If you are an employee, there are only two things that can make you stop working – old age and disability. Old age is something that no one can escape. No matter how much you take in food supplements or how often you go to the gym, time will eventually wear your body down. When this happens, you better be prepared, or else you would become a burden to your children, and probably grandchildren. The following are some ways for you to prepare for retirement:

  • Check your Social Security contributions regularly.

  • Apply for retirement benefits.

  • Pay your taxes.

  • Save money.

Remember that once you reach the age of 62, you can already receive your retirement benefits from the Social Security program. However, if you still have money to spare, you can delay obtaining your benefits until your reach the full retirement age which is 67. If you choose the wait for your full retirement age, you would receive 100% of the benefits you deserve to get. On the other hand, if you start obtaining your benefits at age 62, its amount will be reduced by 30%.

Aside from old age, another situation that can make you incapacitated to perform work is having a disability. Under the Americans with Disabilities Act (ADA), a disabled person can receive several benefits from the government and his company provided that he satisfies certain conditions. Below are some of them:

  • The employee should not be able to perform any gainful activity.

  • His resources and properties should be limited.

  • His disability should be included in the list created under the ADA.

  • He should have made enough contributions to the Social Security Administration (SSA).

Those are just some things you need to know about retirement and disability benefits. The two benefits may be different, but their purpose is the same – to provide financial assistance to people who cannot work. These issues may be nonsense to you for now. But once you reach your retirement age or you acquired a disability, you will certainly remember these things. That is why it would be a great idea to take these factors into consideration now.