How Much Money Is My Monthly Disability Benefit?
MONTHLY DISABILITY BENEFIT
How much money is your monthly disability benefit going to be? There are ads on the internet that promise people who apply for disability benefits will receive almost $3000 a month. If only that were true. These ads are alluding to a benefit amount that is not available to most working people who pay their taxes.
PAY YOUR TAXES IN ORDER TO GET YOUR MONTHLY DISABILITY BENEFIT
Social Security Disability benefits are available once you are found disabled. But, the amount you get on a monthly basis depends upon the amount of money you have earned during your working life. It also depends on your age and whether or not you have paid taxes on your earnings. If you paid taxes, you contribute to the Social Security system and the benefits are available to you.
FALSE ADS PROMISE LARGE MONTHLY DISABILITY BENEFIT AMOUNTS
Many people think they are automatically qualified for a certain amount of monthly disability payments. They are surprised to learn that their monthly benefit is not as high as they hoped. Do not fall for misleading ads from the internet or TV. The average person’s monthly disability benefit is usually between $1000-$1500. Supplemental Security Income benefit amounts vary by state, but they are not usually more than $1000 per month.
HIGH EARNINGS EQUALS HIGH BENEFITS
To receive a disability benefit that is close to the maximum amount payable, you need to earn a high salary. You also need to pay your taxes for over 20 years. For example, the maximum monthly Social Security retirement benefit at normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, it is important to remember that the maximum allowable benefit amount is only available to those individuals who had the maximum taxable earnings for at least 35 working years. It is a similar calculation in order to determine the monthly benefit for disabled individuals. If you need further information about how to apply for disability benefits or want to know if you are eligible, contact Cannon Disability Law.