For those who are legally disabled but have a substantial amount of savings or assets, it is worth considering applying for Social Security Disability Insurance (SSDI). In this example, we’ll look at the case of a 62-year-old man who’s been declared legally blind and can no longer work. Despite his disability, he is fortunate to have saved $1.5 million for his retirement in the future. He’s considering applying for disability benefits and is concerned whether his considerable savings would disqualify him for SSDI.

In fact, there is no asset limit for SSDI eligibility. Regardless of whether you have $1.5 million in the bank, a significant 401(k), or have received a large inheritance, these factors will not disqualify you from receiving SSDI benefits. Eligibility for SSDI is determined mainly by your work history, the severity of your disability, and whether you meet the Social Security Administration’s (SSA) criteria.

Disability benefits commence five full months after the date that you are determined to be disabled. Your benefit amount is typically influenced by your average earnings before the onset of your disability. To be eligible for SSDI, it is necessary that you have paid payroll taxes into the Social Security system.

However, people with disabilities who have limited income and resources can apply for Supplemental Security Income (SSI), which offers basic financial support. Similar to retirement benefits, you require work credits to receive disability benefits. You can earn up to four credits per year depending on your wages. The number of credits required for disability benefits is determined by your age.

To qualify for SSDI, you must provide proof of a medical condition falling under the SSA’s definition of a disability. For instance, if you’re legally blind, you can work and earn up to $2,590 per month while still receiving benefits. Once you reach full retirement age, your SSDI benefits will convert into retirement benefits. However, it is important to know that you cannot receive both retirement and disability benefits simultaneously.

To know more about SSDI benefits or if you need help in applying for SSDI, you can contact SSDI via the website or portal provided. If you are wondering how to get a hold of SSDI, they have an excellent customer service team that you can reach out to. These details can be found on their official website. However, if you face trouble in contacting SSDI, you can visit eddcaller.com. The site provides all essential information and can guide you on how to reach out effectively.