However, collecting Social Security retirement early rather than applying for disability has drawbacks that should be considered before making this decision. If you take early retirement once you reach the age of 62, your retirement benefit amount will be permanently reduced. The amount your benefit is reduced depends on the number of months you have until full retirement age (66 in 2016). On the other hand, if you are awarded Social Security disability benefits (SSDI), your benefit amount will be equal to what you were entitled to receive once you reached your full retirement age.