Growing up one of my nicknames was No Fear Gianni (NFG). I earned it from my continued participation in multiple sports despite my blindness. I’m always trying to avoid letting fear dictate my actions, but no human is entirely without fear. People just don’t broadcast those feelings to the world. Being blind, or living with any disability, can be scary. Trust me; I’m familiar. Not the primal, alarming fear you might be imagining, but a subtle, ever lingering thought that you’re going to be excluded. Excluded from physical activities, events, parties, educational programs, professional institutions and so much more. The absolutely depressing idea of being unintentionally exiled from the majority of our society. That is what disabled people fear. I’d say money is a fairly important part of our society, and I fear all too often disabled people are excluded from the financial resources available to most of us. In large part, they’re excluded because there is hardly anybody out there who understands the inner workings of social programs such as SSI, SSDI, Medicare, and ABLE accounts. Few have the incentive to read the never ending pages of rules and legalities surrounding these programs. 1 in 4 Americans live with a disability and social programs become standard to your financial situation when you’re a person who happens to be disabled. For nearly everyone, trying to make sense of these social programs is like trying to interpret hieroglyphics. the space is full of esoteric nonsense, but for a fourth of the country it’s absolutely critical knowledge to build wealth, and this slice of the population has almost no one to help them.
https://www.cdc.gov/ncbddd/disabilityandhealth/infographic-disability-impacts-all.html
Part of my mission is to eliminate fear and exclusion by studying these government programs. That way, when people come to me, mired in the legal and financial landscape people with disabilities find themselves in, I can do something to help. I’ve just enrolled in school to become a certified Special Needs Consultant. Guess what. It isn’t all that accessible folks! The Chartered Special Needs Consultant Designation is barely accessible to the disabled. You know, the people who are most likely going to be passionate about helping other disabled people. As I sit here writing, a print textbook arrived on my doorstep. The irony confounds me. Anyway, enough of my ranting; let’s talk a little about social security.
What is Social Security?
Social security is a massive, government run insurance program. Its goal is to protect, or insure, our society against the financial burdens of disability, age, death in the family, divorce, and poverty. The 5 types of benefits offered by the Social Security Administration are disability, retirement, survivors, spouses/dependent children, and medicare. Social security is paid for by you and me; taxes of course. Specifically FICA taxes, named for the Federal Insurance Contributions At established in 1935 with the purpose of funding the new social security system.
Great News! The SSA recently announced the largest COLA, or Cost of Living Adjustment, in 40 years. Social security payments are pegged to the consumer price index (CPI) and we all know by now how inflation is reducing our buying power. Consequently, recipients of social security will see an 8.7% increase to their payments starting in 2023.
https://www.ssa.gov/oact/cola/colaseries.html
The SSA pays in arrears however, so the first payment that will be adjusted will be the January payment which is received in February.
Social Security and Blind People
Blind people have a particular set of circumstances when it comes to social security. The majority of blind people do not receive SSDI (Social Security Disability Insurance) as you might assume. This is because that program is specifically for people who are temporarily unable to work because of a qualifying disability, and most people who can’t see typically will not regain their sight. So blind people usually are paid through SSI (Supplemental Security Income). This program is for destitute individuals, but blind and disabled people, as well as the elderly, can be eligible. I said it was complicated didn’t I? For instance, I’m blind, but my mother passed when I was a child, so I technically receive survivors benefits as a Disabled Adult Child. What is a disabled adult child? I think it means I was disabled as a child, and am now an adult who receives payments on my mother’s record because she worked and paid into the system through FICA deductions.
Working While Receiving Government Benefits
It’s sad, but many employed blind and disabled people have fallen into a self-limiting practice. If the SSA deems an individual to be engaging in SGA, (Substantial Gainful Activity) then that individual begins a 9 month trial work period where their benefits are terminated if they earn above SGA limits in 9 separate months. The months do not have to be consecutive, so the trial work period can pause and resume, often lasting more than 9 months. For statutorily blind individuals in 2023 the monthly SGA limit will be $2460, and for non-blind individuals it’ll be $1470. In my opinion, these amounts are neither substantial or gainful, but they’re what the SSA has chosen. To add insult to injury, the vast majority of blind people receive benefits through SSI (Supplemental Security Income) which has a resource limit applied to participants. You aren’t allowed to have more than $2000 in assets, which simply isn’t alright for anyone wanting to build wealth. What’s the self-limiting practice? People with disabilities are choosing to curb the hours they work in order to avoid triggering SGA and or the SSI’s resource limit. Potentially losing your benefits can be terrifying. Disabilities can be expensive, and the vast majority of individuals with disabilities are on Medicare. It’s really being in-between a rock and a hard place. Work more to earn a few hundred more dollars a month and loose my monthly check as well as possibly my health insurance? Hell no! This helps explain why 70% of blind people are unemployed. ABLE accounts can help solve part of the issue, but the truth is it’s a complicated situation that needs substantial planning with an advisor.
Never allow fear to dictate your decisions in life. Do not hold yourself back. If you are a disabled person Considering going back to work, but afraid of losing your benefits, then call TFG today so we can begin helping you achieve your financial freedom while preserving your benefits for as long as possible. We will guide you through the complex insurance system that is social security; Ensuring you receive the aid you’re entitled to.