People who cannot work due to a disability are eligible for Social Security Disability Insurance (SSDI), which provides them with essential financial assistance.
The question “How much will I receive each month?” is often asked by those who are receiving Social Security Disability Insurance (SSDI) and those who are applying for it.
The sum is not determined at random but rather takes into account your previous earnings and is derived using a certain formula.
This article goes into the pay schedule for Social Security Disability Insurance (SSDI) payments, explaining how these benefits are calculated and what you might anticipate receiving every month.
Social Security Disability Benefits Pay Chart 2024
When compared to Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) offers more generous monthly benefits from the government.
As of the year 2024, the following is a list of the maximum and average monthly payments possible:
| Disability program | Average monthly payment | Maximum monthly payment |
| Social Security Disability Insurance | $1,537 | $3,822 |
| Supplemental Security Income | $697.89 | $943 |
What is the amounts’ details of one’s disability pay?
Below, you can see the average for the state in which you now reside.
| State | Average monthly payment |
| Alabama | $1,454.98 |
| Alaska | $1,473.09 |
| Arizona | $1,542.92 |
| Arkansas | $1,415.43 |
| California | $1,524.99 |
| Colorado | $1,497.71 |
| Connecticut | $1,549.41 |
| Delaware | $1,599.97 |
| District of Columbia | $1,321.04 |
| Florida | $1,521.74 |
| Georgia | $1,485.38 |
| Hawaii | $1,532.11 |
| Idaho | $1,456.79 |
| Illinois | $1,495.07 |
| Indiana | $1,480.12 |
| Iowa | $1,412.23 |
| Kansas | $1,439.17 |
| Kentucky | $1,446.53 |
| Louisiana | $1,421.25 |
| Maine | $1,395.33 |
| Maryland | $1,542.21 |
| Massachusetts | $1,493.30 |
| Michigan | $1,508.94 |
| Minnesota | $1,475.73 |
| Mississippi | $1,416.49 |
| Missouri | $1,441.07 |
| Montana | $1,407.08 |
| Nebraska | $1,391.82 |
| Nevada | $1,562.44 |
| New Hampshire | $1,528.42 |
| New Jersey | $1,648.06 |
| New Mexico | $1,398.19 |
| New York | $1,540.57 |
| North Carolina | $1,483.98 |
| North Dakota | $1,388.96 |
| Ohio | $1,422.89 |
| Oklahoma | $1,423.04 |
| Oregon | $1,459.64 |
| Pennsylvania | $1,493.44 |
| Rhode Island | $1,464.35 |
| South Carolina | $1,512.46 |
| South Dakota | $1,391.16 |
| Tennessee | $1,446.63 |
| Texas | $1,463.70 |
| Utah | $1,473.63 |
| Vermont | $1,398.34 |
| Virginia | $1,497.40 |
| Washington | $1,494.32 |
| West Virginia | $1,465.15 |
| Wisconsin | $1,460.01 |
| Wyoming | $1,485.89 |
Where can I get the formula for SSDI?
Your average indexed monthly earnings (AIME) are the first thing that the Social Security Administration (SSA) will determine for you.
Your AIME is calculated by taking into account the amount of money you have earned and the amount of Social Security tax that you have paid while you were employed.
AIME is what the Social Security Administration uses to calculate your main insurance amount, often known as PIA. The amount of benefits you get is determined by your PIA.
- You should compute your AIME.
To begin the process of computing your average indexed monthly earnings, the Social Security Administration (SSA) will first index your wages. In essence, this indicates that they modify them so that they are reflective of the changes that have occurred in the cost of living over time.
The Social Security Administration considers up to 35 years’ worth of your salary; but, due to inflation, a hundred dollars earned twenty years ago is worth more than one hundred dollars now.
When your wages are indexed, the Social Security Administration can guarantee that your Social Security Disability Insurance (SSDI) payment helps you retain the same standard of living that you enjoy in today’s economy.
After that, the Social Security Administration will calculate an average of your indexed earnings for the work history that spans up to 35 years. Your highest-earning years are the ones that the Social Security Administration chooses to focus on.
