In this modern age, many people are trying to decide whether to collect workers’ comp and retirement. There is a large amount of debate over the topic in business and political circles. People who collect workers’ comp may find themselves at a loss to help support themselves in their old age because the government takes so much of what they receive from workers’ comp in taxes. The debate has been taking place for years, and there doesn’t seem to be a finality anytime soon.
The main question that people want to know when deciding whether or not they should collect both is just how much money will the government take from their checks? Experienced Phoenix Workers’ Compensation Attorneys can provide you with more details about this.
How Does Retirement Affect Compensation Benefits in Phoenix?
There are a lot of different factors at play when it comes to workers’ compensation retirement benefits.
In most cases, you can collect workers’ compensation and retirement. However, there are a few exceptions to the rule.
- Receive Social Security Disability Insurance (SSDI) benefits. You will get a reduced benefit from workers’ compensation because it is considered an income replacement program for disabled employees who do not qualify for SSDI. The amount of money you receive for your injury will be reduced or offset by one dollar for every dollar you get in SSDI benefits.
- Suppose you are currently retired and receiving retirement funds from pensions or other sources. In that case, your workers’ compensation benefits can be offset by the amount of money you already receive in retirement pay. The only exception is that you can receive workers’ comp benefits if you work and receive a physical injury before retiring.
- It would be best to use workers’ comp for temporary disability benefits while the other is meant to replace your income during your working years.
When Do You Qualify For Benefits?
You can’t qualify for workers’ compensation retirement benefits if you already receive benefits from another source. This is because the government would consider your income replacement as double-dipping, and they want to help people return to work.
However, there are a lot of different situations where you might qualify for workers’ comp retirement benefits. The first is if you are injured while working. You or your family will receive workers’ compensation for this injury. If you are already retired, then the government will offset your benefits for SSDI because it is an income replacement.
If you are currently receiving retirement funds from pension or other sources, you will receive workers’ compensation retirement benefits if you get a physical-related disability. The amount you receive will be offset by the amount of money you are already receiving.
Contact an Experienced Attorney
Worker’s compensation during retirement is a topic that has drawn a massive debate over the past few years. Worker’s compensation retirement benefits depend on several factors. You will get a reduced benefit from workers’ compensation if you already receive Social Security Disability Insurance benefits. You cannot get worker’s compensation retirement benefits if you already receive benefits from another source.