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How Much Money Can I Receive For Disability Benefits?
After the Social Security Administration has deemed you disabled and unable to perform in a competitive work environment, the next thing they will do is process your payment. Depending on when Social Security grants your application, you might be entitled to retroactive benefits, or past-due benefits. Most claimants who are denied at the initial application stage and then win their case at the hearing level are entitled to some retroactive benefits. It all depends on when Social Security deems you disabled. Simply put, the Social Security Administration will compensate you for the months you were out of work and waiting for your hearing date.
Social Security Disability benefits, commonly known as Disability Insurance Benefits, are a monthly allocation of funds given to an individual who is not only disabled, but has worked long enough and paid Social Security taxes. The actual amount a disabled person will receive each month is based on their earnings over the years.
For example, a claimant whose work history is somewhat spotty or maybe earned just enough income to be eligible, will receive a much smaller monthly benefit than a person with a strong work history and healthy earnings over the years.
Social Security uses a mathematical formula based on your tax statements to figure out just how much you'll receive each month. In fact, each year, three months before your birthday, the Social Security Administration sends out formal earnings statements that detail your earnings since you've started working and paying taxes. There's even a spcific section addressing disability in the event you became unable to work on that specific day you received the statement.
The disability amount that you can find on your Social Security earnings statement is really an approximation because no one gets disability benefits the same day they apply. Social Security frequently makes changes to the allocation of their funds and often times gives recipients more money for cost of living changes or as part of a stimulus package.
It's important to keep up to date with any changes that Social Security implements to their disability program because it could result in a bigger disability check.