How Social Security Benefits Provide Thousands to Those in Need

There are approximately 70 million Americans that receive assistance from the Social Security Administration (SSA). The Social Security Administration is responsible for the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. With the SSDI program, it provides assistance to individuals and qualifying household members to get benefits (as long as the members of the households have a disability and an eligible employment history).  However, the Supplemental Security Income offers the minimum financial assistance for individuals that are of age or have an eligible disability. Additionally, individuals that have limited access to resources and limited income can receive benefits from the SSI program.

In 2021, the maximum amount of financial assistance that the SSDI Program can offer per month was $3,895 (which is $46,740 per year). But, the maximum amount that the SSI program offers, back in 2021, was up to $1,191 (which is for an individual and their partner). If you think that this is a great opportunity to receive financial assistance, then you should know that your benefits are higher now, in 2022.

What is the Maximum Amount That You Can Benefit From The SSDI?

Now, let us start with the benefits you can receive from the Social Security Disability Insurance programs. Currently, the maximum amount is changing for the SSDI program. As opposed to $3,895 per month, the maximum amount that you can benefit increased to $4,194 a month; that is $50,328 for one year. But, not just anyone can be eligible for the maximum amount. You will need to meet certain eligibility requirements to qualify and receive the maximum amount. These requirements consist of three things that can provide assistance to receive the maximum amount from the SSDI. These three requirements are:

  • You Need to Have Worked for 35 Years
  • Make At Least the Social Security Administration’s Maximum Taxable Earnings
  • You Should Apply Only After You Turn 70 Years Old

You Need To Have Worked for 35 Years

This might seem like a long time, but that is the requirement you need to meet to receive the maximum amount from the SSDI program. The benefits you acquire from the program depend on your 35 highest earning years. If you try to apply to receive benefits from the SSDI too soon, then you might not receive the maximum benefits.  You need to keep that in mind when you are considering this assistance option.

Let us give you an example. If you apply for SSDI benefits after 27 years, then the 8 years remaining will not count when the Social Security Administration measures your average income. Additionally, if you are off by one year, then it will lead to you not receiving the maximum amount.

Make At Least the Social Security Administration’s Maximum Taxable Earnings

If you are planning to receive the maximum amount from the SSDI program, then you will need to meet more than the “35-year employment period” requirements. Also, you will need to meet the taxable income or more each year during that time frame, since it’s an eligibility requirement.  Currently, the maximum taxable income reaches $147,000. This is an increase compared to 2021, which was a maximum taxable income that amounted to $142,800. Unfortunately, this eligibility requirement is more difficult for individuals to reach!

You Should Apply Only After You Turn 70 Years Old

Your age is an important component, when you are gathering benefits from the SSDI Program. This is why it is best to apply after you turn 70 years old. That way, you have a better chance of receiving the maximum amount of benefits. Depending on your age, you can get different amounts of maximum benefits:

  • For 62 years old: $2,364 at a maximum amount for 2022
  • 66 years old (and 4 months): $3,345 at most for 2022
  • For 70 years old: $4,194 at a maximum amount for 2022

Keep in Mind…

You should keep in mind that the Social Security Disability Insurance program offers more benefit assistance, based on your employment history. Additionally, your partner can be eligible for spousal payments that could lead up to 50% of the individual who earned the most in the relationship at retirement age. But, it needs to be worth more than the payment from your employment history. As an example, let’s say your partner could receive the maximum of $3,345 per month. This is more than their $1,200 amount that is due to their employment history, as opposed to receiving $1,672.50. You should keep in mind that the one of the most beneficial aspects to this assistance option is if the recipient passes away. If the recipient passes away, then the spouse could get a survivor’s payment for the full amount of $3,345 a month.

Additionally, children who are under the age of 19 or that have a disability could be eligible, depending on your employment record. The most family benefit that all of your household members could get is generally from 150% to 180% of your accumulated retirement benefit. Additionally, an old partner that you separated with could claim benefits from the SSDI program, through your employment history.

What is the Maximum Amount of Supplemental Security Income (SSI) You Can Benefit?

You should keep in mind that there is another assistance option that the Social Security Administration offers. This assistance option might not offer the same amount as the SSDI program. But, it will help you out when you are in a tight financial spot.

For the Supplemental Security Income, the maximum amounts in 2022 are as follows:

  • $841 per month for an eligible individual
  • $1,261 per month for an eligible couple
  • $421 per month for an eligible additional person.

The Final Verdict

In conclusion, social security benefits can offer financial assistance to individuals, reaching thousands of dollars. The Social Security Administration provides two different types of financial assistance from two programs. These programs are the Social Security Disability Insurance program, and the Supplemental Security Income program. The Social Security Disability Insurance program is the program that can offer individuals a maximum amount up to $4,194 a month. On the other hand, the Supplemental Security Income program can offer a maximum amount of $1,261 a month. If you are aiming to receive the maximum amount, then you need to meet the eligibility requirements.

It does not matter the type of financial assistance you will receive. The important thing is that you will receive financial assistance that will keep you afloat and help you manage your financial situation. Make sure you talk to a professional before you apply, so that they can answer all of your questions!