SSI Income Requirements: Household Assets and Resources
Do I financially qualify for SSI? What income and resources effect my eligibility for Supplemental Security Income (“SSI”)?
Determining if you qualify for SSI benefits starts with asking yourself if you are single. If so, you can have resources worth up to $2,000.00. A couple can have resources worth up to $3,000.00 and still be eligible. Resources are things you own. We can help you determine your resources.
Some resources the Social Security Administration considers are: Cash or money in checking and savings accounts, Certificates of Deposit, Stocks and U.S. Savings Bonds, and certain life insurance policies.
Things that are not typically considered resources: The value of the home you live in and the land it is on, usually your car, along with burial plots and burial funds for immediate family members.
Aside from your resources, your household income also effects your eligibility for SSI benefits.The median household income among households with men and women with a work limitation in the United States in 2010 was 30,000 dollars.
What is considered income? Most wages and earnings, money for food and shelter you receive from friends or family, rental income, annuity and pension benefits, and certain prizes, gifts, settlements, and court-ordered awards.
What is not considered income: Supplemental Nutrition Assistance Programs (SNAP or “food stamps”), shelter from nonprofit organizations, and medical care and social services.
Your income determines how much SSI you will receive. 31% of men and women aged 18-64 with a work limitation in the United States lived in families with incomes below the poverty line in 2010. There is an allowable income limit set by the Social Security Administration. Contact us to determine this year’s allowable limit. We look forward to helping file your SSI application and will guide you through the income and resource requirements.
Remember, your income and resources, as well your disabilities determine the amount of SSI benefits you receive.
We can answer any questions you have about you or your child’s SSI benefit.