What Is The Cost Of Living Adjustment
Since 1975, Social Security benefits have been adjusted automatically each year, based on fluctuations in inflation, as determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers. The Social Security Administration compares the average CPI-W in the three months of the third quarter of the current year to the same timeframe in the year prior. “The COLA increase is a valuable feature that keeps retirees from truly being tied to a ‘fixed income’ when managing expenses,” Rob Williams, managing director of financial planning at Charles Schwab, told CNET.
The CPI-W was 8.5% in July and dipped down to 8.3% in August before hitting 8.2% in September.
How We Credit Military Wages
When you apply for benefits, we automatically verify your military service. If your military service increases your benefit and we cannot get proof of your service, we will ask for your DD-214 or other proof of service before we process your application. In all cases, we add military wage credits to your earnings, not directly to your monthly benefit payment.
Ssdi Benefits For Veterans
Serving as a member of the United States Armed Forces is an honor that not every person will get to experience in their lifetime. However, if you are a veteran of any branch of the military, you might be eligible for monthly payments from the Social Security Administration of up to $2,700. The payments would be made as part of the Social Security Disability Insurance program, or SSDI. When you have questions about these benefits or need to file an application, you should work with an experienced Orange County Social Security disability attorney.
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Trends In Growth Of The Veteran And Social Security Beneficiary Populations
The overall Social Security beneficiary population more than doubled from 1968 through 2004, whereas the number of veterans receiving Social Security more than quadrupled .7 Consequently, the percentage of Social Security beneficiaries who have served in the military has approximately doubled since the late 1960s.
The percentage of Social Security beneficiaries who are military veterans has remained fairly steady over the past decade, after increasing drastically since 1968. In 2002, an estimated 9,457,000 veterans received Social Security. The estimated number decreased slightly to 9,420,000 in 2004, but this small difference may not be statistically significant. The estimated percentage of Social Security beneficiaries who are veterans has declined slightly from its all-time high of 25.0 percent in 1996.
Are Ssdi Benefits Taxable
You may need to pay federal and state taxes on your Social Security disability benefits, depending on your income and the state you live in.
At the federal level, youll add all your income plus one-half of your benefits to determine your combined income, according to the IRS. If you are married and filing jointly, you will need to include your spouses combined income. If this total is greater than the base amount for your filing status, youll pay federal taxes:
- Filing as an individual: $25,000
Most states do not tax Social Security benefits, but 12 states do, according to AARP.
SSI is not taxable.
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Ethnicity And Geographic Distribution
Vietnam veterans were more likely than nonveterans to be White and less likely to be Hispanic. Roughly equal percentages of veterans and nonveterans were Black. However, a slightly larger share of Black men than White men joined the enlisted ranks in the early 1970s.14 Like veterans of other eras, Vietnam veterans have tended to live and retire in the South, where large active-duty populations are located. Only a small share of all men, both Vietnam veterans and nonveterans, lived in rural communities.
What Special Social Security Benefits Do Veterans Receive
Its a little-known fact, but earnings for active duty military service or active duty training are covered under Social Security and have been since 1957. One of the special benefits military members receive is that it is possible to receive both Social Security benefits and military retirement benefits.
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According to the Social Security Administration, there is generally no reduction of Social Security benefits because one receives military retirement benefits, as well. This means you can receive two benefit checks at the same time each month. You will receive your Social Security benefit based on your earnings and the age you begin to start receiving benefits just like everyone else.
The SSA states that under certain circumstances, special earnings can be credited to your military pay record for Social Security purposes. Those extra earnings are for periods of active duty or active duty for training. These extra earnings may help you qualify for Social Security or actually increase the amount of your Social Security benefit.
In addition to retirement benefits, the SSA will also pay survivors benefits to veteran families when they pass away. Veterans can also get benefits for themselves and their families if they develop a disability. If you developed a disability while on active military service after October 1, 2001, you can visit Wounded Warriors to find out how to expedite the processing of your disability claim.
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If I Qualify For Va Disability Will I Automatically Qualify For Social Security Disability
No. You must qualify for each separately. Winning approval for one type of benefits does little to nothing to boost your chances of getting another.
If the VA grants you disability, it does not mean that an approval for Social Security Disability will follow, or vice versa. Remember, the VA system awards benefits for varying degrees of disability, while the SSA system makes a determination of disabled or not disabled.
If the SSA approves you for SSDI or SSI, you still must prove to the VA that your condition is service-connected, which is not an easy thing to do. Without sufficient evidence, the VA can call into question whether your medical condition arose as a result of an event in your military service or is otherwise related to your military service.
