Ask Terry Questions Social Security and Illinois Workers Comp

Social Security and Illinois Workers Comp

By Terry Savage on March 20, 2019 | Wild Card

Hi Terry,
I have a dilemma. I was hurt at work and my weekly hours have been cut from 40 per week to 26 per week. I was given a different job to do but hours per week are now set at 26. I have gotten a WC attorney but my wife and I cannot pay our bills because of my loss of income. I am 63 years old and feel I must start collecting Social Security now just to make ends meet. I want to wait to retire until I’m 70 but it’s not realistic is it? What do you think I should do? I have no idea how the WC case will turn out or when. Help!

Terry Says

Sometimes, our plans go astray.  You obviously know the penalties for taking Social Security — a significant reduction in benefits.  BUT did you also know that any disability payments you receive from you job (until you reach age 65) will reduce your Social Security benefits?  Read this link.  And, of course, your job income would also reduce your SS benefits if you take SS before full retirement age.

Now, it seems that your employer is being generous and you are receiving a (reduced) salary — possibly because they don’t want you to apply for SS disability pay, and impact their workers comp status.  Has your lawyer looked into that possibility — or is he/she just focused on getting you a settlement?  I don’t want to rock the boat — because it is possible that your employer is being extremely gracious in getting you another job that you can do, thus maintaining your health insurance and other benefits from the company.

I really wish you could figure out a way to wait until your FULL RETIREMENT AGE — nearly 67 — to take your SS benefits.  Can your wife babysit — or drive someone to the store, or anything else to earn some extra money for the next few years???  Please explore every opportunity to keep going without SS until you reach full retirement age.



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