For decades, you have relied on that bi-weekly paycheck to support your family. Food, shelter, insurance along with health care comprise a good chunk of your expenses. They must be paid as you take care of your spouse and children. However, you face a personal and financial dilemma because your medical condition has worsened, preventing you from working for at least a year or maybe even forever.
As a person who now qualifies for receiving Social Security (SSD) benefits, you gain some sense of relief. If the government approves your application, you will receive a monthly benefit. But how much will that be? The formula that calculates this is based on the Social Security-taxed earnings you have accumulated during your decades in the workforce.
Average monthly amount was $1,234 in December 2018
Typically, your monthly SSD benefit is a little less than the amount you would have received had you worked until your designated retirement age. The reason for this is that workers earn more money during the latter part of their careers, and, as a result, people who become disabled before those top-earning years receive lower monthly benefits.
According to the Social Security Administration’s most recent annual statistical report released in October 2019, workers who received SSD benefits got nearly $1,234 per month in December 2018. Here is a general summary by age, sex and dollar amount that disabled workers received from the government in that month:
- Under 25: $647, average; $654, men; $636, women
- Ages 25 to 29: $757, average; $768, men; $741, women
- Ages 30 to 34: $875, average; $897, men; $847, women
- Ages 35 to 39: $973, average; $1,001, men; $943, women
- Ages 40 to 44: $1,052, average; $1,097, men; $1,010, women
- Ages 45 to 49: $1,122, average; $1,195, men; $1,051, women
- Ages 50 to 54: $1,183, average; $1,286, men; $1,083, women
- Ages 55 to 59: $1,264, average; $1,403, men; $1,124, women
- Ages 60 to 64: $1,357, average; $1,532, men; $1,174, women
- Ages 65 and older: $1,394, average; $1,586, men; $1,190, women
The longer a person remains in the workforce while paying into the Social Security system, the more SSD benefits they will receive if they are unable to work.