Annuity is a contract that is held between you and an insurance company. As a result of the annuity, you are able to receive payments to meet retirement and other long-range goals. Typically, you make a lump-sum payment or a series of payments earlier on in life. You set a future date for this annuity to return to you, and the insurance company promises to pay that annuity back later in life when the time arrives. This is an excellent way to secure your future and make sure that you have an income long after you have retired. Annuities often offer tax-deferred growth or earnings and may even include a death benefit that will pay your beneficiaries a specific amount if you wish.
If become disabled later in life, you may be able to double your income sources by applying for and receiving Social Security Disability Insurance. Some people are worried that receiving one of these sources of income could cancel out the other one. The fact is that the annuity should not affect your ability to obtain SSDI. You may need to convince the SSA that you are not able to earn an income through an occupation in order to make sure that you receive the SSDI.
According to the Federal Times, being approved for SSDI shouldn’t affect annuity, but it would affect any Social Security benefits that you were originally entitled to. When you start mixing methods of income, it can become expensive and complicated to sort things out. You may be able to save yourself a lot of time by hiring an informed SSDI lawyer. The attorneys at Zendeh Del Law Firm, PLLC are here to help you sort through any confusion that you may have. Talk to us today if you need more information about SSDI, annuity, and other Social Security concerns.