You knew this day would come, but you had hoped later rather than sooner. Your primary physician informed you that you suffer the same maladies as your father, uncle and grandmother. Your heart ailment requires critical treatment and prevents you from working for at least a year. The worries and angst temporarily take over, and you scramble to make sense of this personal situation that affects your long-term health, family and finances.
For the latter category, you wonder about sources of money that will help your family. Among them is Social Security disability benefits. If you qualify for them, you secure a specific amount. But will it be enough to pay the mortgage, utilities, groceries and health care? How much money can you expect? Typically, your monthly SSD benefit will be just under what you would have gotten if you worked through full retirement age.
Average worker: $1,258 per month
The average U.S. worker in 2019 received close to $1,258 per month in SSD benefits, according to the Social Security Administration’s annual statistical report released in October 2020. Male workers got $1,384, while female workers received $1,128.
Here is the breakdown that discloses the average amount of SSD benefits received by workers according to age and gender:
- Under age 25: $680, male; $663, female
- Ages 25 to 29: $787, male; $771, female
- Ages 30 to 34: $910, male; $864, female
- Ages 35 to 39: $1,016, male; $959, female
- Ages 40 to 44: $1,113, male; $1,029, female
- Ages 45 to 49: $1,216, male; $1,075, female
- Ages 50 to 54: $1,310, male; $1,108, female
- Ages 55 to 59: $1,422, male; $1,145, female
- Ages 60 to 64: $1,553, male; $1,196, female
- Ages 65 and older: $1,609, male; $1,218, female
During this uncertain financial time, you look at potential financial sources. You can withdraw money from traditional and Roth IRAs as well as 401(k)s. However, before doing so, understand the rules, especially those pertaining to early withdrawal. These funds could complement the amount you as a disabled worker would receive in SSD benefits. Do not overlook the latter.