The Social Security disability process can be a confusing one. Below are some common questions related to the disability process and the straight-forward answers.
Is there an income and asset limit to receive Social Security disability benefits?
One thing to remember is there are different types of disability benefits Social Security offers. The two most common, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), do have certain financial limitations. There are no asset limitations to SSDI, but there are income limits related to work. Those seeking SSDI benefits are not allowed to earn more than $10,70 per month gross from work-related activity. All other types of income, pensions, investment income or spouse income, does not impact an SSDI case and there are not limits to this type of income. There are income and asset limitations to SSI because it is a “needs-based program.” Any and all types of household income and assets can impact eligibility for SSI. To be eligible for SSI, a person has to have low income and low assets (less than $2,000).
Can I Receive Social Security Disability and Retirement Benefits at the Same Time?
No, you are not able to receive both Social Security retirement and disability benefits at the same time, with one exception. Because Social Security’s disability programs exist to provide benefits to those who can’t work because of a disability those who are at full retirement age are not expected to be in the workforce. The one exception is when someone opts to collect early retirement benefits at age 62. Those who opt to collect early retirement benefits pay a penalty when they collect early. If they are found to be disabled during this time they are eligible to be reimbursed for the amount they pay in penalty.
