Are you a beneficiary of Supplemental Security Income (SSI)? Are you employed or have another stream of regular income? Then you should keep in mind that your SSI benefits might be revoked or lowered in case you earn too much income. Yes, you can earn too much to be eligible for SSI. Keep on reading to find out how much income is allowed before losing SSI eligibility.
Social Security And Its Benefits
Social Security is beneficial to hundreds of millions of Americans in need. A lot of these benefits are meant for consumers with disabilities who can’t work and earn money themselves. Income is essential in deciding who is eligible for Social Security disability insurance (SSDI) and Supplemental Security Income (SSI). If you don’t have disabilities but still experience financial disruptions, you may look through the ll bean Mastercard review or seek other credit cards to help you finance important purchases and everyday needs.
Who is eligible for SSI? Consumers who are over 65 years old and have disabilities may obtain SSI benefits as they can’t work. The government pays this financial aid to beneficiaries to help them cover essential expenses such as housing, food, and clothing. Due to the fact that this program is asset and income-based, each applicant needs to prove he or she has no valuable assets and income.
Asset and Income Limits
A guide to Supplemental Security Income (SSI) for Groups and Organizations published at the SSA.gov states that consumers with low income and few resources who are 65 years old and more, blind, or have other disabilities, may be eligible for SSI.
People aged 18 and older with a disability may qualify they have a mental or physical condition that keeps them from working. “Income” is considered anything an individual obtains that may be utilized for food and shelter. It includes but isn’t limited to checks, cash, or gift items obtained, such as food and shelter. Income is divided by SSI into two categories – earned and unearned.
Eligibility for SSI Benefits
If you want to be a beneficiary to obtain SSI benefits you should know about asset and income limits you cannot breach. A person can have up to $2,000 in assets or earn up to $1,767 monthly in wages in 2022. A potential beneficiary needs to prove to the Social Security Administration that he or she can’t work and doesn’t possess more assets than the mentioned number.
You may obtain a monthly federal SSI benefit of $841 for a single person or $1,261 for a couple. If your income is derived from wages, then you can’t earn more than $1,767 as a person, or over $2,607 as a couple. Every year this maximum limit of wages is changed, so this data is relevant for 2022. Those who earn more than this sum may be considered ineligible for the SSI. Speaking of assets, they include investments, bank accounts, as well as life insurance policies. Assets don’t include:
- One vehicle utilized for transport needs
- Your home and property
- Personal belongings
- Not more than $100,000 in an Achieving a Better Life Experience (ABLE) account
- Burial funds and burial plots
Eligibility for SSDI Benefits
If you are blind and want to qualify for Social Security Disability, you can earn not more than $2,260 and $1,350 if you have a disability. Otherwise, you won’t be eligible for SSDI benefits. This limit is called Substantial Gainful Activity (SGA) and the beneficiary can’t exceed this limit but there are no limits on the person’s wages during the trial period at work. Online disability calculators can help potential beneficiaries determine the amount they may receive in disability benefits.
The reason why blind people may earn up to $1,260 and still be eligible for SSDI is that blindness is recognized as a unique disability and extra income covers additional costs needed by these people to survive. While the limitation of $1,350 monthly is mentioned for SSDI beneficiaries, they may have any sum of spousal income, income that comes from investments or assets.
How You Can Lose Your SSDI Benefits
One of the main reasons the SSDI benefits can be stopped is that the beneficiary has returned to work. The SSA will understand that you participate in SGA if you go back to regular employment. The beneficiary may keep on working for up to 9 months as a trial work period and keep on getting SSDI payments.
Additional reasons the SSDI payments can be ceased are:
- These benefits will be stopped if the beneficiary has been put in prison. These payments will continue once the person is released.
- Those who qualify for social security retirement benefits as they reach 66 years old won’t be able to receive their SSDI payments anymore.
- The SSDI payments will stop for a beneficiary who turns 18 if this person has received payments as a dependent as his or her parents were in receipt of SSDI benefits.
- Beneficiaries who are convicted of felony and put into jail will stop getting these payments unless convicted of a misdemeanor.
According to the US Bureau of Labor Statistics, 17.6 percent of consumers with a disability were employed in 2013. The ratio of employed people without a disability was 64.0 percent.
The reason why the rate of employed consumers with a disability was rather low is that they were 65 years old and more. Younger people are more likely to be employed compared to the elderly.
Can You Receive SSI Payments for Your Disabled Child?
Those who would like to receive SSI payments for their disabled child should undergo the same application and meet eligibility criteria concerning asset and income limits. You may obtain these benefits till your child turns 18 years old.
If the child still has a disability once he or she turns 18, they can qualify for these payments on their own. A similar process of application and proving they can’t work and have limited assets will be needed to keep on having SSI benefits.
The Bottom Line
In conclusion, there are certain asset and income limitations for beneficiaries of SSI payments. If you breach these limits, the payments will be lowered or stopped completely. It can be time-consuming to apply for Social Security but individuals with disabilities can benefit from these payments and have support to finance their daily needs and expenses. Consider getting consultation from a disability advocate or attorney to boost your chances of getting these benefits.