How Will I Receive My SSDI Money?
If you have been injured or become disabled, Social Security Income (SSI) and Social Security Disability Income (SSDI) can be life saving. You will continually want to stay up to date on Social Security policies to ensure that you are receiving the appropriate amount, particularly if you are also supporting a family. Learn how you will receive your SSDI money, and contact an experienced Social Security disability attorney at The Law Offices of Dr. Bill LaTour if you need legal assistance.
When Will I Receive My SSDI Benefits?
There are a number of factors that can influence when you’ll receive your SSDI benefits. First and foremost, you will have to go through the application process and receive approval, which can take anywhere between thirty and ninety days after you’ve filed your initial claim. It’s also possible that your claim will be denied, which can result in delays to your payments while you re-apply and fight the denial.
It’s also important to understand that just because your disability has been verified and your claim approved, it doesn’t mean you will receive automatic payments. For example, after the determined onset of your disability, there is a mandatory five-month waiting period before Social Security will begin sending your benefits, which means if your disability began in June, you won’t be able to receive your first payment until December.
Social Security makes its payments monthly in arrears, meaning that each month’s payment is for the previous month. This should only make a difference for your first payment since, if you are eligible to begin receiving payments in July, your July payment will not arrive until August.
Unfortunately, there may be a long period of time between the onset of your disability and your SSDI application date. If this period exceeds the mandatory five-month waiting period, however, keep in mind that backpay is not guaranteed, and will be granted on a case by case basis. If you are applying for SSI, on the other hand, your payments will have to wait until your application date.
How Much Will I Receive, and How Will I Get It?
Many people don’t realize that every person who is approved for SSDI benefits will get an individualized payment tailored to their case. Your unique SSDI payment is calculated by using something called “covered earnings”. Covered earnings are the amount of Social Security taxes you’ve paid during your time working and your accumulated covered earnings are known as your average indexed monthly earnings.
Social Security will take your AIME and use it in a formula to determine your base levels of payment, which cannot exceed a maximum of $2,639 per month. Before you begin the application process, it’s also important to know that their factors that can lower your SSDI payments. If you receive government mandated workers comp or temporary disability benefits, for example, your SSDI benefits cannot be more than 80% of your average monthly pay added to these additional government benefits.
Social Security requires that everyone applying for Social Security benefits after May 1, 2011 receive their money via direct deposit or direct express. This is the safest, most efficient way of guaranteeing you receive your money each month. The payments are deposited directly into your bank account once a month, and Social Security will send you an annual summary of your payments.
How Long Will I Receive My Benefits?
Social Security performs continuing disability reviews for those receiving SSDI benefits. If at any point your condition improves enough that you are able to work again, your benefits will end. If your condition never improves, or if you are permanently disabled, you will continue receiving payments. If you are receiving SSI benefits, Social Security performs periodic assessments to determine whether you are receiving the appropriate amount of money. If Social Security determines that you have been overpaid, you are required to refund all excess funds.
Do I Have to Pay Taxes on My SSDI Money?
SSDI benefits are subject to taxation, and the percentage that is taxed is based on how much you are receiving. If you are filing as an individual and your income is between $25,000 to $34,000, you may be required to pay taxes on 50% of your benefits. If your income exceeds $34,000, you may be required to pay taxes on 85% of your benefits.
If you are filing jointly with a spouse and your combined income is between $32,000 and $44,000, you may be taxed on 50% of your benefits. If your combined income exceeds $44,000, you may be taxed on 85% of your benefits.
Contact a Social Security Disability Attorney
The Law Offices of Dr. Bill LaTour proudly serves the citizens of Colton, CA, and we’re standing by if you need legal expertise. Contact one of our Social Security experts to ensure you are receiving the SSDI money that you deserve.