In the United States, approximately one in four adults report a disability within their lifetime. Having a physical or mental disability may severely limit what you are able to do in your work and private life. Due to this limitation from potential earnings, many individuals apply for social security disability benefits (SSDI) to help them get by.
Social security disability benefits are available through the federal government to assist people who are unable to early a livable wage due to their disability. The money itself comes from what is paid in by individuals in social security taxes. This means that the more you paid in at the time of your disability, the more you will be able to collect if you are approved for social security disability benefits.
It’s important to note that due to the way disability benefits are calculated, the SSDI check amounts that someone receives once approved for disability are static. It’s important to note:
- The monthly checks are based on a formula derived from what was paid in
- Life changes could impact eligibility – such as being well enough to return to work
- There may be other forms of assistance available
How to Make More Money on Social Security Disability
While the actual checks may be fairly set in stone in terms of monthly payments for SSDI, it’s important to take all the proper steps when applying and let the process play out.
Be Thorough and Prompt When Applying for Benefits
For example, applying for disability benefits as soon as you become disabled can ultimately earn you more money in benefits. While there is the possibility of back pay for when the disability started, it is not guaranteed and you are best off applying early if this is an option. An experienced social security disability attorney can come in extremely handy during this process.
Early Retirement vs. Social Security Disability
It is possible that you had to retire early due to a health condition. If you are close to retirement age, you may be looking to take early retirement benefits. But, before doing that, you may want to look into social security disability benefits. A successful disability claim may earn you a higher benefit amount, instead of taking a reduced early retirement benefit amount. When you do reach retirement age, then, you’ll receive your full social security benefits.
Trial Work Period During SSDI Benefits
If your condition improves, the Social Security Administration does allow for a trial work period that allows you to receive full benefits while still retaining your earned wages from work. However, there are time and income limits associated with a trial work period, as you cannot continue to collect both your earnings and disability benefits, in addition to income limits. This option allows you to make additional money while seeing if you are able to return to the workforce or to earn a lower amount while still receiving benefits.
Get the Right Financial Advisor
When it comes to your money, having the right financial advisor can save and earn you a lot of money in the long run. The money that you receive for SSDI benefits will not be able to fully compare to what your peak lifetime earnings were, so you will want to be smart with your money and ensure that you are planning for the future. Having a fixed SSDI amount coming in will make the process of planning for the long haul easier, but investments can be tricky for anyone.
In addition to SSDI benefits, there may be other forms of government assistance available. Among these are food stamps, free phone services, and other local programs. While it is technically not more money on your direct disability benefits, it is a way to get additional help while on SSDI.
If you have questions on applying for benefits or have been denied, get the professionals at Tabak involved right away. The Milwaukee SSDI firm takes cases and has lawyers throughout the country ready to help. Call today for a risk-free conversation at 844-432-0114.