Is it feasible for your earnings to have an impact on your Supplemental Security Income (SSI) benefits if you receive benefits from both your job and other sources of income? The answer to this question is definitely yes.
Your SSI benefits may be reduced or possibly terminated if your income or assets exceed certain thresholds. However, there are ways to use ABLE accounts to get around the asset and income limits.
Supplemental Security Income (SSI) is a federal income supplement program funded by general tax revenues (not Social Security taxes) that provides financial assistance to low-income individuals who are aged, blind, or disabled.
This guide will help you understand the income and asset limits for SSI eligibility, and how much money is considered “too much” to qualify for benefits.
Maximum Monthly SSI Payment
The maximum monthly SSI payment for 2024 is:
- $943 for an individual
- $1,415 for a couple
However, your actual payment may be lower based on several factors, including:
- Your income: This includes earned income (from work) and unearned income (from sources like pensions, disability benefits, and investments).
- Your living situation: If you live with someone else and don’t pay your fair share of food and shelter costs, your SSI payment may be reduced.
- Your family members’ income: If you live with a spouse or other family members who have income, their income may affect your SSI payment.
- Your children’s income: Children on SSI who live with their parents may have their payments lowered based on their income or their parents’ income.
Income Limits for SSI Eligibility
For an individual to be eligible for SSI in 2024, their monthly income cannot exceed:
- $1,913 in earned income (from work)
- $2,827 in total income (earned and unearned)
For a couple to be eligible for SSI in 2024, their monthly income cannot exceed:
- $2,827 in earned income (from work)
- $4,241 in total income (earned and unearned)
Asset Limits for SSI Eligibility
For an individual to be eligible for SSI in 2024, their countable resources (assets) cannot exceed:
- $2,000
For a couple to be eligible for SSI in 2024, their countable resources (assets) cannot exceed:
- $3,000
Note: Countable resources include cash, bank accounts, stocks, bonds, and other investments. However, some assets are not counted, such as your home, one vehicle, and personal belongings.
How Much Money is “Too Much” for SSI?
The amount of money that is considered “too much” for SSI depends on your individual circumstances. However, in general, if your income or assets exceed the limits listed above, you will not be eligible for SSI benefits.
How to Apply for SSI
If you believe you may be eligible for SSI benefits, you can apply online, by phone, or in person at your local Social Security office. You will need to provide documentation of your income, assets, and disability (if applicable).
Additional Resources
- Social Security Administration (SSA): https://www.ssa.gov/ssi/
- Investopedia: https://www.investopedia.com/how-much-money-can-you-make-ssi-eligibility-5217422
- National Organization of Social Security Claimants’ Representatives (NOSSCR): https://www.nosscr.org/
Frequently Asked Questions
Q: Can I still get SSI if I work?
A: Yes, you can still get SSI if you work, but your benefits will be reduced based on your earnings. For every $2 you earn from work, your SSI payment will be reduced by about $1.
Q: What if my income or assets change?
A: You must report any changes in your income or assets to the SSA within 10 days. If your income or assets exceed the limits, your SSI benefits may be reduced or terminated.
Q: Can I get help with applying for SSI?
A: Yes, you can get help with applying for SSI from a Social Security representative or an attorney who specializes in Social Security law.
Q: What if I disagree with the SSA’s decision on my SSI claim?
A: You have the right to appeal the SSA’s decision. You can file an appeal online, by phone, or in person at your local Social Security office.
Q: Can I get SSI if I have a disability?
A: Yes, you may be eligible for SSI if you have a disability that prevents you from working. You must meet the SSA’s definition of disability, which means that you must be unable to engage in any substantial gainful activity (SGA) due to a medically determinable physical or mental impairment that is expected to last for at least 12 months or result in death.
Q: How do I prove that I have a disability?
A: You will need to provide medical evidence to the SSA to prove that you have a disability. This evidence may include medical records, reports from your doctor, and other documentation.
Q: Can I get SSI if I am a child?
A: Yes, children may be eligible for SSI if they have a disability that meets the SSA’s definition of disability. Children under the age of 18 must also meet certain income and asset limits.
Q: Can I get SSI if I am a non-citizen?
A: Yes, non-citizens may be eligible for SSI if they meet certain requirements, such as being lawfully admitted for permanent residence or being a refugee or asylee.
Q: Can I get SSI if I am incarcerated?
A: No, you are not eligible for SSI if you are incarcerated.
Q: Can I get SSI if I am homeless?
A: Yes, you may be eligible for SSI if you are homeless. You will need to provide documentation of your homelessness to the SSA.
Further SSI Income and Asset Limit Considerations
The maximum monthly federal SSI payment for an individual in 2023 is $914, or $1,371 for a couple. In 2024, these figures will be $943 and $1,415, respectively.
Who Is Eligible for SSI?
SSI recipients are typically older or suffer from a disability that keeps them from working. Government funds are given to beneficiaries to assist with covering their basic living costs, which include clothing, food, and housing.
“It’s a needs-based system,” says Mary Anne Ehlert, a certified financial planner and founder of Protected Tomorrows, a financial planning firm focused on helping families with members who have special needs.
“The recipients of SSI benefits are those who are in need of assistance, do not have an income, and have not made any contributions to the system, setting them apart from Social Security benefits.” “.
The program is income and asset-based. “You must demonstrate that you are unable to earn income and that you have no assets,” says Ehlert.