Social Security Disability Income (SSDI) is designed to provide payment to workers who have been disabled and are unable to work. SSDI is not tied to your current financial need, but rather is calculated according to the amount of income you made and paid social security taxes on prior to becoming disabled. Many times the amount awarded is not enough to cover all of your needs and it is necessary to pursue other avenues of compensation to make ends meet. If you need to supplement your SSDI payments you do have choices, but there may be consequences to taking certain types of benefits. Before you make a final decision it is smart to learn your options and have a qualified attorney help you decide what makes the most sense for your situation.
You are still eligible for SSDI if you receive other forms of benefits, such as:
- Supplement Security Income (SSI): SSI is a benefit based on financial need. You have to apply for this benefit in addition to applying for SSDI in order to receive the payments.
- Payments from a private pension or retirement fund.
- Veteran’s benefits.
Payment of taxes on any 401(k) or other retirement account is a must when looking to a retirement fund to supplement your SSDI payments. Thus, if you owe taxes on your retirement contributions you may not receive as much from your retirement fund as you expected because taxes have to be paid first. It is also important to note if you take from your retirement account, any amount of SSI you are eligible to receive can be reduced. So, depending on your age and needs it might be a better course of action to seek SSI and allow your retirement to continue growing until it is truly needed. Veteran’s benefits are available for those that qualify, with no penalty or reduction. If you have veteran status it is a smart idea to explore combining social security benefits with your veteran benefits to maximize your total monthly pay. Another type of benefit you can receive in conjunction with SSDI is worker’s compensation but you should expect to have the total payment capped. These possibilities show there are ways to combine benefits, but that in some instances penalties or reduction in pay are possible. In order to make the best decision and safeguard your financial future, talk to us to learn your best option.
If you have questions about social security disability benefits and how those benefits are impacted if you are also receiving payments from other sources, call an experienced attorney for help. Contact us online today for more information. We can also be reached at 855-727-6353.