Are there any differences between Social Security Disability Insurance (SSDI) and Social Security Retirement?
Yes, there are differences between Social Security Disability Insurance (SSDI) and Social Security Retirement. In Virginia, SSDI is designed to provide financial support to individuals who have a disability that prevents them from working. To qualify for SSDI, one must have an impairment that lasts at least 12 months or is expected to result in death, and have a minimum work history as determined by the Social Security Administration. On the other hand, Social Security Retirement is available to individuals who have worked a certain number of years and paid taxes into the Social Security system, known as quarters. Social Security Retirement provides a monthly income for the retiree and is based on the worker’s earnings history. The amount of retirement benefits an individual receives is determined by their average earnings over the years they worked. In addition, Social Security Disability Insurance benefits are not affected by earnings after becoming disabled. However, Social Security Retirement benefits may be affected by any earnings after retirement. Social Security Retirement benefits may also be supplemented with other investments such as pension benefits, annuities, and individual retirement accounts. Overall, Social Security Disability Insurance and Social Security Retirement provide different levels of financial support. SSDI is intended to provide financial support to individuals who are disabled and unable to work, while Social Security Retirement provides a monthly income to individuals who have worked and paid taxes into the system over a certain number of years.
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