If you have been awarded Social Security Disability benefits, one of your main concerns will likely be how much your monthly payment will be. While it is important to note that the calculation of your monthly payment is quite complicated, this blog post will attempt to explain the basics. To start, the type of benefits you are eligible for and awarded directly impact your monthly Social Security Disability payment. The two basic types of benefits you may be eligible for are Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
To put it simply, SSDI is based on an individual’s work history/credits as you paid into the system while SSI is based solely on an individual’s financial need. This means a person could never work in their life and still be eligible for SSI if they had limited assets and met the specific financial criteria. This blog post will focus on explaining the basic monthly payment calculation for SSDI benefits.
If you are awarded SSDI, your monthly benefit amount will essentially be calculated using your covered earnings. These are earnings at jobs where your employer took money out of your wages for Social Security or FICA. Your SSDI monthly benefit will be based on your average covered earnings over a period of time, which is referred to as your average indexed monthly earnings. They use these amounts in a complicated formulate to determine your primary insurance amount (PIA). SSDI monthly payments truly can range from various amounts depending on your work history and past earnings, The average monthly SSDI payment for 2024 is estimated to be $1,537 and the highest SSDI monthly payment someone can receive in 2024 is $3,822. It is important to note there are a lot of other factors to consider when determining your SSDI monthly amount. For example, if you are receiving worker’s compensation your monthly SSDI payment may be impacted. Your monthly SSDI amount may also be impact for the months you received early Social Security Retirement benefits before being found disabled. Overall, the calculation for SSDI monthly payments are complex, however if you are represented you will be able to speak with your attorney who can give you an estimated monthly about based on your specific earnings records and circumstances.
