How Can You Maximize Social Security Disability Income?
People often fail to take full advantage of the benefits they could receive from Social Security. For those with disabilities preventing them from working and who are of a certain age, Social Security Disability income can be received. For those who are aware of this and already receiving disability, there is some good news headed your way.
Due to the rising costs of living in America, Social Security Disability checks have seen an increase. However, due to the economy and the dwindling Social Security Fund, that increase is unfortunately only about $60 for every $1000. Social Security Disability payments are calculated on an individual basis determined upon the injured party’s income before he or she had to stop working and the amount of Social Security taxes paid by that person. Thus, average Disability payments are about $1,000 a month. With the new increase, these amounts would go up to $1,060 a month.
Your Social Security Disability benefits will be reduced if you are receiving other government-regulated benefits, such as worker’s compensation. However, if you are receiving only private insurance disability payments, then your Social Security Disability will remain the same.
Another way to receive greater Social Security benefits is to wait a bit longer before retiring. Your benefits will be higher because you paid more taxes into Social Security while you worked. By waiting longer, you don’t have to worry about paying for healthcare, as you can begin receiving Medicare at the age of 65.
Another possibility for those on Disability is to consider going back to work. The Trial Work Period allows workers to continue receiving full benefits while supplementing with income from their employment. However, the employee must keep the Social Security office informed of the hours they are working, or the Disability payments may stop.
To learn more about getting the full benefits owed to you by Social Security or Social Security Disability, consult with an attorney. At Brock and Stout, we pride ourselves on helping our clients receive the benefits they deserve.