While there are several factors that ultimately affect your Social Security benefits, the income you have earned over the course of your lifetime is probably the most crucial one. In most cases, the amount of Social Security you receive will get reduced if you pull out your funds before you reach your full retirement age. When applying for disability benefits in North Carolina, keep the following in mind.
The Social Security Administration keeps a detailed record of your total earnings each year. The part of your income that is subject to Social Security withholding is the portion that is used to calculate your total retirement benefits. Perhaps unsurprisingly, the more income you earn over your lifetime, the higher amount of benefits you are eligible for receiving. However, there is a maximum amount of Social Security benefits that you can receive. For 2021, this maximum amount comes out to $3,895 per month.
After you apply for Social Security benefits, your past earnings get adjusted based on previous years’ inflation, and they will inform you of your personal PIA, or primary insurance amount. Your PIA will reflect how much in benefits that you can receive once you reach the full retirement age. For individuals born between the years 1943 and 1954, the full retirement age is 66. For those born after 1954, the full retirement age rises by two months each year until 67 for those born in 1960 or after.
First and foremost, you will only get considered for Social Security disability if your disability is severe enough to interfere with your ability to work. When the Social Security Administration is considering your monthly disability benefits, your household income is not considered. Instead, the SSA is more interested in knowing if you have the ability to do the work you have done previously or if you can do other types of work. If you can do either of these things, you won’t get considered for disability benefits.
Applying for disability or other benefits can be difficult because the requirements vary depending on individual circumstances. An attorney may help you determine if you’re eligible.
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