When you can no longer work at your job, the government offers a program that can help to ease your financial situation. Social Security disability provides a monthly payment to those who qualify. The road to approval can be long and difficult, but is well worth it for those who are suffering from their medical condition and feeling the financial pinch. Read on to learn more.
To be qualified for Social Security, you must not only have a medical condition that meets the regulations, you must also have a sufficient work history. Your ability to get benefits is directly tied to how much you have paid into the system. Each and every paycheck you have ever earned had a Social Security deduction, and this money goes into fund that is set aside for those who become disabled during their working years and for their eventual retirement.
When you are no longer able to work, your benefits are calculated using a system of work credits. The method of figuring out these work credits is a bit complicated, but for those interested the Social Security Administration provides a website where you can register and view how much money you are eligible to receive based on your past earnings, current up to through your most recent tax return.
A Limited Amount
Most people are very disappointed when they see how much they can get if they become disabled today. You must keep in mind that Social Security is not meant to totally replace the salary of your previous job, but is instead is just a supplement. No matter how much money you have earned over your lifetime, you can only receive the maximum amount of $2687 (as of 2017) per month. This amount is based on the average cost of living, so it could rise slightly each year.
How to Cope
If you are unable to work because of a medical condition, you may have no choice but to file and accept that your financial situation will face a reduction. You should keep in mind that getting approved for Social Security could enable you to apply for other means of support, such as food stamps and housing assistance.
You should also understand that the Social Security Administration does offer several programs that allow recipients to work and earn some money each month to supplement their benefit amount. You are allowed to earn some money and it not affect your benefit, and another program allows you to earn an unlimited amount for a limited amount of time. There are very strict rules about income, so be sure you abide by them or risk losing your benefits.
If you are having trouble with your benefits or you have been turned down, speak to local legal services for help.