How Much Extra Income Can I Make on Social Security Disability?
Social Security Disability Insurance (SSDI) provides financial assistance to individuals who are unable to work due to a disability. While SSDI provides crucial support, many beneficiaries wonder how much extra income they can earn while still receiving benefits. Here is everything you need to know about earning extra income on SSDI.
1. Can I earn any income while on SSDI?
Yes, you can earn income while receiving SSDI benefits. However, there are certain limits that you must adhere to in order to maintain your eligibility.
2. Is there a cap on the amount of income I can earn?
Yes, there is a cap on the amount of income you can earn while on SSDI. In 2021, the cap is set at $1,310 per month. If you earn more than this amount, you may risk losing your SSDI benefits.
3. What types of income count towards the cap?
Any income you earn from working counts towards the cap, including wages, self-employment income, and bonuses. Other sources of income, such as investments or rental income, do not count towards the cap.
4. Are there any deductions from my earnings?
Yes, there are certain deductions that can be made from your earnings before they count towards the cap. These deductions include impairment-related work expenses, such as medications or transportation costs, and the cost of certain services or equipment necessary for you to work.
5. What happens if I exceed the income cap?
If you exceed the income cap, you may no longer be eligible for SSDI benefits. However, there is a trial work period during which you can test your ability to work without losing benefits. During this period, you can earn any amount without affecting your benefits.
6. Can I still receive Medicare if I earn extra income?
If you are eligible for SSDI benefits, you will also be eligible for Medicare after a waiting period. Earning extra income does not impact your eligibility for Medicare.
7. Are there any programs to help individuals transition back to work?
Yes, there are several programs aimed at helping individuals on SSDI transition back to work. These programs provide job training, vocational rehabilitation, and support services to help beneficiaries find and maintain employment.
In summary, while you can earn extra income while on SSDI, there are limits to how much you can earn. It is important to stay within these limits to maintain your eligibility for benefits. Additionally, taking advantage of programs designed to help individuals return to work can be beneficial. Always consult with a Social Security representative to ensure you understand the rules and regulations specific to your situation.