How to Calculate Future Loss of Earnings After an Accident
When you’re hurt in an accident, your health may be impacted for months or years—even a lifetime—to come. That doesn’t just impact your overall well-being, either. It can also impact you financially. You may be unable to return to work as you once did. You may only be able to return in a reduced capacity, or you may be unable to return to work at all.
That means you may have lost the future earnings you would have been entitled to if you were able to work. But how do you calculate something so intangible? To determine the full value of your compensation, you may need to speak with an Illinois accident lawyer about your injuries and what you can do to calculate your compensation correctly.
What Is My Earning Capacity?
When you’re hurt in an accident, you may no longer be able to work in the capacity you once did. That may be because of a brain injury, a permanent loss of use of a limb, or a spine injury that limits your mobility, as a few examples. Because these injuries make it difficult or impossible to work in your former capacity, you may be due compensation for the loss of capacity.
Determining your earning capacity depends on what you were able to earn before. For example, you may have a high-level education, or you may have decades of expected work experience that you won’t receive now. Future promotions and other changes can also factor into your earning capacity, so talk to your lawyer before making a decision about your compensation.
Determining Your Loss of Income
Determining your loss of income can be tough because income can change drastically over time. For example, you may work on a seasonal basis, which can make it difficult to calculate what you would earn in a year. Likewise, you may have been expecting to receive a big promotion soon, which would impact the compensation you’d receive. That makes determining your earnings base difficult.
Because your income can change so much over a lifetime, you may need to talk to your lawyer about the details of your work experience and your age. For example, if you’re younger and recently started your career, you may be due more compensation than someone nearing retirement age. Luckily, your lawyer has the tools to determine your future loss of earnings in each case.
Seek Your Full Compensation After an Accident
When you’re hurt in a serious accident, your future loss of earnings may be a significant part of the damages you’re due. But that doesn’t mean it’s easy to determine what these damages are worth. You may need help getting access to the right tools to determine what future loss of earnings you’re due.
If you’re unsure what your future loss of income is worth, talk to the lawyers at Mahoney & Mahoney, LLC. They have the tools you need to seek fair and full compensation. Start with a free consultation by calling 815-656-4600 or by completing the following online contact form.