Therefore, if you have worked and contributed to Social Security for a total of forty years, the AIME will be determined by selecting the thirty-five years in which your earnings were of the greatest amount.
At the same time that they determine your AIME, they also determine your main insurance amount, sometimes known as your PIA.
- You should compute your PIA.
By dividing your AIME into three distinct slices, you may calculate the amount of your main insurance premium. You will get the first slice in 2024, which will cover your first $1,174 in profits.
Earnings that fall between $1,175 and $7,078 are included in the second category. The third portion is responsible for profits that are more than $7,078. (In most cases, the financial thresholds assigned to those portions are raised every year.)
The following is what the PIA calculation estimates your monthly SSDI benefit will be worth in 2024:
- 90% of the first slice, which is equivalent to your initial $1,174 of AIME PLUS
- Any AIME that falls between $1,175 and $7,078 constitutes 32 per cent of the second slice. EXTRA
- Any AIME that is more than $7,078 will get 15% of the third slice.
The SSA rounds down to the next-lowest multiple of $0.10, which is the next-lowest. The amount of your benefit cheque would be rounded down to $1,358.30 if the result of your PIA computation was $1,358.32.
Advice about how to boost your Social Security Disability Insurance payout
Unfortunately, the only option to improve your Social Security Disability Insurance (SSDI) payout is to increase your average monthly earnings (AIME).
This implies that you must have worked for at least a year with a higher salary for it to be included in your average earnings.
If you are considering applying for disability benefits, it is quite unlikely that this will be feasible for you.
Nevertheless, there are actions that you may do to guarantee that you are receiving the most amount feasible. Examine the history of your earnings inside your mySocialSecurity account.
If you discover any years that are either missing or underreported, addressing the error with the Social Security Administration would increase both your AIME and your SSDI payout.
The several kinds of income that might reduce your Social Security Disability Insurance payment details
Although the majority of individuals do not have to be concerned about this, there are a few different kinds of income that might result in a reduction in your Social Security Disability Insurance (SSDI) benefit.
- Workers’ compensation: It is possible to be eligible for Social Security Disability Insurance (SSDI) while receiving workers’ compensation. Your Social Security Disability Insurance (SSDI) and workers’ compensation payouts cannot exceed 80 per cent of the total income you received from your previous employment. Therefore, if you are eligible for both, the Social Security Administration will reduce the amount of Social Security Disability Insurance (SSDI) benefits you get by the amount of workers’ compensation you receive.
- The only states that have short-term disability programs are California, Hawaii, New York, New Jersey, and Rhode Island. The state provides disability payments. It is still possible for you to receive Social Security Disability Insurance (SSDI); however, while you are receiving funds from the state, your SSDI payout will be decreased.
- When it comes to Social Security Disability Insurance (SSDI), contributions to other government pensions, such as a state pension, might lower the amount of benefits that you are entitled to.
Your Social Security Disability Insurance Benefit Amount Is Affected by What?
As a result of several variables, the amount of your ultimate SSDI compensation may be affected:
Earnings from Work:
Therefore, to be eligible for Social Security Disability Insurance (SSDI), you need to have accumulated a sufficient number of labour credits during your working life. There is a correlation between the amount of credits you need and the age you were when you became incapacitated.
Earnings from Other Sources:
However, the amount of Social Security Disability Insurance (SSDI) payments you get may be affected by other disability benefits, such as Workers’ Compensation, even if SSDI benefits are not decreased owing to unearned income (such as interest or investments).
Adjustments attributable to the cost of living (COLA):
SSDI payments are subject to yearly cost-of-living adjustments (COLAs), which might increase your monthly payout to compensate for the effects of inflation.
As a conclusion
By being acquainted with the concepts of AIME and PIA and making use of the tools that are available to you, such as the calculators provided by the Social Security Administration, you will be able to get a more accurate picture of what to anticipate from your monthly SSDI payments.
| Home Page | https://baltimoreoutloud.com/wp/ |
It is important to keep in mind that while this article offers a broad perspective, speaking with a representative from Social Security or a financial counsellor may give information that is tailored to your specific circumstances.
Calista Embry is a finance journalist who graduated from Johns Hopkins University. She has a passion for writing and researching the impact of finance on social life.