Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by SpineAZ
Remember the max is around $2200/mo and to get that the person would have to have a consistent work history of probably at least $75,000 - $100,000/yr for many years in their history. (High earners only pay SS tax on the first $106,000 of annual earnings thus even if making $750,000/yr their SSDI is only $2200).
Get this Spine. This is the main msg board I post on but I also post on two different boards. I met a guy who was approved for SSDI. He is only 29 years old. He had worked for only 8 years but the last 6 were with raytheon where he was making approx.
$75K per year. He did not start off making that amount either and his earnings prior to raytheon were considerably less>>>under $25K per year. He applied for SSDI for panic/anxiety just like me. I asked him how much his monthly benefit was thinking this guy will be lucky to get even $1K even tho he was making 75 grand @ the end. I was literally floored when he told me he was getting $1950 per month. I could not believe it. I hope they did not screw up the calculation and come back later telling him we overpaid you. LOL>>>>That would be their screw-up, not his IMO. I thought $1950 was a little high for someone his age tho. Weird!
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
When someone goes out of work at age 50, there are many more years to use in the formula to compute SSDI benefit. If at age 29 all 10-12 work years are relatively high earning years then a high benefit is possible. Think of an attorney who gets out of law school at 23, works for 10 yr at $80,000 yr PLUS taxable annual bonuses. Even only in early 30's his benefit will be high. But the 50 yr old who worked for total compensation of $35,000 and gradually peaking at $75,000 may have a lower benefit.
SS uses a formula, based on age and years in which you earned enough credits, and takes the average of X amount of highest earning years. Someone may have a 25 yr work history with some years at $0 (unemployment isn't taxed for SS - FICA taxes though may be subject to state and/or federal taxes). Also years of minimal earnings may not count if not enough in a quarter (or multiple quarters) to earn SS credits.
Also keep in mind some people forget to count any taxable bonuses or commissions. So maybe they think they earned $42,000 but forgot about the bonuses that were paid separately. That's why it's important to review your SS statement annually.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by SpineAZ
When someone goes out of work at age 50, there are many more years to use in the formula to compute SSDI benefit. If at age 29 all 10-12 work years are relatively high earning years then a high benefit is possible. Think of an attorney who gets out of law school at 23, works for 10 yr at $80,000 yr PLUS taxable annual bonuses. Even only in early 30's his benefit will be high. But the 50 yr old who worked for total compensation of $35,000 and gradually peaking at $75,000 may have a lower benefit.
SS uses a formula, based on age and years in which you earned enough credits, and takes the average of X amount of highest earning years. Someone may have a 25 yr work history with some years at $0 (unemployment isn't taxed for SS - FICA taxes though may be subject to state and/or federal taxes). Also years of minimal earnings may not count if not enough in a quarter (or multiple quarters) to earn SS credits.
Also keep in mind some people forget to count any taxable bonuses or commissions. So maybe they think they earned $42,000 but forgot about the bonuses that were paid separately. That's why it's important to review your SS statement annually.
All I can say more power to him it's his money so if ss did mke a mistake they will discover it and will get it back
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
And it's common to get more than your SS statement says. My birthday is in August. So if still working I would get my SS statement around now, 3-4 mo before my birthday,. And it would cover wages thru end of 2010. If I become disabled in Feb 2012 then SS also factors in all of my 2011 income whereas my SS statement received in 2011 only reflects wages thru end of 2010.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
It appears you are right. SS recently announced suspending the statements due to budget limitations. Hopefully they'll start sending them out again. Luckily there is a wealth of information and benefit calculators on www.ssa.gov
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by SpineAZ
It appears you are right. SS recently announced suspending the statements due to budget limitations. Hopefully they'll start sending them out again. Luckily there is a wealth of information and benefit calculators on www.ssa.gov
They are also stopping paper checks you have to have direct deposit or you will have to have get there debit card I think it is from Comerica bank but they charge you for the transaction fee not SSa the bank dose I think they call it a convenience fee
Last edited by vann04; 05-14-2011 at 07:34 AM.
The Following User Says Thank You to vann04 For This Useful Post: jgrangran (05-14-2011)
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
They've gradually phased out paper checks which is a good idea. Many banks give free checking or savings with direct deposit, though some have some fees. Thus the card, direct deposit and paper checks ca all involve fees (those without bank accounts often cash the check and pay a fee to at places like check cashing facilities, grocery stores, Walmart, etc.
Direct deposit is the most reliable and safest as there is no check to get lost or stolen! And it doesn't matter if you are out of town, in the hospital, or stuck at home due to a snowstorm as the money is safely deposited no matter where you are or if you're unable to get to the bank.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by SpineAZ
They've gradually phased out paper checks which is a good idea. Many banks give free checking or savings with direct deposit, though some have some fees. Thus the card, direct deposit and paper checks ca all involve fees (those without bank accounts often cash the check and pay a fee to at places like check cashing facilities, grocery stores, Walmart, etc.
