Securing Social Security Disability (SSD) benefits can be a taxing process. So you might well relax when you finally start receiving them. You might plan your budget going forward based on the amount you begin to receive.
It’s important to understand that this amount could potentially drop at some point in the future. Here are some of the key reasons why that could happen.
You retire
When you reach retirement age, you can transfer to Social Security retirement benefits. You may elect to do this relatively early, at 62, or you may wait a few more years. Be sure to understand your options and how the change could affect your payments.
Your condition improves
You receive benefits based on how debilitating your condition is and its effect on your ability to work. If your condition gets better or worse it could affect your ability to perform and thus affect your entitlement to benefits, either positively or negatively.
Your earnings change
Many people who receive SSD do some kind of work. There are strict limits as to just how much you can work while retaining your benefits. A change in your hours or earnings could therefore affect how much you receive.
It is important to remember that SSD benefits are an ongoing process and the Social Security Administration may continually evaluate your entitlements. You need to think carefully about any decisions you make as they could have a drastic effect on your entitlements. Be sure to seek legal guidance to stay informed of your options if you have any questions or concerns.
