How does Social Security calculate the amount of my benefits?
Social Security Disability benefits are calculated according to a complex formula. Generally speaking, the amount of your monthly benefit is based on your average lifetime earnings before you became disabled. The Social Security Administration takes into account your age at the time you become disabled, the amount of your earnings, and how long you worked. For example, if the average of your three highest-paid years was $50,000, you should expect to receive between 25% and 33.3% of that amount. However, these percentages may be adjusted to a specific range depending on your age. If you are receiving Social Security Disability in Virginia and you are under 50, the benefit is usually between 50% and 60% of the earnings covered by the Social Security system. This is called the Primary Insurance Amount. Additionally, if you are receiving Social Security Disability benefits because of a severe medical impairment or disability, you may be eligible for an additional payment of up to 8% of your Primary Insurance Amount. This additional payment is called the Cost of Living Adjustment (COLA). This amount may increase or decrease each year in accordance with the inflation rate. Social Security benefits can be complicated, so it’s important to consult with a Social Security attorney in Virginia who can help you understand the rules and regulations regarding Social Security Disability benefits and assist you in maximizing your benefits.
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