Unlike Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI) does not require an individual to have worked at all. However, in addition to requiring that an individual is no longer able to sustain a substantially gainful occupation due to a medical condition expected to least at least one year, Supplemental Security Income has income and asset limits.
In order to be eligible for SSI, a single individual can earn a maximum of $1,070 per month. Any monthly income amount above $1070 is consider by the Social Security Administration (SSA) to constitute substantial gainful activity (SGA). If an applicant earns enough income to constitute SGA, he or she will not be found disabled.
Similarly, if you are married, there are household income limits that will take into consideration your spouse’s income. If your household monthly income amount is close to zero dollars, you may be eligible for a maximum monthly individual award of $721 based on the federal benefit rate (FBR) for 2014. However, any household income will reduce your monthly benefit amount.
To be eligible for SSI, you may not have more than $2,000 in assets if you are single or $3,000 if you are married. Assets that count toward this limit include cash, checking and savings account balances, retirement accounts, real estate (other than the home of residence), motor vehicles (except for one), and personal goods worth more than $2,000, such as valuable antiques or collectibles. Certain assets are excluded from this limit, including wedding rings, your primary residence, a single car (up to $4,500 in value), support payments, and burial savings up to $1,500.
If you would like to learn more about SSI benefits or whether you might be eligible to receive Supplemental Security Income, please contact our office for a free consultation.