HOW DOES YOUR INCOME AFFECT YOUR SSI BENEFIT?
What is Supplemental Security Income(SSI)?
Supplemental Security Income is a U.S. federal program administered by the Social Security Administration (SSA) that provides monthly payments to people with limited income and resources who are aged 65 or older, blind, or have a qualifying disability
Who can get SSI?
Adults and children might be eligible for SSI if they have:
- Little or no income, and
- Little or no resources, and
- A disability, blindness, or are age 65 or older.
- You have little or no income
SSI is generally for individuals who don’t earn more than $2,019 from work each month. The income limit increases for couples and when parents apply for children. We also look at other sources of income besides your job, like disability benefits, unemployment, and pensions.
- You have little or no resources (things you own)
Common resources are vehicles and money in bank accounts. Your resources should not be more than:
- $2,000 for individuals
- $3,000 for couples
If you’re a parent applying for a child, these numbers increase by $2,000.
- You have a disability or are age 65 or older
If you’re age 64 or younger, you must have a disability that:
- Affects your ability to work for a year or more, or
- Will result in death, or
- Severely limits daily activity (for children with disabilities).
If you have a disability, you’ll also need to prove you’ve earned less than $1,550 from work per month in the month you’re applying. Citizens ages 65 or older don’t need to have a disability to get SSI.
What Assets Count as Resources for SSI?
Resources are things you own such as:
- Cash;
- Bank accounts;
- Stocks, mutual funds, and U.S. savings bonds;
- Land;
- Life insurance;
- Personal property;
- Vehicles;
- Anything else you own which could be changed to cash and used for food or shelter; and
- Deemed resources.
What Resources DO NOT count for SSI?
For SSI, we do not count:
- the home you live in and the land it is on;
- one vehicle, regardless of value, if you or a member of your household use it for transportation;
- household goods and personal effects (e.g., your wedding and engagement rings);
- life insurance policies with a combined face value of $1,500 or less;
- burial spaces for you or your immediate family;
- burial funds for you and your spouse, each valued at $1,500 or less
- property you or your spouse use in a trade or business,
- Funds in PASS/ABLE accounts up to $100,000.
Waht is Income for SSI Purposes?
- Unearned Income is all income that is not earned such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, dividends, and cash from friends and relatives.Little or no resources, and
- Earned Income is wages, net earnings from self–employment, certain royalties, honoraria, and sheltered workshop payments.
- In-Kind Income is food, shelter, or both that you get for free or for less than its fair market value. For example, if you live with relatives other than your spouse, and you don't pay full rent, Social Security may find that you're receiving in-kind income and may deduct that from your monthly payment.
HOW DOES YOUR INCOME AFFECT YOUR SSI BENEFIT?
For people who are already working several hours per week—or who are thinking about picking up a part-time job—correctly calculating the amount of money they can make while on Social Security is a key part of the household budget. So it's important to understand how Social Security counts your income for purposes of SSI eligibility, and how any countable earnings above the income limits can reduce the amount of your monthly benefit.
Social Security doesn't count all of your income towards the SSI limit. In fact, "non-countable" income is a pretty broad category that includes the following:
- the first $20 of most income you receive in a month
- the first $65 of any earning
- one-half of any earnings over $65 received in a month
- the value of any SNAP (food stamps) you receive
- income tax refunds
- need-based state and local public assistance, and
- any "impairment-related work expenses" (such as the cost of special transportation) you incur that you need for work.