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SSD benefits can be part of a financial solution after an injury


Many workers in Los Angeles are lucky enough to have retirement savings, such as a 401(k) account. These funds are in place not only to provide financial security during what will hopefully be a peaceful and restful retirement, but also in case of severe financial emergencies. When a worker suffers an injury on the job and becomes disabled, those retirement funds may be eyed as a potential financial tool to help make ends meet. But, this type of withdrawal could be premature.

As a recent article pointed out, injured Los Angeles residents who are unable to work due to a disability may be eligible to receive Social Security Disability benefits - but they may not think of this important financial tool. If a disabled worker doesn't think about the potential benefits that applying for Social Security Disability might provide, they may simply turn to their retirement accounts, draining a financial resource that has been built up for years.

Contrary to what some people might believe, SSD benefits aren't some kind of government "handout." Workers throughout the country contribute to the Social Security Disability fund every time they get a paycheck. This fund is in place for a very specific purpose: to help workers who have become disabled.

However, injured workers need to understand that there are certain restrictions on who can receive SSD benefits. First, the disability must last for 12 months or more, and it must be a significant enough of a disability as to prevent the applicant from maintaining gainful employment. Next, the applicant must have worked and earned the requisite amount of "work credits" to qualify for Social Security Disability benefits.

Source: starnewsonline.com, "Money Talk: When bad health hits, look to this financial tool," Nov. 26, 2016

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