are not presently able to work at any job you performed within the past 15 years.

3. You must not currently be working at "Substantial Gainful Activity" or SGA--which is defined as earning wages or self-employment earnings of at least $1,260 per month (gross).

I don't mean to imply that a benefit is automatic if you meet these conditions. You must file and application and get it approved. This may involve an appeal (or two) because Social Security doesn't give up their money easily.

But there are 2 important age categories that give you a much better chance:

ADVANCED AGE: Age 55 or over.

APPROACHING ADVANCED AGE: Ages 50 - 54

In both of these categories, grid rules can give you the edge.