An increasing number of people are applying for Social Security Disability Insurance (SSDI). News agencies state that many people who previously struggled to work, despite disabilities, are now applying for SSDI. Most people will be denied the first time they apply, but with a lawyer's assistance, many will be approved. One option when drawing SSDI is to negotiate a buyout. A buyout results in a one lump-sum payment rather than monthly SSDI payments.
Check your Social Security yearly statement to see what your present monthly SSDI payment would be. The statement will list the present SSDI amount, if disabled. It will also list what amount your dependents will receive.
Check an actuary table to determine your average life expectancy. Multiply your monthly proposed SSDI amount by 12, then multiply by the number of years stated on the actuary table. This would be your lump-sum settlement amount, minus attorney fees.
Determine the total amount you would receive in a buyout. Some consider a buyout a gamble. Whether a buyout would be beneficial depends on how many years you will actually live after receiving SSDI. It is a calculated risk between expected payout and expected life span.
Contact an SSDI attorney. According to Structured Settlement Payouts.com, hiring a lawyer offers the best chance of getting a buyout. The attorney will be able to negotiate the buyout if it is decided it is in the client's best financial interest.