How much money can you make while receiving SSI?
The Supplemental Security Income (SSI) program is designed to provide financial assistance to individuals with disabilities or those who are aged, blind, and have limited income and resources. One common question among recipients is how much money they can earn while still receiving SSI benefits. Understanding the income limits and work incentives can help individuals make informed decisions about their financial stability and independence.
Understanding SSI Income Limits
SSI has specific income limits that determine whether a recipient can earn money without affecting their benefits. The income limits are adjusted annually to account for inflation. As of 2021, the income limit for an individual receiving SSI is $1,350 per month. For a couple, the limit is $2,040 per month.
However, it’s important to note that not all income is counted when determining SSI eligibility. Only earned income, such as wages from a job, is considered. Unearned income, such as Social Security benefits, pensions, or interest, does not affect SSI eligibility.
Work Incentives and Earnings Limits
The SSI program offers various work incentives to encourage recipients to work and increase their income. These incentives include:
1. Trial Work Period: Individuals can earn up to $9,160 in a nine-month period without losing their SSI benefits. After the trial work period, they have a grace period of 36 months to continue earning money without losing benefits, as long as their income remains below the SSI limit.
2. Extended Eligibility Period: If a recipient’s income exceeds the SSI limit, they may still be eligible for benefits for up to 93 months if they were receiving SSI before starting to work.
3. Plan to Achieve Self-Support (PASS): This program allows individuals to set aside money to start a business or pay for education and training, which can help them become self-supporting.
4. Medicare and Medicaid Coverage: SSI recipients are automatically eligible for Medicare and Medicaid, which can help offset the costs of healthcare while working.
Calculating Your Earnings Potential
To determine how much money you can make while receiving SSI, you’ll need to consider the following factors:
1. Your current income: Calculate your monthly earned income from your job or self-employment.
2. Deductions: Subtract any work-related expenses, such as transportation, tools, and supplies, from your earned income.
3. Benefits: Determine how much of your income will be counted towards your SSI eligibility.
4. Work incentives: Explore the work incentives available to you and how they can help you increase your income without losing your SSI benefits.
By understanding the income limits, work incentives, and how to calculate your earnings potential, you can make informed decisions about your financial future while receiving SSI benefits. Remember to consult with a financial advisor or the Social Security Administration for personalized guidance and support.
