If you can no longer earn due to a severe illness or injury, a good option for you is to apply for disability benefits through the Social Security Administration (SSA). If your application is accepted, you will start receiving monthly payments to replace the money you can no longer earn from working. The information below provides important details you need to know about how much money you can receive every month from the SSA.
How much can I earn every month?
There is not set amount you can receive for your disability benefit. The amount you will receive will be determined by the amount of countable income you have every month. The less countable income you have, the more money you will be entitled to from the SSA.
What is countable income?
To be eligible for SSI benefits, you must not exceed the income threshold set by the SSA, currently that amount is $735 per month for individuals and $1,103 for married couples. To make getting benefits easier for people, not all money you earn is counted as income.
What does the SSA consider countable income?
When determining what your countable income is, it is crucial to know what you should count and what you do not need to. Your countable income consists of all monetary and non-monetary income except the following:
• The first $20 of income you receive every month from any source.
• The first $65 of earned income every month.
• Half of all income over $65 that is earned every month
• Income tax refunds
• Cash loans that you do not need to repay
• Food stamps
• Medical care
• Home emergency assistance
• Shelter or food given to you by a nonprofit agency
• State or local needs-based financial assistance
• Work expenses related to your disability
• Earned income that is less than $1,790 per month
• Earned income that is less than $7,190 per year if you are a student under the age of 22
• Money you spend on necessary expenses such as utility bills, phone bills, medical bills, or other expenses
If you would like more information about countable income or have any questions regarding disability benefits, contact Liner Legal today. Our staff is committed to helping you get the benefits you deserve.