How much money can I make and still receive SSI?
If you are receiving Supplemental Security Income (SSI) and are considering working, you may be wondering how much income you can earn while still maintaining your benefits. Understanding the income limits set by the Social Security Administration (SSA) is crucial for maintaining your financial stability and eligibility for SSI. In this article, we will explore the income limits, work incentives, and other factors that can affect your SSI benefits when you start earning money.
Income Limits for SSI Recipients
The SSA has strict income limits for SSI recipients. As of 2023, the gross monthly income limit for an individual receiving SSI is $1,350. This limit includes all income sources, such as wages, self-employment income, rental income, and any other forms of monetary compensation. However, the SSA also considers the amount of income you spend on allowable living expenses, which can reduce your countable income and potentially allow you to earn more while still receiving SSI benefits.
Work Incentives for SSI Recipients
The SSA offers several work incentives to encourage SSI recipients to enter or remain in the workforce. These incentives include:
1. Trial Work Period (TWP): During a TWP, you can earn as much as you want for nine months in a 60-month period without affecting your SSI benefits. After the TWP, you have a grace period of 36 months during which you can earn a certain amount of money without losing your benefits.
2. Extended Period of Eligibility (EPE): After the TWP, you have an EPE during which you can continue receiving SSI benefits as long as your income remains below a certain threshold.
3. Plan to Achieve Self-Support (PASS): This program allows you to set aside income and resources to achieve a specific goal, such as starting a business or completing education or vocational training.
4. Impairment Related Work Expenses (IRWE): If you incur expenses related to your disability while working, you may be able to deduct these expenses from your income to reduce your countable income.
Calculating Your Countable Income
To determine how much income you can earn while still receiving SSI, you need to calculate your countable income. This involves subtracting your allowable living expenses from your gross monthly income. Allowable living expenses include housing, food, utilities, medical care, and other necessary expenses. It is essential to keep accurate records of your expenses to ensure you are not overpaying taxes or losing your SSI benefits.
Conclusion
Understanding the income limits and work incentives for SSI recipients is vital for maintaining your financial stability while working. By familiarizing yourself with the rules and regulations set by the SSA, you can make informed decisions about your employment and ensure that you continue to receive the support you need. Remember to consult with a financial advisor or an SSA representative to ensure you are maximizing your benefits and meeting all eligibility requirements.