Latest news with #SSDI
Yahoo
2 days ago
- Business
- Yahoo
Beyond Emergency Savings: 3 Overlooked Money Tools That Can Protect You for the Long Haul
If there's one thing a classic fable and a smart piece of financial advice have in common, it's the recommendation that you save wisely for emergencies. Whether you're a squirrel or an ant stashing away nuts and grain for the winter, or just a human with a solid emergency fund, you understand the value of preparing for financial 'cold seasons.' For You: Check Out: While that grain and those nuts will get Ant and Squirrel through the winter, people need a stronger financial safety net than emergency savings alone. You'll need to weave strong financial products and protections into your net, including various forms of insurance. When it comes to preparing for financial emergencies, your concerns might range from how you'd support yourself if you became incapacitated to how you'd cover the cost of care later in life without draining your retirement savings. There are smart ways to protect yourself and your loved ones from these long-term financial risks — but there are also some important things to know and questions to ask as you put protections in place. You may know what disability insurance is, but you might believe it only applies if you're injured on the job. In reality, disability insurance can support you if you're sidelined by a chronic illness, mental health condition or accident — regardless of whether it happened at work. And if you think you'll be fine relying on workers' comp or Social Security Disability Insurance (SSDI), keep in mind: those programs often don't cover essential living expenses like your mortgage, utilities or groceries. There are two main types of coverage: Short-term disability insurance covers temporary injuries or illnesses, like recovering from surgery or taking maternity leave. This form of insurance typically kicks in after a waiting period of 7 to 14 days and lasts up to six months. Long-term disability insurance covers more serious or prolonged conditions, such as cancer or major injury. This form of insurance kicks in after your short-term policy runs out and, true to its name, can last for several years or even until retirement, depending on your policy. When setting up your policy, make sure your policy includes an 'own-occupation' provision, which pays benefits if you can't work in your specific profession — even if you're able to do other types of work. Read Next: While disability insurance is essential during your working years, long-term care insurance becomes important as you look ahead to the golden years of retirement. Whether you're worried about the slings and arrows of old age or have a family history of health conditions that might leave you vulnerable to medical costs that could drain your retirement savings, long-term care insurance can give you peace of mind. The right long-term care policy can help you maintain your dignity and quality of life as you age, covering the cost of care services at home, in assisted living or a nursing home. That's important, because the average cost of a private room in a nursing home can easily exceed $100,000 a year. And standard health insurance, including Medicare, doesn't cover long-term custodial care. To get the best value, purchase your policy sometime in your late 50s or early 60s, since premiums are cheaper when you're in relatively good health. As you explore your options, work with a professional to determine: A daily or monthly benefit amount The benefit period (how long benefits will last) Inflation protection, to help ensure your benefits keep pace with rising care costs Life insurance is one of the more straightforward forms of financial protection. It's there to make sure your loved ones are supported if you pass away, from covering your mortgage to funding your children's education to repaying any debts you've co-signed. But there's more to life insurance than a death benefit. Some policies, such as whole life or universal life insurance, include a cash value component that grows tax-deferred. You can borrow against it to help with big goals like buying a home or covering education costs. In a pinch, you can also borrow against it if you're hit with an emergency expense and don't want to raid your retirement or savings accounts. Emergency savings are crucial, but they're just the beginning. From disability and long-term care to life insurance, the right protections can provide the financial buffer you need when life throws you a curveball. And while these tools can go a long way toward protecting your future, it's just as important to ask the right questions, understand your options, and tailor coverage to your family's unique From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth 4 Things Your Neighbor Who Retired Early Won't Tell You About Their Financial Plan 4 Things You Should Do if You Want To Retire Early I'm a Certified Financial Planner: 3 Wealth-Transfer Tips I Tell My High-Income Clients This article originally appeared on Beyond Emergency Savings: 3 Overlooked Money Tools That Can Protect You for the Long Haul
CNET
4 days ago
- General
- CNET
Social Security Disability Insurance: The Final Payment for June Is on the Way
