Unlocking Financial Freedom- How to Make Money While Receiving Social Security Disability Benefits
Can I Earn Money While on Social Security Disability?
Living with a disability can be challenging, and many individuals rely on Social Security Disability (SSD) benefits to cover their living expenses. However, one common question among SSD recipients is whether they can still earn money while receiving these benefits. In this article, we will explore the rules and regulations surrounding earning money while on Social Security Disability.
Understanding SSD Benefits
Social Security Disability benefits are designed to provide financial support to individuals who are unable to work due to a severe and long-lasting medical condition. These benefits are based on the individual’s work history and the amount of Social Security taxes they have paid into the system. To qualify for SSD benefits, an individual must meet certain criteria, including having a disabling condition that is expected to last at least one year or result in death.
Earning Money While on SSD
The short answer to the question of whether you can earn money while on SSD is yes, but there are specific rules and limitations in place. The Social Security Administration (SSA) has a program called Substantial Gainful Activity (SGA), which determines how much income you can earn while still receiving SSD benefits.
Substantial Gainful Activity (SGA)
Under the SGA rules, you can earn up to $1,310 per month in 2021 if you are not blind, or $2,190 per month if you are blind. If your income exceeds these limits, the SSA may reduce or terminate your SSD benefits. However, there are some exceptions and work incentives that may allow you to earn more while still receiving benefits.
Work Incentives
The SSA offers several work incentives to encourage SSD recipients to return to work or increase their income without losing their benefits. Some of these incentives include:
1. Trial Work Period: During the first nine months of employment, you can earn as much as you want without affecting your SSD benefits.
2. Extended Period of Eligibility: After the trial work period, you have a 36-month period where you can earn more than the SGA limit without losing your benefits.
3. Expedited Reinstatement: If you stop working due to your disability, you may be able to have your SSD benefits reinstated quickly.
4. Plan to Achieve Self-Support (PASS): This program allows you to set aside money or income for education, training, or starting a business without affecting your SSD benefits.
Seeking Professional Advice
Navigating the rules and regulations surrounding SSD benefits and earning money can be complex. It is essential to consult with a professional, such as a disability attorney or a Social Security representative, to understand your rights and options. They can help you determine the best course of action to maintain your SSD benefits while also increasing your income.
Conclusion
In conclusion, it is possible to earn money while on Social Security Disability, but you must adhere to the SSA’s rules and regulations. By understanding the SGA limits and exploring work incentives, you can find a balance between earning money and maintaining your SSD benefits. Always seek professional advice to ensure you make informed decisions regarding your SSD benefits and financial well-being.
