Retiring at 70 could mean more Social Security benefits

Retiring at 70 is probably an unsettling idea for many, but new data by the National Retirement Risk Index shows that most individuals who retire at age 65 are taking a large financial risk.

However, 86 percent of working Americans who wait until age 70 to retire are better prepared to care for themselves financially. About 21 million retired workers rely on Social Security benefits as their main form of income, and the earlier you receive benefits the less you are likely to get in the long run.

Someone who takes Social Security at 70 could have a 75 percent larger benefit base than if the same person took retirement benefits at 62. Many factors determine your monthly Social Security benefits, such as health history and marriage, and waiting does not always mean more money.

If you are about to retire and want to learn more about your Social Security options, contact the Hankey Law Office, P.C. by calling (317) 634-8565.

Disability beneficiaries population larger than NYC

In an alarming comparison, the population of American workers receiving disability payments has exceeded the population of New York City, the most populous city in the country. According to CNS News, one and 16.3 working adults receive disability checks.

The Social Security Administration reports that a record 8,733,461 Americans receive an average of $1,111 a month from the government due to disability. Compared to 1992, more than five million more working-aged adults, their spouses, and their children are beneficiaries.

Officials at the SSA say the slumping economy has inflated the population of applicants; similarly, two separate studies have revealed a strong correlation with the expiration of unemployment checks and the application to SSDI.

If you are considering filing for SSDI and need help understanding disability claims, contact the SSDI attorneys at the Hankey Law Office, P.C. at (317) 634-8565.

Social Security Disability recipients to get 21% cut

Social Security Disability Insurance recipients can expect a 21 percent cut in their monthly checks within the next four years unless Congress takes action, trustees of the Social Security Administration and Medicare say.

The increasing amount of Americans filing for government assistance can be attributed to the weakening economy, the widening criteria for disability, and the expiration of many’s unemployment benefits. In fact, a study by the OECD found that as unemployment increases by one percent, disability applications increase by ten percent.

However, it’s not just the increasing claims that drain the fund. Once individuals begin receiving benefits, less than one half a percent ever return back to the workforce.

If your application has been denied and you are interested in learning how a Social Security Disability benefits lawyer can help you, contact the Hankey Law Office, P.C. today at (317) 634-8565.

Pending SSDI cases to increase

Getting approved for Social Security Disability Insurance can take a long time, and now officials at the Social Security Administration expect the number of pending cases to reach to over a million by the end of the the 2013 fiscal year.

More than 860,000 initial disability claims are expected to be pending by September, the end of the 2012 fiscal year, which makes it all the more important to consult with an expert before filing your claim.

An attorney can help you with the difficult paperwork process and ensure that all the necessary documents are present and properly filled out. Only about 34 percent of all applications, including appeals, get approved for benefits.

If you want to learn more about representation in the Social Security application process, contact the disability insurance lawyers of the Hankey Law Office, P.C. today at (317) 634-8565.

The differences between SSDI and SSI

Social Security Disability Insurance and Supplemental Security Income may sound similar enough, but there are important differences in whom they benefit and their eligibility requirements.

Disability insurance is for people who have an impairment that prevents them from earning a living. The impairment must last at least one year or for life. The children and widows of  deceased SSDI recipients can continue to receive assistance after the loved one’s death.

Supplemental income, unlike disability insurance, does not depend on one’s ability to work. SSI payments benefit low-income individuals who are 65 or older, have disabled children, or are adults that are disabled.

If you have more questions discerning Supplemental Security Income vs. Social Security Disability Benefits, contact the Social Security attorneys from the Hankey Law Office by calling (317) 634-8565.

Women more likely to become disabled

A new study by The American College reveals that women, whether they are stay-at-home moms or employed full-time, are more physically and financially at risk if they were to become disabled.

According to the Centers for Disease Control and Prevention, women of working age and older are more likely than men to experience a debilitating condition. Arthritis, which occurs twice as much in women, is the most common form of disability among adults.

From 1999 to 2009, the Social Security Administration saw a 72 percent increase of women applying for Social Security Disability Insurance, compared to 42 percent of men. Women are also less likely to be covered by their employer’s disability insurance.

If you have questions about degenerative arthritis and disability, contact the disability lawyers of the Hankey Law Office at (317) 634-8565.

Social Security disability fund to run out in four years

According to the Washington Post, the Social Security disability fund is expected to run out by 2016. About 77 million Baby Boomers are at or reaching retirement age, which is also the age when people are most likely to become disabled.

This, coupled with the struggling economy, has forced many to seek disability benefits when unemployment benefits run out. About 23 percent of all Americans receive Social Security disability and application rates are steadily increasing.

On average, recipients get $1,111 a month. Last year, $132 billion was spent on Social Security, more than all of the annual budgets for Labor, Interior, Commerce, Agriculture, Justice, and Homeland Security combined.

If you need help applying for Social Security disability benefits, contact the SSDI attorneys of the Hankey Law Office today at (317) 634-8565.

May is Disability Insurance Awareness Month

May has been named Disability Insurance Awareness Month in order to spread awareness of the importance of planning for your future. According to the Social Security Administration, about a third of all Americans will need disability insurance before they retire.

While many may be covered or believe they will be covered through workers’ compensation, employer insurance, or Social Security, these options are not foolproof. Nearly half of all initial SSDI claims are denied, and 73 percent of accidents or illnesses that cause disabilities are not work-related.

Before you rely on Social Security to take care of you in the case of a debilitating accident, make sure to explore your options and determine what is the best for you and your family.

If you have suffered an injury that has affected your ability to work, contact the Social Security attorneys of the Hankey Law Office by calling (317) 634-8565.

Denial of SSDI benefits perpetuates homelessness, says study

According to a new report by the National Law Center on Homelessness & Poverty, the difficult process of proving disability has prevented thousands of homeless people from getting off the streets.

The study claims that about 40 percent of homeless people are eligible for Social Security Disability Insurance, but only 14 percent actually receive the benefits. A major barrier preventing them from receiving financial help is the strict regulations as to who is allowed to provide a diagnosis.

Only a doctor’s diagnosis can be used to apply for disability, but most health clinics for the homeless are staffed by physician’s assistants and nurse practitioners. The report suggests that allowing more health care professionals to diagnose medical conditions for disability applications can reduce homelessness.

If you need helping learning how to apply for Social Security disability benefits, contact the Social Security attorneys of the Hankey Law Office at (317) 634-8565.

New project helps disabled veterans receive benefits

A new project created by the Social Security Administration and the Department of Defense is in the process of expanding nationwide to help wounded veterans and servicemen receive Social Security disability benefits sooner.

The federal organizations’ plan involves creating a centralized Department of Defense website that can access military medical records from several other department websites so that Social Security can more quickly process disability applications. Officials say this process will improve the speed, efficiency, and accuracy of the disability program.

A pilot program launched in five states yielded promising results. States received military medical records within 72 hours compared to an average of five weeks with paper records.

If you are a wounded veteran waiting to receive disability benefits, contact the Social Security disability insurance lawyers of the Hankey Law Office at (317) 634-8565 today.

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