June's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET Social Security Disability Insurance recipients who haven't been paid yet can expect their payments soon, as the last round of payments will head out in a couple of days. What week of the month you get paid is dependent on the day of the month you were born, how long you've received SSDI or whether you receive Supplemental Security Income, too. We'll explain. The Social Security Administration sends monthly payments to people with disabilities that prevent or limit their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of June and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if your last payment never arrived, and here's the Supplemental Security Income payment schedule. If you've had SSDI since May 1997 or earlier, or also receive SSI If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in August, so you can expect to receive your payment during that month one to two days earlier. If you also receive Supplemental Security Income, you'll fall into this category. You'll receive your SSDI payment on the third of every month and your SSI payment on the typical day, the first of the month. For everyone else, payments are birth date-dependent If you began receiving SSDI after May 1997 and don't also receive SSI, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1st and 10th of the month Second Wednesday of the month 11th and 20th of the month Third Wednesday of the month 21st and 31st of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in June Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 June 3 If your birthday falls between day 1 and 10 of the month June 11 If your birthday falls between day 11 and 20 of the month June 18 If your birthday falls between day 21 and 31 of the month June 25 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
Yahoo
18-06-2025
- Business
- Yahoo
Registration Opens For Free Virtual Event On Navigating Cancer And Employment, Allsup Explains
Cancer and Careers' 15th annual National Conference on Work & Cancer set for Friday, June 27, 2025, providing resources and education to patients, survivors and caregivers Terry J. Geist, Principal Advocate at Allsup Belleville, Illinois, June 18, 2025 (GLOBE NEWSWIRE) -- Allsup, a leading provider of Social Security Disability Insurance (SSDI) representation, return to work and veterans disability appeals services, is proud to sponsor Cancer and Careers' 15th annual National Conference on Work & Cancer , scheduled for Friday, June 27, 2025. This free virtual event provides essential education and resources to individuals with cancer, their caregivers, healthcare professionals and advocates who support them in the workplace. 'Cancer and Careers is a powerful voice for individuals balancing employment after a cancer diagnosis,'said Terry J. Geist, Principal Advocate at Allsup.'By supporting Cancer and Careers, we help ensure that patients and survivors have access to a broad range of resources that complement our SSDI representation and return-to-work services, empowering them to navigate their employment challenges.' With over 40 years of expertise, Allsup has effectively helped more than 400,000 individuals who have disabilities or severe health issues to secure SSDI benefits when their conditions restrict their ability to work. The SSDI experts at Allsup lead clients through the SSDI claims process, often a complex one, that can require multiple appeals with the Social Security Administration. 'As claimants get through a lengthy waiting period for approval—often spanning several months or longer—they can take advantage of Disability Financial Solutions®, an exclusive Allsup service designed to relieve financial concerns for SSDI claimants. DFS helps with concerns such as daily living expenses, credit card bills and healthcare needs,' Geist explained. After receiving SSDI approval, beneficiaries considering a return to the workforce can benefit from the assistance offered by Allsup Employment Services (AES), a subsidiary of Allsup and a Social Security-authorized Employment Network. AES assigns a dedicated vocational expert to beneficiaries and offers free support and resources through the Ticket to Work Program. This year's conference will delve into a variety of topics critical to the cancer community, including balancing treatment and work, disclosure decisions, managing side effects in the workplace, and effective communication strategies. The conference is designed to equip attendees with the knowledge and resources needed to manage their careers through the cancer journey successfully. Sessions will feature real-time closed captioning to ensure accessibility for all attendees, and continuing education credits will be available for nurses, social workers and HR professionals. For more information or to register for the virtual event, visit ABOUT CANCER AND CAREERSFounded in 2001, Cancer and Careers is committed to eliminating fear and uncertainty for working people with cancer through direct support, services and education. In addition to programs for individuals, Cancer and Careers offers companies advisement and training through facilitated panels, workshops for managers and colleagues, policy guidance, focus groups, and more. ABOUT ALLSUPAllsup and its subsidiaries provide nationwide Social Security disability, veterans disability appeal, disability financial solutions, return to work, and healthcare benefits services for individuals, their employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Illinois, near St. Louis. Learn more at and @Allsup or download a free PDF of Applying for Social Security Disability Insurance: Getting It Right The First Time. Attachment Terry J. Geist, Principal Advocate at Allsup CONTACT: Rebecca Ray Allsup (618) 236-5065 Laura C. Sala Allsup (618) 409-7079
Yahoo
17-06-2025
- Business
- Yahoo
