How much money can I make and still collect SSI? This is a common question among individuals who are receiving Supplemental Security Income (SSI) and are looking to understand the financial limits set by the Social Security Administration (SSA). The answer to this question can vary depending on various factors, including the individual’s living situation and the specific type of income they are earning. In this article, we will explore the guidelines set by the SSA to help you determine how much income you can earn while still qualifying for SSI benefits.
SSI is a federal program designed to provide financial assistance to individuals who are disabled, blind, or aged, and have limited income and resources. The income limits for SSI recipients are set to ensure that they have enough resources to meet their basic needs without significantly reducing their benefits. The SSA considers both earned and unearned income when determining eligibility for SSI benefits.
When it comes to earned income, the SSA has a monthly gross income limit. As of 2021, the limit is $1,820 for an individual and $2,560 for a couple. However, it’s important to note that not all earned income is counted against the SSI eligibility. The SSA applies a formula to calculate the amount of earned income that will be deducted from your SSI benefits. This formula takes into account the individual’s living arrangement, such as whether they live alone or with others, and their necessary living expenses, like food, shelter, and utilities.
Unearned income, such as pensions, Social Security benefits, and investment income, is also considered when determining SSI eligibility. However, there is an additional resource limit of $2,000 for an individual and $3,000 for a couple. It’s crucial to keep in mind that some unearned income is protected, and it will not be counted against the resource limit. This includes the first $20 of most monthly income and the first $65 of most monthly earned income.
Understanding how much money you can make and still collect SSI can be complex. To ensure that you remain eligible for benefits, it’s recommended to keep close track of your income and resources, and consult with a Social Security representative or a financial advisor who specializes in SSI benefits. They can help you navigate the intricacies of the program and provide guidance on how to manage your finances while maintaining your eligibility for SSI.
In conclusion, the amount of money you can make and still collect SSI depends on various factors, including your gross income, living arrangement, and necessary living expenses. By understanding the SSA’s guidelines and seeking professional advice when needed, you can ensure that you are maximizing your SSI benefits while still meeting your financial needs.
