The Social Security Administration (SSA) is in control of various applications that present monetary help to almost 70 million Individuals. By the top of 2021, simply over 12% of these eligible can be receiving funds on account of a incapacity that forestalls them from working.
Whereas Supplemental Security Revenue (SSI) is about by the federal authorities with state variations, Social Security incapacity funds (SSDI) are distinctive to every particular person and are calculated equally to retirement advantages.
The Social Security Administration examines your earnings from the time you flip 22 till the yr earlier than you grow to be disabled. To qualify for incapacity advantages, you have to meet the strict authorized definition; a physician’s analysis is inadequate.
How a lot are month-to-month SSDI funds?
In keeping with the Social Security Administration, the common SSDI profit for a disabled employee was $1,358.30 monthly on the finish of 2021. As of December 2021, 85 % of beneficiaries have been receiving funds of much less than $2,000 monthly. In 2022, the utmost profit you might get is $3,345 monthly.
Your SSDI month-to-month profit can be decided by your common coated earnings, which is the quantity deducted out of your paycheck for Social Security taxes.
Your common listed month-to-month earnings (AIME) for the variety of years labored between the age of twenty-two and the yr earlier than your incapacity can be calculated first. As a result of you could not have had sufficient time to achieve increased earnings years, not your whole work years can be used.
The AIME is then used to calculate your major insurance coverage quantity utilizing a components (PIA). The components is weighted in order that lower-income earners obtain advantages proportional to their common annual earnings.
The PIA is the place to begin for calculating your incapacity, retirement, or survivor advantages. The quantity you obtain every month is unaffected by the severity of your incapacity.