Can Social Security Disability Replace Income?
If you are not able to work at your job because of a medical condition, you may qualify for Social Security Disability Insurance (SSDI). This is one of several monetary benefit programs headed up by the Social Security Administration (SSA), and it can provide former workers with a monthly benefit. There are several qualifying criteria, and it's not easy to be approved for benefits, but it presents a lifeline for those unable to work due to medical issues. Read on to learn more about how the amount you receive is determined.
Qualifying for SSDI
The qualifications for this program are two-fold: you must qualify medically and you must qualify by work credits. If you don't have enough work credits to receive benefits, you will not even reach the medical evaluation stage, so take a look at how the SSA views your ability to qualify through these credits.
With every paycheck you earn, you are paying into the system though deductions. The method for determining how many work credits you earn is somewhat complicated and varies a great deal depending your age, how much you have earned in the past, and when you earned it. The SSA makes it easy for people to check the status of their earnings, however, by opening an account on mysocialsecurity.com. Here, you can view exactly how much money you can expect to receive per month if you became disabled today.
The Monthly Amount
If you were able to view your account, you may notice that you will very likely not be able to replace the income from your most recent job. SSDI is not meant to totally replace that income, and even people who have very high earnings will find themselves butting up against the SSA top limits for a monthly payment, which is $2,687 in 2017. This amount can change from year to year, since it's based on the average cost of living.
If the amount available to you looks small, you might need to keep in mind that this figure is based on several years of earnings that have been averaged out. Most people earn more money now than they did several years ago. It should also be noted that if you are earning a high income now, the amount available to you for disability and for an eventual retirement is greatly influenced by how much you earn from this point onward.
Steps to Take
Most people are unpleasantly surprised at the amount of disability pay available to them, and many reconsider applying for benefits after they find out that they may not be able to make ends meet on that benefit amount. However, you should also understand that you can earn money each month, as long as it is reported to the SSA and it stays under the limit.
For more information and for assistance with filing a claim, contact an attorney at a law firm such as Duncan Disability Law SC.