Note: If you have a Permanent and Total disability rating from the VA, you can receive expedited processing for an SSI or SSDI claim.
Social Security Disability Benefits
The Social Security Administration offers two types of disability benefits: Social Security Disability Insurance and Supplemental Security Income . To be eligible for SSDI, you must have a disability and sufficient work history. For SSI, you must have a disability or blindness and have limited income.
You may qualify for both benefits.
The definition of disability is the same for both programs.
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Social Security pays disability benefits to people who cant work because they have a severe medical condition that is expected to last at least one year or result in death, according to the SSA.
There are no partial or scaled paymentsits all or nothing. If your condition improves before the SSA makes a decision on your claim, you may be entitled to benefits for a closed period of disability, according to the SSA. You might receive up to 12 months of benefits if you were unable to work for at least 12 continuous months.
However, you must apply for closed-period benefits within 14 months of the end of your period of disability. A five-month waiting period may apply.
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Ssi/ssdi And Va Disability Benefits
Veterans may be eligible for Supplemental Security Income or Social Security Disability Insurance , in conjunction with, or as an alternative to VA disability payments. They may also use the Medicaid and Medicare health benefits that come with SSI/SSDI to supplement VA health services.
The definition of disability and application process is different for SSA and VA disability benefits, and Veterans may begin receiving SSA benefits while they are waiting on a VA benefit decision.
Record Hike For Social Security Checks In 202: How Much You’ll Get
Recipients of Social Security are about to see their benefits get considerably larger.
Inflation has wreaked havoc on American budgets in 2022, but it’s going to make Social Security checks quite a bit bigger in 2023. Beginning in January, Social Security benefits will increase , based on this year’s cost-of-living adjustment, or COLA. That’s the largest hike in benefits since the all-time record of 11.2% in 1981.
“A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today,” Senior Citizens League policy analyst Mary Johnson said in a statement earlier this year. In fact, the COLA has only risen above 7% five times since it was introduced in 1975. The 2022 COLA, in comparison, was only 5.9%.
Next year’s increase represents the agency’s attempt to keep up with ongoing inflation. The adjustment is determined annually by shifts in the Consumer Price Index, which charts year-over-year price fluctuations for goods and services.Read on to learn all about 2023 Social Security benefits, including how much more you’ll be getting next year and when the increase will appear in your check.
For more on Social Security, learn how to access your payments online and how benefits are calculated.
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Helping Former Military Members Obtain Disability
If you are a disabled veteran who served in any branch of the United States military, you may be entitled to up to $2,700 in payments each month through the Social Security Disability Insurance program. These payments are in addition to the benefits you receive through the Department of Veterans Affairs . Klain & Associates can help you navigate the spectrum of benefits available to disabled veterans.
Schedule your FREE consultation with the disability attorneys and advocates at Klain & Associates today. 800-818-HELP. No Fee unless you win.
Windfall Provision Does Not Apply
Unlike some government pensions, military retirement pay is not subject to the Windfall Elimination Provision . This rule can reduce Social Security benefits for people who have pensions from noncovered jobs in which they did not have Social Security taxes withheld from their income but who also draw retirement benefits for other, covered employment.
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Similarly, military retirement pay does not trigger the Government Pension Offset, another SSA rule that can reduce Social Security spousal or survivor benefits for people who also get a pension from noncovered government employment.
You can learn more about military retirement benefits in the military pay and pensions section on the federal governments USA.gov website.
Keep in mind
- As with military retirement pay, receiving VA disability benefits does not have an impact on Social Security benefits but can affect SSI eligibility and payments.
- In some circumstances, past military service could boost your Social Security payment. From 1940 to 2001 the SSA supplemented service members pay records with special earnings credits. These increased qualifying veterans lifetime earnings records, from which Social Security calculates benefit amounts.
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Important Items Of Note For Veterans Seeking Ssdi
Being approved for SSDI benefits from the SSA does not disqualify you from other benefits or forms of compensation. Below are some important items of note for veterans seeking SSDI:
- You can obtain medical coverage through TRICARE and Medicare at the same time even while receiving SSDI from the SSA
- Your eligibility for SSDI benefits is not impacted by earning an income from the military
- You can file an application for SSDI benefits at any point after becoming disabled, regardless of your status with the military
- You can file for SSDI benefits and VA benefits at the same time
Social Security Disability For Veteran
Americans who engage in military service can suffer from mental and physical side effects lasting a lifetime. These veterans who have become disabled may be entitled to receive disability benefits from the Social Security Administration. Veterans who are already receive VA benefits can potentially be eligible for either Supplement Security Income or Social Security Disability Insurance . In order to qualify for SSDI, a veteran needs to meet the basic work history requirements and must have worked at least 5 out of the last 10 years. For SSI, a veteran must meet the income and asset limits established by the SSA.
