Facts about disability fund you should know

The probability of not working until you retire is higher today than any other time in history. Experts say that people in their 20s have a 30% chance of becoming partially or entirely disabled before retirement. Despite the risk being this high, most people don’t have disability insurance. Because of this, the only option available is applying for Social Security disability benefit even when qualifying can be a little complicated. Here are a few facts you need to know about disability fund.

1. How much can you get?

Just like Social Security retirement benefits, how much you get from the disability fund is calculated based on how long you worked, and how much you contributed during that period. Retirement, however, is calculated for the last 35 years you worked, but disability fund depends on when you became disabled. To know the amount you will receive, deduct 22 from your current age (40-22) and take 1/5 of that number. Round your answer (3.6) to the nearest whole (3). Subtract the second number from the first number (28-3=5) to get the number of years you worked. The SSA uses this number to calculate how much you will get.

2. You can report or be reported for fraud

While the cases are not many, you can get reported by others if they notice you are lying to receive disability fund. However, think twice before reporting disability fraud because nobody is really sure what is going on with another person. For instance, you may report someone for fraudulently getting disability fund because they can work for a few hours, only to realize what you thought were facts are baseless in the case. It’s always wise to consult a lawyer and get your facts right before making such a claim.

3. You don’t have to be incapable of working

People on disability fund are encouraged to work to create a sustainable living, but the reality is that most cannot. You may be able to do a few hours of yard work, for example, but you can’t sustain a full day’s work for a whole week. People receiving disability fund are not questioned on whether they can work, but rather on if they can work for 8 hours a day, for five days regularly or consistently. Even people living with chronic pain can cook and drive around, but that does not make them cooks or truck drivers.

4. Application is easier than qualifying

You can apply for disability fund online if you have your Social Security number, birth certificate, medical information, details of work history, and your most recent W-2 or tax return. You will fill a form telling The SSA your medical history while your professional healthcare provider will need to fill a form as well. The paperwork with take time, around three to five months, so apply as soon as you become disabled.

Nobody plans to become disabled, but you can maintain a healthy lifestyle and reduce your chances by eating right, working out, and driving safely. If you become disabled, apply for the disability fund immediately.