The professionals at Disability Associates, LLC, offer reasons young adults should become familiar with Social Security disability benefits to help them better prepare for the future.
According to an article the New York State Society of Certified Public Accountants published in the CPA Journal, young people have not adjusted for the prospect of becoming disabled later in life. While it’s possible that a certain percentage of young adults may be financially stable enough to support themselves in the event that they become disabled, many would be unable to fully cover the costs of an unexpected medical condition without disability insurance.
According to the National Center for Health Statistics, in 2014 the average life expectancy at birth in United States was 78.8 years. Consequently, adults are living more and more years past their retirement age, and will likely require a post-retirement income source.
Most young working adults are familiar with the benefits of Social Security as it relates to retirement. Few, however, are aware that Social Security benefits are also available to them in the event that they become unexpectedly disabled.
Further, just as all working adults pay a portion of their income to the Social Security trust, their employers do the same. In fact, workers and employers now each pay 6.2% of each employee’s pay, up to the limit of $113,700. Self-employed? 12.4% of your salary is paid to Social Security annually.
Those who qualify for substantial Social Security disability benefits often receive a modest monthly allowance that can be applied toward their living expenses. Disability payments can also be used to cover the costs of important prescriptions and medical bills. Especially for adults who have not yet reached retirement age, disability insurance provides dependable financial support in the event of an unforeseen decline in health.
Social Security can be an important aid for those seeking help for issues related to their disabilities. To learn more about Social Security’s protection against risks, contact Disability Associates, LLC today.