'She Lives In Extreme Poverty': Why Social Security Is Demanding $32K From A Disabled Mother
A mother struggling with schizophrenia, extreme poverty, and the demands of raising a teenager is now facing a $32,000 bill from the Social Security Administration. According to a post on the r/SocialSecurity subreddit, this woman — who was receiving Social Security Disability Insurance, or SSDI — unknowingly earned too much income while trying to make ends meet. Now, the SSA is asking for repayment of every dollar they say she was overpaid. Here's what happened — and what others in similar situations should know. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to The SSA issues overpayments when someone receives more benefits than they were entitled to. This can happen for various reasons, including unreported work activity or income changes. In this case, the Reddit user explained that their mother-in-law picked up extra shifts while on disability to support her family and "lived off scraps." While her intentions may have been survival, Social Security requires that beneficiaries report any work or income. Failing to do so — whether intentional or not — can result in the agency demanding repayment. Although the Reddit post describes the agency as "suing" the woman, technically, that may not be what's happening. Instead, she likely received what's called an overpayment notice. This is a formal letter from the SSA stating that she received too much in benefits and must pay the excess back. In cases like this, benefits can be suspended until the overpayment is recovered. If the person is no longer receiving benefits, the SSA may collect the debt through tax refunds, wage garnishment, or by reporting it to credit bureaus. Trending: Invest where it hurts — and help millions heal:. Fortunately, there are paths available to contest or reduce the debt. According to the SSA, anyone who receives an overpayment notice has the right to: Appeal the decision if they believe the amount is wrong or they were not actually overpaid. Request a waiver if they believe the overpayment was not their fault and they cannot afford to pay it back. To file an appeal, the person must use Form SSA-561 within 60 days of receiving the notice. A waiver can be requested at any time using Form SSA-632. If the overpayment was less than $1,000, a phone call to the local Social Security office may be enough to start the process. While the waiver process does take into account the person's income and expenses, SSA reviewers will also consider whether the individual failed to report required information, such as income from neither an appeal nor a waiver is approved, the SSA may work out a repayment plan. This can include monthly payments as low as $10, depending on the individual's financial situation. Still, for someone in deep poverty, even a modest monthly deduction can feel impossible. That's why experts and advocates often recommend acting quickly — filing paperwork, calling the SSA, and seeking legal aid if possible. While this mother's story is heartbreaking, it's not unique. Overpayments happen — even to people doing their best to survive. Anyone receiving SSDI or SSI should report all income promptly and review every letter from the SSA carefully. And if an overpayment notice arrives, take action right away. Resources and support exist, but the system often requires those in the toughest situations to advocate for themselves. Read Next: The average American couple has saved this much money for retirement —? Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'She Lives In Extreme Poverty': Why Social Security Is Demanding $32K From A Disabled Mother originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNET
17-06-2025
- General
- CNET
SSDI June 2025: The Third Round of Payments Is Headed to Recipients
June's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET With two rounds down and two to go, Social Security Disability Insurance recipients who haven't been paid yet can expect their payments soon. For the remaining payments of the month, the week you get paid is dependent on the day of the month you were born. We'll explain. The Social Security Administration sends monthly payments to people with disabilities that prevent or limit their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of June and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if your last payment never arrived, and here's the Supplemental Security Income payment schedule. If you've had SSDI since May 1997 or earlier, or also receive SSI If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in August, so you can expect to receive your payment during that month one to two days earlier. If you also receive Supplemental Security Income, you'll fall into this category. You'll receive your SSDI payment on the third of every month and your SSI payment on the typical day, the first of the month. For everyone else, payments are birth date-dependent If you began receiving SSDI after May 1997 and don't also receive SSI, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1st and 10th of the month Second Wednesday of the month 11th and 20th of the month Third Wednesday of the month 21st and 31st of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in June Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 June 3 If your birthday falls between day 1 and 10 of the month June 11 If your birthday falls between day 11 and 20 of the month June 18 If your birthday falls between day 21 and 31 of the month June 25 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
