One third of young workers will become disabled before Social Security Retirement hits
According a recent New York Times article, one out of three twenty-year-old workers will become disabled before they arrive at the age of sixty-seven. This statistic actually comes courtesy of the social security administration. This is certainly sobering news for younger workers who, most likely, have not seriously considered the possibility that an injury or illness might seriously preclude their ability to work and support themselves.
Compounding this statistic is another statistic that comes courtesy of Met Life: forty-two percent of workers do not have disability insurance, either short-term disability or long term disability insurance.
This, of course, is not surprising. Most individuals who are not offered disability insurance through their employer will not give serious consideration to obtaining a private disability insurance policy. However, doing so may be a very wise decision as long term disability insurance will usually replace between half to eighty percent of a workers lost salary (typically, the amount is two-thirds, or 66 percent), and short term disability insurance will typically cover a worker's lost salary while they wait for their ltd benefits to "kick in".
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