The quantity of money you can receive from Social Security on a monthly basis is unique for every individual. This is due to the fact that the Social Security Administration (SSA) uses a complex weighted formula in order to calculate benefits for each person, up to the maximum benefit of $2,687 in 2017.
Social Security bases your retirement and disability payment gains on the amount of income on which you’ve paid Social Security taxes called “covered earnings.” Your average covered earnings over a period of years is known as your average indexed monthly earnings (AIME). A formula is applied to your AIME to calculate your primary insurance amount (PIA)the base figure the SSA uses in setting your benefit amount. The formula consists of fixed percentages of different amounts of income (called “bend points,” which are adjusted annually). By way of example, to your PIA, plus 32% of your AIME from $ 885 to $ 5,336, plus 15% of the AIME over $ 5,336, 90% of the initial $ 885 of your AIME was added in 2017. The amounts are added up to come up with your PIA.
If an individual is approved to get disability benefits, how much they will receive in disability payment will depend on several factors. The first and primary consideration is that program the individual has been approved to receive disability benefits in.
How much Does SSI Pay?
While SSI is a federal program (administered by the Social Security Administration), and the federal government pays a standard base rate of $735 per month, most SSI recipients receive more or less than the federal benefit rate. For starters, the federal benefit rate for couples is of $1,103, which you’ll get if you’re married and your spouse is eligible for SSI benefits too. In addition, the rate amount frequently changes with cost of living increases.
But most importantly, your actual monthly payment will depend on how much income you or your family brings in or earns and how much of a state supplemental payment (SSP) your state pays, if any.
Determining Your Benefits
How much money you receive in Social Security Disability benefits each month will depend on a variety of factors including which disability benefits you are eligible for (SSI or SSDI) and just how much money you earned and paid into the Social Security system. The Social Security Administration sends a Social Security Statement that lets you know how much money you would be entitled to if you became disabled at the time the statement was 34, each year. This statement is the most accurate method. You can contact the Social Security Administration to request one if you do not have a copy of this statement. It will take three to four weeks from the date of the request to get the announcement in the mail.
You could use the SSA’s online benefits calculator to determine how much money you might receive in monthly Social Security Disability benefits if you don’t want to wait to receive your Social Security Statement. Of course, these calculators cannot guarantee the quantity you will receive or ensure that you will actually be qualified for benefits. They can, however, be utilized to estimate the benefits you might be entitled to.
The Average Disability Benefit
While it is impossible to tell exactly how much you are going to get in Social Security Disability benefits until you’re actually approved for benefits by the Social Security Administration, knowing the normal Social Security Disability payment can shed some light on how much money the average disability recipient is entitled to.
As of 2008, the average SSDI payment to individuals who qualify for Social Security Disability benefits was $1,063.00 per month. The average SSI benefit was $439 per month. The amount you receive if you are eligible for disability benefits may be higher or lower than these amounts depending on your current earnings your previous earnings and the number of dependents residing in your household.
How Your SSI Payment is Affected by Income
If you have any income coming in other than SSI, some of it, but not all of it, will be subtracted from your SSI payment.
The SSA will first look to find out. Countable income includes:
- The cash you earn from work (you can make a small amount of money and still be eligible for SSI)
- Food or shelter you get for free, or for less than what it’s worth (known as “in-kind support and maintenance,” or IKSM)
- The money you receive from friends or family
- Other benefits, such as workers’ compensation, unemployment, SSDI, or a pension.
But not all income is subtracted in the SSI payment. The SSA does not count, every month:
- The first $20 of any sort
- The first $65 of money you earn from work, plus half of the rest
- Income tax refunds
- Food or shelter provided by a nonprofit agency.
Calculating Your SSI Disability Payment
Here is an example of the way the SSA takes into account in calculating your SSI disability payment your income. Maria makes $315 per month, before taxes. This leaves Maria’s countable income at $ 230 since the SSA won’t subtract the first $ 65 of earnings, or the first $ 20 of any income per month from the SSI payment. Next, the SSA doesn’t subtract half of your earnings from your SSI payment, or $115 (230/2) in Maria’s case. So, the SSA will subtract only $115 of Maria’s $315 income from her SSI payment, so her monthly payment would be $620 ($735-$115).
How much does disability pay
Most SSDI recipients receive between $700 and $1,700 monthly (the average for 2017 is $1,171). However, as discussed below if you’re receiving disability payments from other sources, your payment could be reduced.
SSI disability payment amounts
The monthly Federal levels for 2017 are $ 1,103 for an eligible individual with an eligible spouse $735 for a qualified individual and $368 for an important person.
In general, increasing the unrounded amounts for the present year by the COLA successful for January of the following calendar year determines monthly amounts for another year. The new amounts are each split by 12 and the subsequent amounts are rounded down to the next lower multiple of $1. le of $1.