Supplemental Security Income (SSI) is a federal income supplement program administered by the Social Security Administration (SSA) that provides financial assistance to individuals with limited income and resources. While the program is designed to provide a basic level of financial support, many SSI recipients are also able to supplement their benefits with earnings from part-time or full-time employment. It is important for SSI recipients to understand the rules surrounding earnings and the program’s payment structure in order to maximize their benefits.
Estimating SSI Earnings in 2022
In 2022, the maximum federal benefit rate (FBR) for SSI recipients is estimated to be $783 per month for an individual and $1,175 per month for a couple. The SSA has a limit on how much you can earn and still qualify for SSI, known as the substantial gainful activity (SGA) limit. In 2022, the SGA limit is estimated to be $1,310 per month for non-blind recipients and $2,190 per month for blind recipients. This means that if your earnings exceed the SGA limit, you will not be eligible for SSI benefits.
However, even if your earnings don’t exceed the SGA limit, your SSI benefit amount may still be reduced. The SSA applies a $1 reduction for every $2 earned over the FBR. This means that if your earnings are more than the FBR, but less than the SGA limit, your SSI benefit amount will be reduced by half of the amount you earn over the FBR.
Maximizing Benefits While Earning Money
Although the SSA has limits on earnings and SSI benefits, there are still ways to maximize your benefits while earning money. For instance, the SSA does not count all types of income when calculating SSI benefits. For instance, SSI benefits are not affected by income from certain sources, such as Supplemental Nutrition Assistance Program (SNAP) benefits, Social Security benefits, veterans’ benefits, and gifts or inheritances.
In addition, SSI recipients can also use certain strategies to reduce their income, such as setting up an ABLE account or establishing an income trust. An ABLE account is a tax-advantaged savings account that can be used to pay for qualified disability expenses and is not counted as income when calculating SSI benefits. An income trust is a legal arrangement in which a trustee is appointed to manage the income of an SSI recipient, which can be used to reduce the recipient’s income and maximize their
The Social Security Administration (SSA) recently announced changes to the Supplemental Security Income (SSI) program that may offer more financial security to people in need. Under the new rules that go into effect in 2022, the amount of money that a person can earn and still receive SSI benefits has increased.
The original income limit for SSI was set at $2,000 per month for couples and $1,500 for single-person households. However, beginning in 2022, the SSA will allow individuals to earn up to $2,400 per month and couples to earn up to $3,200 per month, with no limit on income from investments or from Social Security benefits.
The increased SSI income limits will be beneficial for many people receiving the benefit, as it allows them to work part-time and still receive the benefit. Additionally, the new rules also acknowledge that living costs have risen over the years and allow recipients to keep more of their earnings, while still qualifying for the program.
The SSA has also made it easier for people to apply for and qualify for SSI. People who have a disability and income below the SSI limit, regardless of the source of income, are now eligible for SSI.
The goal of the SSA is to make it easier for people to become self-sufficient and benefit from the important safety net that SSI provides. With the increased SSI income limits and increased eligibility, more people in need will be able to get the assistance they need while still making ends meet.
