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SSDI

Are SSI and Social Security Disability Payments Exempt from Bankruptcy Claims?

If you receive Social Security Disability (SSD) benefits and file for bankruptcy, your checks are usually safe.

If your benefits come from SSI, which is a welfare program for the needy, they are always exempt from creditor claims.

However, SSDI payments technically qualify as "work" income, so they may be subject to bankruptcy claims.

Annual Statistical Report on the Social Security Disability Insurance Program, 2009

Here is a link to the "Annual Statistical Report on the Social Security Disability Insurance Program, 2009". This report provides a wealth of statistical information on the Social Security Disability program.

http://www.ssa.gov/policy/docs/statcomps/di_asr/2009/index.html

Highlights

Size and Scope of the Social Security Disability Program

* Disability benefits were paid to over 8.9 million people.
* Awards to disabled workers (970,696) accounted for over 89 percent of awards to all disabled beneficiaries (1,081,983).

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Three Questions to Ask Before Claiming Social Security

1. Am I in good health?

If yes, consider deferring benefits.

2. Will my claim affect anyone else?

Higher-earning spouses often benefit by waiting until their full retirement age or later to sign up for Social Security.

3. How reliant will I be on Social Security income?

If you don't have much in savings, and are in good health, consider continuing to work.

What is the Maximum Social Security Retirement Check?

The average Social Security check is $1,372 per month, or $16,464 per year.

The highest Social Security check when initiating benefits at "full retirement age" (age 66 if you were born between 1943 and 1954) is $2,788 a month, or $33,456 a year.

The highest Social Security check when initiating benefits at age 70 is $3,680 a month, or $44,162 a year.

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