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What Affects Your Social Security Disability Insurance Benefits?
Social Security provides insurance for people with disabilities that prevent them from holding a job. If you have applied for or have Social Security Disability Insurance (SSDI) benefits, you may be wondering what factors impact your monthly payment. If you would like to know more, check out these factors that can affect your SSDI benefits.
Your Monthly Income
Naturally, your monthly income plays a huge role in determining your monthly SSDI payment. The more you paid into the system through taxes the higher your benefit payment will be. However, if you make over a certain limit, you don't even qualify for benefits. The limit changes each year, but as of 2022, it was $1350 per month going to $1470 per month in 2023. There are higher limits for the blind.
If, however, you already have SSDI and choose to participate in the Ticket to Work program, it may not matter how much money you make. This trial work period is a way to test your ability to get back into work without risking losing your benefits. As long as you inform the SSDI office of your job, you can earn money and receive your benefits.
The Trial Work Period is any nine months during a 60-month period. It doesn't end until you've worked nine months, but the nine months don't have to be consecutive. The nine months don't count unless you've made a certain amount of money: $970 before taxes as of 2022 and going to $1050 in 2023.
Extra Money and Changes
You'll need to keep the SSA updated on any new income and any major changes. This includes:
- Collecting other disability benefits such as workers' compensation
- Working and earning money.
The Average Cost of Living
Naturally, inflation causes everything to increase in price. Overall, this increases the average cost of living. The cost of living includes food, housing, clothing, health care, entertainment, and much more. Naturally, you can reduce your cost of living by cutting back on luxuries, but many costs can't really be changed. For example, you can't easily go find a cheap alternative for gasoline.
Some jobs have cost of living raises to ensure employees continue making a fair wage. Luckily, SSDI also offers increases for cost of living usually by a small amount but increasing by 8.7% for 2023.
SSDI is a great way to get money if you can't work because of a disability. To qualify, you'll need to prove you have a long-term disability that prevents you from working. If you would like to know more, or if you want help applying for SSDI, contact us at Gordon & Pont PC.
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