Social Security Changes to Beware of in 2013
A new year usually relates to some sort of change in Social Security disability benefits and 2013 is no different. There are a few changes you should be aware of if you are collecting Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits. Below is a list of changes that will impact the most people who are collecting or trying to collecting Social Security disability benefits.
- Substantial Gainful Activity (SGA): Social Security sets a limit on how much a person can earn while working and still meet the technical requirements of the SSDI program. In 2012 disabled workers could earn up to $1010 per month and still be eligible for SSDI. That amount has increased to $1040 (gross) in 2013. Keep in mind this is just income related to work activities, other income does not count toward SGA.
- SSI Increase: The maximum benefit in 2012 for an eligible individual was $698 per month. This amount has increased to $710 per month in 2013. To be eligible for SSI an individual has to be disabled, but also meet income and asset restrictions set forth by Social Security. This is considered an economic needs based program for disabled individuals and seniors.
- Trial Work Period (TWP): When receiving Social Security disability benefits a beneficiary is allowed to test his or her work ability through a TWP and still be considered disabled. Social Security will only consider the income earned through work and not look at the duties performed. In 2012 any month in which earnings exceeded $720 were considered part of an individual’s TWP, which ends after services have been performed for nine months. For 2013 this amount increased to $750.
For more information on 2013 changes implemented by the Social Security Administration visit: http://www.ssa.gov/pressoffice/factsheets/colafacts2013.htm.
