I am on SSI, I get $794 a month. I am turning 62 in September, 2021 as I was born in 1959 so a couple months away! I want to apply for early retirement! I assume the SSI will go away at that point as I will receive approx. $1575 a month then? Is this correct? Also when I go to apply for retirement on the IRS website to I state that I am on SSI, Disabled or what?
I don't want to make any costly mistakes when I am filling out the retirement application!

Thank you,

David

Hi David. Yes, since your Social Security retirement benefit amount will apparently be higher than your Supplemental Security Income (SSI) amount, your SSI payments will stop when your Social Security benefits start. SSI is a needs based benefit, so any type of annuity you receive including Social Security benefits offset your SSI payments basically dollar for dollar.

People receiving SSI payments are required to apply for Social Security retirement benefits as soon as they're first eligible, so you don't really have a choice about when to start drawing your Social Security benefits. If you didn't contact Social Security to apply for your retirement benefits, you would likely be hearing from them soon.

You'll need to go to Social Security's website rather than the IRS website if you want to apply for your benefits online (https://www.ssa.gov/benefits/retirement/). And yes, there will be a question on your application asking whether or not you've ever applied for SSI benefits. Answering that question 'yes' should give Social Security the heads up they need to stop your SSI payments so that you don't get overpaid.

Best, Jerry