How much money can you make and still collect SSI? This is a common question among individuals who are receiving Supplemental Security Income (SSI) benefits. Understanding the income limits and how they affect your eligibility for these benefits is crucial in making informed financial decisions. In this article, we will explore the income limits, the types of income that count towards these limits, and provide some tips on managing your income to continue receiving SSI benefits.
The Social Security Administration (SSA) has strict income limits for individuals receiving SSI. The income limits are designed to ensure that recipients do not earn too much money that would disqualify them from receiving these benefits. The current income limit for SSI is $1,950 per month for individuals and $3,050 per month for couples. However, these limits can change annually, so it’s essential to stay informed about any updates.
Not all income is counted towards the SSI income limits. The SSA only considers earned income, which includes wages from a job, self-employment income, and any income from a business you own. Unearned income, such as interest, dividends, and Social Security benefits, is not included in the income limits. Additionally, if you have a spouse, their income is also considered when determining your eligibility for SSI.
When it comes to earned income, the SSA uses a formula to determine how much of your income will be deducted from your SSI benefits. This formula is called the earned income exclusion. For individuals, the first $65 of earned income is not counted towards the income limit, and the remaining earned income is reduced by half. For couples, the first $110 of earned income is not counted, and the remaining earned income is reduced by half. It’s important to note that this formula can be complex, and it’s advisable to consult with a financial advisor or the SSA to understand how your earned income will affect your SSI benefits.
Managing your income while receiving SSI is essential to ensure you continue receiving these benefits. Here are some tips to help you maintain your eligibility:
– Keep track of your income and report any changes to the SSA promptly.
– Explore work incentives and programs that can help you earn money without losing your SSI benefits.
– Consider saving your income in a separate account, as SSI does not count savings over a certain amount.
– Consult with a financial advisor or the SSA to understand the best ways to manage your income and maintain your SSI eligibility.
In conclusion, understanding how much money you can make and still collect SSI is crucial for individuals receiving these benefits. By familiarizing yourself with the income limits, the types of income that count towards these limits, and managing your income effectively, you can ensure that you continue receiving the financial support you need. Always remember to stay informed about any changes in the income limits and seek guidance from professionals when needed.
