Yes. In the Sunshine State, it is very possible to collect both unemployment benefits and Social Security benefits simultaneously.
Note that the state won’t reduce your unemployment benefits if you are also getting Social Security retirement benefits. This is mainly to ensure that individuals who are eligible for both programs obtain the full benefits from each, making available additional financial support within periods of unemployment.
Nevertheless, you must report every income source, including Social Security, when filing for unemployment to guarantee you are in line with state regulations.
Important Things to Know About Collecting Both Unemployment and Social Security at the Same Time in Florida
Eligibility for Both Programs
In the Sunshine State, to be eligible for Social Security retirement benefits, you are expected to have accumulated substantial work credits over your career, in most places at least 40 credits, which more or less translates into 10 years of work.
This is what makes you eligible for these benefits as early as age 62. Nevertheless, it is important to state that the exact retirement age tends to vary based on your birth year, most often between 66 to 67 years old.
When it comes to becoming eligible for unemployment benefits in Florida, it is strictly reserved for individuals who have lost their jobs due to no fault of their own, are capable and willing to work, as well as actively searching for employment.
To qualify, the individual must earn a minimum amount in wages within their “base period,” and this is known to fall within the first four of the last five completed calendar quarters before submitting the claim. This is how to qualify for the state’s unemployment insurance program.
Reporting Requirements
When you are looking to apply for unemployment benefits in Florida, you must provide honest and correct information. You will have to make certain information available to The Florida Department of Economic Opportunity (DEO), and this information will include any Social Security benefits you have or are still getting.
Not providing this information or making accurate reports will lead to overpayment issues where you might be requested to repay benefits.
Note that in certain instances, overpayment issues could also lead to your disqualification from getting further benefits or even legal penalties.
Keep in mind that the DEO diligently looks into all reported income against state and federal databases, as such it’s necessary to provide all information during your application and weekly claim certifications.
Appropriate and verifiable reporting guarantees that your unemployment claim is processed in term and you can expect a positive response.
Impact on Unemployment Benefits
In a good number of states, getting Social Security benefits tends to reduce the amount of unemployment benefits you are legally allowed to obtain through what is referred to as a “Social Security offset.”
However, it is quite different in the Sunshine State especially since irrespective of your Social Security income, you will get full unemployment benefits that are only dependent on your previous earnings as well as contributions to the state’s unemployment insurance fund. According to current data, the full weekly benefit amount in Florida is a maximum of $275.
One of the most obvious benefits of this policy is that it ensures retirees can stay afloat while still seeking new employment opportunities without getting penalized for withdrawing from their retirement savings.
Duration and Extensions
Another thing to note is that unemployment benefits in Florida are at the outset available for up to 12 weeks; however, this duration can be extended up to 23 weeks during times of high unemployment.
However, note that each week, you will still be expected to prove that you still qualify by showing you are actively seeking work and still in line with all essential requirements.
In terms of duration, Social Security benefits are quite straightforward. Once you begin receiving them, it continues for life. You can decide to begin as early as age 62, but if you delay until your full retirement age (or even until age 70), your monthly benefit amount will be higher.
Note that having a comprehensive insight into the duration of your unemployment benefits will ensure you are well-equipped to plan for periods of financial instability.
Strategic Considerations
When considering the perfect time to start collecting Social Security benefits, you must take into account your overall financial situation as well as your employment prospects.
As such, if you decide to start getting Social Security at age 62, your benefits will be permanently reduced especially when put in comparison to what you would get if you prolong it until your full retirement age. Also, note that delaying benefits until age 70 can massively increase your monthly payments.
Aside from that, note that if you are laid off and still qualify for unemployment benefits, you might choose to delay Social Security benefits to ensure you can get higher payments later on.
This strategy will work to boost your lifetime benefits, particularly if you expect to live a long life. However, if you require immediate income, starting Social Security earlier could prove to be a lifesaver while you seek a new job.