another way of asking is, will a person’s savings be depleted before social security would consider accepting a person for there disability and give a monthly payment? This of course is in the case that the person is without disability income insurance or any kind of workers comp.
{ 7 comments… read them below or add one }
You savings have nothing to do with being disabled. You disability payments will be based on what your income was before you stopped working. However, your disability income is taxable if you have other income or assets over a certain amount.
Be patient while going through the process. It took my wife 3 years and a lawyer.
Most likely.
no on ssdi (Social security disablity income) , yes savings and income is counted
are counted on( supplement Security income)
SSI.
Generally all social programs have limits on assets that a person can own. A spend down is required before the benefits can be paid. I would suggest you talk to a trust lawyer who is familiar with social programs and who can advise you as to how you can protect your assets. This often requires giving up ownership but not necessarily the benefits. This is a complicated subject and you need to ensure that whatever you do is legal.
Taxpaying Citizens have a right, in my opinion, to keep their assets and have the benefits of social security or workman’s comp or disability benefits that they’ve paid into for years. When we give benefits to illegal immigrants and law-breakers, equal treatment demands that law-abiding citizens who have given their best for the country and to the country, who have contributed to all our taxing bodies and paid their way, should be able to keep what they’ve acquired and still get help when they need it.
Depending on the amount, SS benefits could be different.
no
no, you need to apply right away. It is a long wait and the sooner the better even if you go back to work. Takes 2-3 years to get approval. BTW, when I applied I had 50,000.00 in savings and of course in the 3 years it took to get approved that got wiped out.