SSI (Supplemental Security Income) is a program that pays monthly cash benefits to blind or disabled children and adults who are blind, disabled, or over 65. SSI is different from SSDI (Social Security Disability Insurance), which is a program that pays benefits to disabled adults who have paid FICA taxes over the course of their working history.
To qualify for SSI, you must have limited income and few assets. Social Security requires SSI recipients to have less than $2,000 in assets, for a single person, and $3,000 for a couple.
The income limit is more complicated. The way Social Security counts income is different than the way we usually think of income. Countable income includes wages or any other kind of money you earn from working, plus money you get from other sources like unemployment, Social Security retirement, or gifts from friends, but also, free food or shelter. In addition, to encourage SSI recipients to work, Social Security excludes part of your income from its calculations.
Income Limit for SSI
In general, the income limit for SSI is the federal benefit rate (FBR), which is $794 per month for an individual and $1,191 per month for a couple in 2021. Remember, though, that not all income is countable, and so you can earn more than $794 per month and still qualify for SSI (more on this below).
For more information on how to protect these benefits post settlement, call Brett Newman at 845-638-1235 or email@example.com