What are Cash Benefits?
In the context of Social Security benefits, cash benefits are the income support you receive from Social Security. You will receive income support automatically if you’re of retirement age or if you are found to be disabled by the Social Security Administration (SSA). You’re considered disabled if you’re unable to work because of a medical impairment for at least a year or suffer from a number of other qualifying ailments.
When you begin receiving cash benefits before retirement age, there are a number of things you have to keep SSA aware of. Primarily, you will have to report income-influencing events to SSA. For instance, if you begin or stop working, you would have to notify SSA. You would also have to report any increase in income either from a lump-sum settlement under worker’s compensation or from any other source. Once any and all events are reported, you should request SSA provide you with a receipt as proof that you’ve reported as required. It’s important to keep this proof with the rest of your records, should you need it at a later time.
Another thing to take note of when receiving cash benefits before retirement age is that income may trigger SSA to review your disability to make sure you’re still considered disabled by SSA’s definition.
