SSI is supplemental income for low income people who are age 65 or older, OR who are disabled or blind. Children may also qualify for SSI if they have a disability and their parents meet the income test.
The main thing to remember about SSI is that it is need based, so you need to have extremely limited financial resources to qualify. Both your income as well as the assets you own will be used to help determine if you are eligible for SSI.
So what are the SSI income limits? The income limits depend partly on where you live, so you’ll need to contact Social Security to find out the limit for the state you live in. Income is defined as wages, Social Security benefits, and pension income. Not all of your income is counted when determining if you are eligible for SSI. For example the following sources of income are not counted:
– The first $20 of most income you receive each month
– The first $65 you receive from working (earned income) each month, and half the amount over $65/month
– Food stamps
– Home energy assistance or shelter received from non-profit organizations
In addition to the income limit, you also need to be aware of the resource limit. Resources are the assets you own, such as your home and your car. Social Security considers both your income and your assets when determining if you are eligible for SSI. In general, Social Security does not count your first $2,000 in resources if you are single and your first $3,000 if you are married. Your home, car, life insurance policies with a face value of $1,500 or less and burial plots and burial funds (up to $1,500 for you and your spouse each) are not counted.
Note that if you are married or if you are under the age of 18, your spouse’s or parents’ earnings will be considered when determining whether you qualify for SSI benefits.