Direct deposit is the most reliable and safest as there is no check to get lost or stolen! And it doesn't matter if you are out of town, in the hospital, or stuck at home due to a snowstorm as the money is safely deposited no matter where you are or if you're unable to get to the bank.
Also if you get direct deposit make sure the account is for your ssdi check only that way creditors cannot come in and garnish your account if you have creditors harassing you because if you deposit into a joint account with let's say your spouse and it's your regular checking account then they can garnish because they can't tell the difference between ssdi money or your spouses pay check or any other money you put into it.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by jgrangran
Vannort54, I though you cant' get your garnish if you get ssdi.
If you owe back taxes student loans child support they can but if your ssdi money is in your general checking account other creditors will garnish because the bank won't tell them what is ssdi money or any other money so the banks will let them take it because it is not marked ssdi account only so they can garnish it
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Everyone should examine their own situation when deciding which account will receive the SSDI direct depositeeds to consider their own factors into which type of account to use for SSDI direct deposit.
If you have any financial judgement against you contact an attorney for the factors around having SSDI garnished from your account for repayment.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by SpineAZ
It appears you are right. SS recently announced suspending the statements due to budget limitations. Hopefully they'll start sending them out again. Luckily there is a wealth of information and benefit calculators on www.ssa.gov
They should at least make the statements available for view on-line IMO.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
That would he nice. They could start with one last mailing saying if you want it the statement will be online and available 90 days before your birthday (and wont change until the next year). Then give instructions for doing the access online. It would have to require more than your SS#, a user name and way to create account and set your own password
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
I live in Texas and 15 years ago when my husband and I did a joint tax return they garnished my whole refund for taxes that he owed even though we were not married at the time that he owed. at this time he was disabled and receiving SSDI ,I called the tax office and they said since Texas was a community property state I was responsible for his debts even though we were not married at the time of his debt, The next year I filed married filing separate and that didnot happen again, I don't know if he was required to pay taxes on his SSDI ? they didnot go after him because they couldnot touch his SSDI but they could my working wages, He also owed the goverment for a loan that he took out to go to barber's school ,never finished,never paid the loan back ,they didnot go after him but it came up when we applied for a home, I had to get the loan in my name since I had the good credit but his name was on the deeds, He died in August of 2010 pretty much penniless , I always feared that after they took my income tax refund that they would garnish my wages from my job since I was making taxable wages. at the time that happened somone told me that I could file some papers with the government saying that we were not married at the time he owed the taxes ,it was complicated so I didnot bother, It was 1300.00 , I was madder than a WET HEN!
The following user gives a hug of support to capatga: jgrangran (05-28-2011)
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Were you formally divorced at the time he incurred debt? They can only hold you responsible for what occurs during the marriage. If you merely separated and didn't file legal separation and then for divorce then you are liable in a community property state for his debts. If he took public gvt loans for school, those are discharged at death. If loans are private they are not discharged at death and you have to try to settle with them for a lesser amount. If you were formally divorced when he got SSDI and he had no other source of iincome or assets then likely SSDI was tax free but could be garnished for past duetaxes, student loans, etc. When married SSDI is more likely taxable if the other spouse has income. So that all depends on other incomebwhen filing taxes. Bankruptcy does not discharge any past due taxes nor student loans. So anyone getting SSDI is better off aiming to pay those off ASAP. As they'll be hunting for that money forever.
Re: SSDI / Has anyone received more money than what it stated on your SS statement?
Quote:
Originally Posted by capatga
I live in Texas and 15 years ago when my husband and I did a joint tax return they garnished my whole refund for taxes that he owed even though we were not married at the time that he owed. at this time he was disabled and receiving SSDI ,I called the tax office and they said since Texas was a community property state I was responsible for his debts even though we were not married at the time of his debt, The next year I filed married filing separate and that didnot happen again, I don't know if he was required to pay taxes on his SSDI ? they didnot go after him because they couldnot touch his SSDI but they could my working wages, He also owed the goverment for a loan that he took out to go to barber's school ,never finished,never paid the loan back ,they didnot go after him but it came up when we applied for a home, I had to get the loan in my name since I had the good credit but his name was on the deeds, He died in August of 2010 pretty much penniless , I always feared that after they took my income tax refund that they would garnish my wages from my job since I was making taxable wages. at the time that happened somone told me that I could file some papers with the government saying that we were not married at the time he owed the taxes ,it was complicated so I didnot bother, It was 1300.00 , I was madder than a WET HEN!
Sorry about the death of your husband capatga but it does suck that the IRS was able to garnish your entire refund years later for his past debt when you were then legally married.
Capatga I am sorry to hear about your husband. And sorry you have to go thru this whole mess hang in there things will turn around you will see.
