How can you get extra money from SSDI in 2023? If you are collecting SSDI (Social Security Disability Insurance), then unfortunately, there aren’t many ways to increase your payments. Payments are a calculation of former earnings, so your payments are likely set. However, there may be a few ways to increase or supplement your payments.
The SSDI Formula
The Social Security Administration calculates SSDI benefits as follows. Your highest monthly paychecks over your work history are averaged, so long as you have worked full-time and paid FICA taxes for 5 of the last 10 years before becoming disabled. The average of your monthly paychecks will then be adjusted for inflation. You will then receive a percentage of that calculated amount. In most cases, you will receive around 40 percent of your highest monthly average paycheck while you were working.
Your benefits will follow this formula. They are not based on health conditions. Consequently, you can’t reopen your case and try to get more income just because your health deteriorates, or you are diagnosed with a new condition.
Working While Collecting
One way to earn more is to work while still collecting SSDI benefits. SSA allows individuals to go back to work and still collect should their health improve enough to reenter the workforce. You are permitted to work up to 9 months during a 5-year period to see if you are well enough to go back to work full-time. There are no income limits during this trial period. You will have to report your work and benefit income, and there are caps that determine a trial month during the period.
Look for Other Benefits
Often, you may qualify for other benefits beyond just SSDI. Foot stamps, a cell phone credit, assistance with utilities (LIHEAP), and housing assistance are just some of the additional benefits that may exist. You can check availability online, or work with a local office or social worker in your area who can help you navigate the various programs and application processes.
SSI or Supplemental Security Income differs from SSDI, in that it doesn’t require that you have a work history to qualify. Supplemental Security Income is for individuals who don’t have a long enough work history to qualify for SSDI. This benefit program was traditionally known as “welfare” and comes from the government’s general tax fund. Most individuals on SSI receive the maximum benefit. In 2022 it was $841 for an individual and $1261 for an eligible couple.
Collecting SSI automatically qualifies you for Medicare, so your payments may be less than the max in order to cover the health care costs. It is often hard to get an increase in payments on SSI, but many states have supplemental programs where individuals can get more than the federal SSI amount.
The government usually announces a cost-of-living adjustment (COLA) to benefits including Social Security. There is no guarantee that a COLA increase will be announced every year, however. But this is one of the only other ways to get more benefits from disability.
How can you get extra money from SSDI in 2023? There are unfortunately not many options to increase your monthly payout once you sign up. You do have the option of working during the trial period granted by SSA, and you can seek out other benefits to supplement your disability income. Besides that, you will have to depend on the COLA increases from the government.
Depending on where you live your state may also offer benefits in conjunction with federal benefits. If you are in the process of signing up for disability, then you should work with a professional. Allow an expert to help you navigate the legal procedures and paperwork so you can get the maximum amount afforded to you.
The State of Social Security and My Suggestions on How To Fix It
How Understanding the Rule of 72 Works Can Build You Wealth
How to Save Money on Your Property
5 Important Benefits of Good Credit
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.