Q: If I accept a lump sum payoff on my LT disability claim will it affect my ssdi benefit when I reach retirement age?
I receive part of my disability benefit from ssdi and part from Lincoln Financial (disability insurance through my employer). Will my total benefit stay the same when I reach retirement age?
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A: The amount of your Social Security benefit is not affected by your LTD payment. This assumes you are receiving regular Title II (SSDI) benefits from Social Security. The amount of your LTD payment may be reduced due to the receipt of your Social Security. That depends on the terms of your LTD policy. Because the SSDI payment is not affected by your income or assets or anything to do with your LTD policy, accepting a lump sum payment should not affect any future social security benefits. I would caution you to consult with an LTD attorney before accepting any lump sum settlement offer from your LTD company to make sure it is actually in your best interests and that the LTD company is making a reasonable offer to pay a lump sum.
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