Resources tapped while awaiting SSD benefits

Who would you turn to if a disability or illness kept you from working? A 2012 poll found that friends and family continued to be the leading resource for support while awaiting Social Security Disability (SSD) benefits, according to The Wall Street Journal’s Market Watch.

Because they are disabled and unable to work, more than 8.57 million people rely on SSD benefits today. The average monthly benefit is just $1,072, and the average time to be approved for benefits is more than two years.

Even if a person has six months of income built up, that rainy-day fund could easily run out if you couldn’t return to work because of a serious disability or sickness.

“Many people underestimate the financial severity of a disability,” said a personal financial planning director. “With little savings of their own, they have to rely on others for support.”

Once personal savings, friends and family, credit cards, and home equity credit get tapped out, people unable to return to work are forced to sell personal items or to raid their retirement savings–such as 401(k)s and IRAs.

Private charitable assistance for the disabled has fallen from 10 percent in 2010 down to 3 percent in 2012.

Considering all of your resources, do you think that getting legal assistance to help you with applying for SSD would be helpful in your situation?

Read more.

If you or someone you know needs help with Social Security Disability benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.

Reach out to a Terre Haute Personal Injury Attorney Today

The financial burden that often comes with a serious injury can be too much for many people to bear. Unexpected medical debt, damaged personal property, and the sudden loss of income can impact the budgets of most families. The good news is that a successful injury claim could help reduce that financial strain after a serious accident. Get in touch with a Terre Haute personal injury lawyer with Fleschner, Stark, Tanoos & Newlin to learn more.

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