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Old 04-16-2012, 09:10 AM   #1
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Amount of disability

Seems like I have read that disability payments should be around the same amount as if we had worked until we were 65. I got my final disability amount and it is only $247 more than reg. Social Security. Does anyone know if this is correct?

 
Old 04-16-2012, 09:43 AM   #2
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Re: Amount of disability

I recall you were getting early SS retirement (age 62) until your SSDI was approved. Your SSDI should be more than your early retirement but less than your regular SS retirement @ SSNRA. The closer SSDI (age when you became disabled) is to SSNRA, the less the differential. I found an old SS Statement from 2004 when I was still working. I was 43 @ the time. The statement says I was fully insured for for SSDI. My early retirement (age 62) estimate during this time was $1186 / month. Full retirement estimate (age 67) was $1715 / month. SSDI (if you become disabled right now) was $1603 / month.

early retirement / full retirement difference = $529
SSDI / full retirement difference = $112

My SSDI is over $2K per month now because I worked an additional 5 years (6 actually if you count my STD income which had taxes taken out) before I became disabled.

 
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Old 04-16-2012, 10:14 AM   #3
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Re: Amount of disability

Many ppl think taking early SS retirement is a mistake from a purely financial standpoint but it is not really. The biggest advantage to working past age 62 is more income from working itself, not from the SS income. If you take early retirement at age 62 versus SSNRA (age 67 for most of us), it generally will take you about 11 years to break even or age 78 starting from SSNRA. The average life expectancy in the US is about 78 years.

If your health is good and your job is not causing you too much stress which adversely affects your health as we all know, then by all means work to SSNRA and beyond, esp. if you have good genes (mom and dad lived to ripe old ages before death). These ppl are the ones who truly benefit from working longer IMO. I have a friend (ex co-worker) who is planning on working until age 75 he tells me. He is 68 now and getting his full SS retirement and working a fulltime job making a little over 75K per year. Some people are very fortunate. This guy is now buying toys (cars, computers,hi tech gadgets, etc. now like you would not believe but he can afford to.

 
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Old 04-16-2012, 10:35 AM   #4
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Re: Amount of disability

Quote:
Originally Posted by BlueSkies14 View Post
I recall you were getting early SS retirement (age 62) until your SSDI was approved. Your SSDI should be more than your early retirement but less than your regular SS retirement @ SSNRA. The closer SSDI (age when you became disabled) is to SSNRA, the less the differential. I found an old SS Statement from 2004 when I was still working. I was 43 @ the time. The statement says I was fully insured for for SSDI. My early retirement (age 62) estimate during this time was $1186 / month. Full retirement estimate (age 67) was $1715 / month. SSDI (if you become disabled right now) was $1603 / month.

early retirement / full retirement difference = $529
SSDI / full retirement difference = $112

My SSDI is over $2K per month now because I worked an additional 5 years (6 actually if you count my STD income which had taxes taken out) before I became disabled.
Same here I was not on LTD but worked till the age of 54 and my ssdi is over the $2,000 a month even after my Medicare taken out.

 
Old 04-16-2012, 11:22 AM   #5
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Re: Amount of disability

That is great Vann. My SSDI is not as much as yours. It is slightly over $2K but before medicare is taken out.

 
Old 04-16-2012, 11:58 AM   #6
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Re: Amount of disability

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Originally Posted by BlueSkies14 View Post
That is great Vann. My SSDI is not as much as yours. It is slightly over $2K but before medicare is taken out.
But you are doing great blue remember Im older than you and worked many more years than you , and know I'm so board because all I did was work some days I would. Put in 12 to 14 hour days. Now I have to go to the gym to stay in shape instead of work. I always thought I would enjoy being retired ,but after working for a long time it's hard to get use to. Hell I still gt up early. Can't sleep in

 
Old 04-16-2012, 12:24 PM   #7
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Re: Amount of disability

I hear ya Vann. I get pretty bored too. I mostly miss all the friends I had at work. The job was a lotta fun too I will admit. I am usually up early but because of insomnia. I've always suffered with insomnia but it has actually gotten a lot worse since I stopped working. Go figure!

 
Old 04-16-2012, 12:41 PM   #8
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Re: Amount of disability

Quote:
Originally Posted by BlueSkies14 View Post
I hear ya Vann. I get pretty bored too. I mostly miss all the friends I had at work. The job was a lotta fun too I will admit. I am usually up early but because of insomnia. I've always suffered with insomnia but it has actually gotten a lot worse since I stopped working. Go figure!
I here you i just miss the physical aspect i was in shape all the time now I have to make it a point to work out to stay in shape. But on the up side i get to get out and meet new people.

 
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