Social Security is one of the renowned programs in the United States of America, which helps retirees, disabled persons, and workers in terms of financial benefits. When it comes to Social Security Disability Benefits, SSDI or Social Security Disability Insurance covers those people who require disability benefits. Recipients who already belong to SSDI receive a monthly paycheck according to what they have earned during their lives, rather than the severity of their situation. They get a monthly stipend, which may be up to $3,011 every month in the year of 2020. These monthly payments may also differ if you are getting money for disability from another source.
If you are interested in getting these benefits, then you
should know whether or not you are qualified for it. For that, it is advised to
refer to the official website of the SSDI or SSA where you can get enough
information. Read further:
How much will you
receive?
SSA tends to make individual plans that are unique to all. They
use a complex formula, which determines benefit amounts. When it comes to this
formula, it varies according to different factors. This is why you cannot
calculate your benefit amount on your own and even SSA does not tell you
accurately. However, it is estimated that the average monthly benefit is $1260
every month and the maximum limit will be up to $3011.
Which formula is used
to calculate benefits?
The formula is completely based on what you have paid in
Social Security taxes. It is the Social Security taxes, which affect the retirement
and disability benefits’ amount. In simple words, we can say that these Social
Security taxes are called covered earnings. AIME is the average amount of SS
taxes over a while. AIME is known as the formula, which takes our monthly wages
into consideration. There are many other factors that are considered such as
adjusted for inflation etc. this formula is utilized to decide on the PIA
(Primary Insurance Amount), and it is unique to every person.
Primary Insurance Amount is the base figure, which is used
by the SSA when they are deciding on the SS benefit amount you will be going to
get. This formula uses fixed percentages of different amounts in income that
may tend to alter every year.
Still, if you want to look at your SS earnings, then it
would be good if you check your Social Security statement on a yearly basis.
People who are above the age of 60, they will get a statement every year by the
SSA. In case, if someone is not getting benefits, they will be going to obtain
printed statements every 5 years. To see your Social Security statement for
every year, then you can visit the official website of the Social Security
Administration, and there, you will get a column where you can see it.
In addition, the Social Security Administration has also provided
a benefits calculator on the web to help people interested in seeing their
Social Security benefits amount. This calculator is very easy to use but all you
need to provide the exact information you have related to your salary. This
way, you will easily obtain a record of what you have earned automatically.
Additionally, the estimate of future earnings will also be given to you. Here
is another option where you can track your earnings, which is the website of
the Social Security or www.socialsecurity.gov/planners/benefitcalculators.html. Even, you can talk to a Social Security representative, which will
help you find out your future earnings.
Are there any cutbacks to SSDI benefits?
There are some monetary benefits, which may come
from other sources and have a great influence on your Social Security payments.
VA and SSI benefits are those ones, which will not impact your SSDI benefits. If
this is the case, where you are granted benefits from a disability insurance
policy and it is private and for the long term, then it would be good for you
because your Social Security Disability Insurance benefits will not be reduced.
While on the other hand, payments that come from
government-regulated disability benefits including worker’s compensation, and
temporary state disability benefits, can impact your monthly earnings from
Social Security. In a general manner, the amount you get in benefits cannot go
above than 80 percent of the average amount you got before you experienced
disability. There are some states in the USA, where your SSDI award will be
decreased if you get more than 80 percent of your past earnings. While on the other
side, in some states, the benefit like worker’s compensation, will be going to
see a reduction.
What is the back pay for SS benefits?
Now, what is the back pay? It is the amount that
you get in back pay. What amount of back pay you will receive? The number of
months in which you will receive back pay will be dependent only on when your
disability began or when you applied for SS benefits. This is why it is very
important to send an application to the SSA soon after you have turned into the
disabled. This way, you can avoid losing back pay for which you may be
qualified.
In case, if you had done it previously, then it
completely depends on you whether or not you want to earn back pau from the
first date of filing for SSDI.
Take help from experts
If you realize the basics of the SSDI, then you can easily calculate what benefits you will get as a part of SSDI. If not, then you do not need to worry about it because there are professionals that you can find offline and online both. These are those experts, who will completely help you realize your earnings when you become disabled due to any reason. Hiring the professionals will assist you in understanding better and taking advantage of those benefits, which you have with Social Security Disability. This way, you can also maximize your financial well-being throughout your period of disability.
