How much cash can you earn and still be eligible for SSI?

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If you receive Supplemental Security Pay (SSI) and also have additional income from work or other sources, is it possible that your earnings could impact the SSI benefits you receive? The answer is “yes.”

If you earn too much money or have a significant amount of assets, your SSI benefits may be reduced or completely revoked. However, there are ways to navigate around the limits on resources and income by utilizing Capable accounts.

Who meets the qualifications for SSI?

Most individuals receiving SSI benefits are typically older or have a disability that prevents them from being employed. The government provides financial assistance to beneficiaries to assist them with expenses such as food, clothing, and housing.

Federal retirement assistance organization. “Understanding the Overview of Supplemental Security Pay (SSI).”

Mary Anne Ehlert, a certified financial planner and founder of Safeguarded Days to Come, a financial planning firm specializing in helping families with individuals who have special needs, describes it as a framework based on requirements.

“SSI benefits are specifically designed for individuals who do not have any income, have not made contributions to the system (which sets SSI apart from Social Security benefits), and require assistance.”

The program operates on a pay and resource model. Ehlert emphasizes the importance of showing that you are unable to generate revenue and lack resources.

Limits on Payments and Resources for SSI Benefits

Recipients of SSI benefits are unable to exceed both a pay and resource limit in order to obtain or retain their benefits.

According to the latest pay information obtained by SSI, an individual recipient is limited to earning no more than $1,913 per month in 2023. For couples, the monthly limit is $2,827. Additionally, the resource limits for individuals and couples in 2023 and 2024 are $2,000 and $3,000, respectively.

Cynthia Haddad, co-founder of Special Needs Financial Planning, a specialty practice of Affinia Financial Group, states that individuals who receive SSI benefits are unable to work in a manner that produces substantial income.

Haddad suggests that individuals receiving benefits should also show that “approval is based on their ability to work,” and the Social Security Administration will consider their ability to work, regardless of whether they qualify for SSI based on income and assets.

Further considerations for SSI payment and resource limits

In 2023, individuals can receive a maximum monthly government SSI payment of $914, while couples can receive $1,371. These figures will increase to $943 and $1,415 in 2024.

The income limit for individuals in 2023 is $1,913, and for couples, it is $2,827.

4 These numbers also vary on a yearly basis.

Ehlert states that if you earn more than the income limit, the SSA interprets it as a sign that you are not disabled. This is because SSI benefits are designed for people who cannot work due to a disability.

The assets referred to as “countable resources” by the SSA have a few exceptions to the asset limit. Additionally, the total amount of countable assets for an individual in 2023 and 2024 cannot exceed $2,000, while for a couple it cannot exceed $3,000.

This comprises of funds held in bank accounts, investments, and even life insurance policies. However, it does not include the following:

Rephrased Text: Your residence and the items inside it, a single vehicle if it is utilized for transportation purposes, personal belongings and household goods, burial plots and funds for burial up to a specific threshold, and an ABLE account with a maximum of $100,000.

The SSA will calculate the amount of a recipient’s pay that is eligible for consideration when determining eligibility for SSI benefits or potential changes to those benefits. What happens if you exceed the limit? There are several factors to take into account, such as whether your income was earned and if your state provides additional support for your SSI benefits.

According to Ehlert, if your income exceeds the limits, your advantages will gradually decrease and eventually end.

After earning $85 per month ($65 in profit and $20 from additional income), the SSA will decrease benefits by half of the income for that month.

According to Ehlert, recipients are allowed to keep the first $85 of their monthly income for free, but after that, half of it is deducted from their SSI check. If a recipient’s income exceeds $1,913 per month in 2023, their benefits will likely be terminated.

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