On average, a recipient of the Social Security Disability Insurance (SSDI) benefits gets between $800 and $1,800. The computation will be based on your average lifetime earnings before your disability began. In 2019, the average SSDI benefit is $1,234. The computation is not based on how severe your disability is or how much income you are getting.
For most people, this amount is not enough to live decently, so they look for ways to maximize their money. But before doing that, you need to hire a social security disability claims consultant in Utah or any other location. The consultant will make sure you get what’s worth your average lifetime contributions.
The amount of SSDI benefits you can receive in a month is different from that of other individuals. In 2019, the maximum amount you can receive is $2,861. The Social Security Administration (SSA) uses a complex weighted formula to compute how much you can get when you suddenly became disabled to work.
Hire a financial consultant
A financial consultant will help you decide where to put your money. He or she will likely ask you to invest your money in a number of startup businesses and the stock market. You will still be the one to make the final decision, but sound advice from a professional financial consultant can aid you in protecting your finances. You will also be guided on your spending habits, so you don’t live beyond your means.
Invest in the stock market
Do not be afraid to invest in the stock market. The common misconception about investing in the stock market is that you will lose your money the moment a crisis strike. Your money is protected also by insurance policies. The stock market is a viable investment, though the returns may not be immediate. This is perfect for those in the lower age bracket since they have the luxury of time to watch their investment mature.
Start a small business
If you have the knack for running and managing a business, you can invest in a small startup that has the chance to bring in more profit for your family. You can use the disability benefit as capital for your startup. Maybe you’re good with your hands and you can create baby headbands and turbans? Those are hot commodities on the internet right now. You can have a small stall in the park and sell freshly-cooked waffles, tacos, milkshakes, and many more. Since you are unable to work in a “regular” office, maybe it is time to broaden your horizon and find out where else you can excel.
Can you imagine that about a decade ago, we barely use the Internet to purchase items? No one sells on the Internet and people barely look at merchandises there unless to research about them before they go to the actual store. Today, more people are doing online shopping. The game has changed, which means you can sell stuff online even if you are based at home.
A disability doesn’t have to stop you from living your life and trying to reach for your dreams. If you dreamed of running your own business, you can still do that now. Your disability benefit could be the capital you need to get started. A portion of that benefit can go into investments and small startups.