Veterans who have a VA disability with the U.S. Department of Veteran can potentially qualify for additional disability benefits from social security. Unfortunately if a veteran is receiving a pension from the VA and doesnt meet the work history requirements, the veteran is no longer eligible for SSDI benefits and only qualifies for SSI. Remember it is good to keep in mind that SSI is an income based program and a veteran who has a pension may no longer qualify for additional disability benefits through the Social Security Administration.
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Earn Ssa Work Credits In Some Countries
You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.
Benefits Approval For Disabled Veterans
VA benefits are also known as compensation for a service-related disability. The VA only considers disabilities that resulted from military service. VA compensation is not based on income.
You are compensated on partial disability through the VA disability program. The SSA will not compensate for partial disability or partial loss of employability. In the past, another major difference in disability from the SSA and the VA involved the treating physician rule.
Up until March 27, 2017, the SSA gave extra weight to the treating physicians opinion. The VA, however, would review the claimants entire medical file, with no extra weight given to any specific evidence. After March 27, 2017, the SSA will not give deference to the opinions or records provided by the treating physician.
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What Documentation Do I Need
Along with your application, you must provide the following documents to the SSA:
- Original or certified copy of your birth certificate or proof of citizenship
- Form DD 214 if you have been discharged
- Previous years W-2 form or income tax return
- Proof of military pay or workers compensation
- Social Security numbers of your spouse and minor children
- Banking information
- Alternate contact person
- Medical records from military and civilian sources
The approval process can take some time, so file your application as soon as possible. You can submit any missing documentation later.
A Lifetime Of Security
We are with you from day one when your parents named you, and when you named your children. Most parents apply for their childs Social Security number at birth, usually through the hospital. When the time comes for your childs first job, the number is already in place.
A fun bonus of assigning Social Security numbers at birth is that we know the most popular baby names, which we announce each year. On our website, you can find the top baby names for the last 100 years.
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Can Veterans Receive Social Security Disability Benefits While Receiving Military Pay
You wont be approved for SSDI if you perform substantial work, but that doesnt mean you cant receive military pay and Social Security disability payments at the same time, according to the SSA.
If you are receiving treatment and working in a therapy program or on limited duty, you may be eligible for SSDI payments. The SSA will evaluate the work you are doing, not the pay you receive.
I Am Getting Ready To Retire What Steps Do I Take
Six to eight months before your intended retirement date, we recommend you review the Pre-Retirement Guide publication and obtain an estimate of your retirement benefit by contacting one of our offices and requesting one. Up to six months before your intended retirement date, you will need to complete and return an Application for retirement benefits. Applications can be mailed to you or are available in our offices. Counselors are available to assist you in completing your application in both our Carson City and Las Vegas offices, or you may mail in your completed application directly to our Carson City office.
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Veterans Applying For Social Security Disability Benefits
It is possible to apply for benefits under the Social Security Act, as well as apply for benefits offered by the Department of Veterans Affairs . As long as the veteran has eligibility for Social Security Disability Insurance benefits or Supplemental Security Income benefits , then it is possible to receive both VA benefits and Social Security disability benefits A veteran does not need to apply for VA benefits in order to apply for Social Security disability benefits.
Va Disability Vs Social Security Disability For Veterans
The VA and the Social Security Administration use two different methods of determining disability. The amount of VA benefits paid is based on an evaluation of the severity of a veterans disability, which is determined by the evidence they submit as part of their claim or that the VA obtains from their military records.
The VA rates disability from 0 percent to 100 percent in 10 percent increments. When a veteran has more than one disability, the VA uses a combined ratings table to determine a veterans disability rating. This is not simple math.
When the VA combines ratings to determine a disability rating, disabilities are arranged in order of severity and then combined with the use of a combined ratings table. The degree of one disability will be in the left column and the degree of the other in the top row. The space where the column and row intersect represents the combined value of the two.
The combined value is rounded to the nearest 10 percent, such that a combined value of 65 becomes 70 percent. According to the VA, if it finds that a veteran has multiple disabilities, it uses the combined ratings table to calculate a combined disability rating. Disability ratings are not additive, meaning that if a Veteran has one disability rated 60% and a second disability 20%, the combined rating is not 80%. This is because subsequent disability ratings are applied to an already disabled Veteran, so the 20% disability is applied to a Veteran who is already 60% disabled.
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