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How to calculate LT Social Security Disability Benefits

Discussion in 'Fred's House of Pancakes' started by MarinJohn, Mar 11, 2008.

  1. MarinJohn

    MarinJohn Senior Member

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    A good friend of mine was just diagnosed with inoperable cancer. She is self-employed and has yet to file her '07 taxes. She is under the belief that how much net income she claims may influence how much Long Term disability she can receive which will help fund daily living expenses she needs to feed her children until her demise. I have found calculations on the Social Security site for calculating retirement benefits, but not for LTD. Any one have a reference I could find to help her out? Thanks.
     
    #1 MarinJohn, Mar 11, 2008
  2. lumpy95

    lumpy95 Member

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    In my case and I assume all cases, the benefits are whatever you have paid in/accrued up until you file for SSADI. Every year you get a statement as to what you have accrued in the system and whatever that amount is, thats what you will receive.
    Medicare benefits start 24 months from the date of your "award of benefits".
     
    #2 lumpy95, Mar 12, 2008
  3. SW03ES

    SW03ES Senior Member

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    Wow, I'm sorry to hear that...

    I think she's better off to go ahead and file for as much as she can, I agree with lumpy that the amount that she's accrued will be what she's due, and I dont think '07 counts as accrued until she files, even if its withheld.

    I don't know though, I work on a 1099 so I don't withhold.

    Does she have any private life insurance or life insurance through her job? I ask because my life insurance has an accelerated death benefit rider where if I were diagnosed with a terminal illness I could draw on the benefit amount until my demise, at which time the beneficiary would get the remainder...
     
    #3 SW03ES, Mar 12, 2008
  4. lumpy95

    lumpy95 Member

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    #4 lumpy95, Mar 12, 2008
  5. MarinJohn

    MarinJohn Senior Member

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    Thanks, Lumpy, this is exactly what I was hoping to supply for her. It may allow her to take a proactive role in her benefits by adjusting her 2007 contributions.
     
    #5 MarinJohn, Mar 13, 2008
  6. DaveinOlyWA

    DaveinOlyWA 3rd Time was Solariffic!!

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    tell her she can request a worksheet detailing her SSN wages since the day she started working. it will also detail what her benefits would be under any scenario, including disability and death benefits. they will send the report yearly for free
     
    #6 DaveinOlyWA, Mar 13, 2008
  7. lumpy95

    lumpy95 Member

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    Your welcome MarinJohn, glad to help and sorry for the diagnosis of your friend.
     
    #7 lumpy95, Mar 13, 2008
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