According to tabulations made by the Social Security Administration (SSA), about one in four of today’s 20-year-olds will miss at least one year of work before reaching the normal retirement age (67) due to a disabling condition.
HOW LONG DOES IT TAKE?
The lump sum is usually a single payment, but may also be disbursed in several installments. It can be offered at any stage of the claim because every claim is unique with varying sets of circumstances.
WHICH FACTORS PLAY A VITAL ROLE?
Your age and life expectancy, as well as your financial plans for the future, play crucial roles in whether you should accept the buyout.
HOW DO SETTLEMENTS VARY?
Every situation is different. Buyouts vary in terms of their taxable status, their present value, and how reasonable the offer is in general. It’s never a good idea to make these decisions on your own.