What Are the Income and Asset Limits for SSI Benefits?
Social security (SSI) benefits are distributed to qualifying individuals on a monthly cash payment basis. Though most recipients of social security are elderly retired workers over 65, blind or otherwise disabled children and younger adults can also receive SSI benefits. Distinct from social security disability benefits, SSI typically requires that an individual have very limited income and next to no assets.
Understanding how income and asset limits impact SSI benefits can be a little difficult and often requires some professional help. In this regard at least, the attorneys at the Law Offices of Dr. Bill LaTour can help.
Asset Limits for SSI Benefits
Between income and assets, the latter is easy to define in terms of SSI benefits. In order to qualify, the SSA requires that potential recipients have no more than $2000 in assets for an individual and $3000 for a couple. Depending on your circumstances, you may want to get in touch with a certified SSI attorney for help determining your assets.
Income Limits for SSI Benefit
Calculating your income limits can be a lot more complicated. Generally speaking, the income limit for SSI in 2016 is $733 per month for an individual and $1100 per month for couples. This is known as the Federal Benefit Rate (FBR). However, not all income can be counted towards SSI benefits, so in some cases you can actually earn more than the above limits and still qualify.
The following are examples of non-counted income.
- A part of your monthly wages (known as Earned Income Exclusions)
- Food stamps and other need-based government benefits
- Tax refunds
- Existing loans
- Impairment-related work expenses, which are deducted from your total income
Calculating Benefits & Additional Supplements
After subtracting non-countable amounts from your total income, you are left with your countable income. The SSA then subtracts the countable income from the FBR to figure out your monthly SSI benefits.
This is not the end of potential compensation. Many states actually provide additional supplements on top of SSI that can range from a few bucks to several hundred dollars. Keep in mind, however, that the SSI income limit increases with the amount of available state supplement, which makes calculating your exact limit a little difficult. After all, you might not even qualify for all of a state’s supplements.
Learn More About Potential SSI Benefits with Dr. Bill LaTour
There are many reasons why you may need to go on SSI benefits, ranging from retirement to permanent disability, and unfortunately, the process of receiving these benefits is not always straightforward. It therefore helps to have a professional attorney on your side during the application process to make sure you are closing all the legal loopholes to ensure full benefits.
Dr. Bill LaTour has many years of experience helping elderly and disabled individuals and families receive the SSI benefits they deserve, and if he or his legal team can help you, he would like to know. Should you have any additional questions or for more information, contact a representative today to get started.