Understanding Supplemental Security Income (SSI)-- SSI Benefits (2024)

FAQs

What is the difference between SSI and Supplemental Security Income? ›

The SSI Program is a federally funded program which provides income support to eligible individuals who are aged 65 or older, blind or disabled. SSI benefits are also available to qualified blind or disabled children. The SSP Program is the state program which augments SSI.

The payment amount is first calculated according to the person's income and living arrangements. It is then prorated. We reduce the base SSI payment by 1/3 if a person or couple is living in another person's home and getting food and shelter from that person.

To get SSI, you must be at least 65 years old, blind, or have a disability, and have "limited" income and resources. In addition, to get SSI, you must also: be either a U.S. citizen or national, or a noncitizen in one of the certain alien classifications granted by the Department of Homeland Security (DHS);

1. You have little or no income (like wages and Social Security benefits) SSI is generally for individuals who don't earn more than $1,971 from work each month. The income limit increases for couples and when parents apply for children.

The average monthly SSI payment is around $698, with those under 18 years of age receiving $814 on average, people between the ages of 18 and 64 getting $742 monthly and those aged 65 and older receiving $574.

Some people receive both Social Security and SSI benefits. Anytime you receive SSI you must report changes in your living arrangements and income. Social Security representatives are your best source for information.

Where the overpayment is $1,000 or less and you file a request for reconsideration or waiver, Social Security will waive any collection of the over-payment (unless you were at fault in creating the overpayment). This is known as the SSI $1,000 Rule.

For example, if someone pays an individual's medical bills, or offers free medical care, or if the individual receives money from a social services agency that is a repayment of an amount he/she previously spent, that value is not considered income to the individual.

The maximum monthly SSI payment for 2024 is $943 for an individual and $1,415 for a couple. Your amount may be lower based on your income, certain family members' income, your living situation, and other factors.

For example, intellectual disabilities are most common for people under 30, while mood disorders predominate among people aged 30 to 39. Overall, however, the most approved disability for Social Security is disabilities involving the musculoskeletal system and/or connective tissues.

What happens if you have more than $2000 in the bank on SSI? ›

If the value of your resources that we count is over the allowable limit at the beginning of the month, you cannot receive SSI for that month. If you decide to sell the excess resources for what they are worth, you may receive SSI beginning the month after you sell the excess resources.

There is no specific “bonus” retirees can collect from the Social Security Administration. For example, you're not eligible to get a $5,000 bonus check on top of your regular benefits just because you worked in a specific career. Social Security doesn't randomly award money to people.

An important difference between Supplemental Security Income (SSI) and Social Security is that the former is a means-tested program, while the latter is a social insurance program: Means-tested programs are available only to persons with very few resources in the form of income or assets.

Your monthly SSI benefit = the maximum SSI federal benefit rate ($943 in 2024) – your countable income. There are a few income exclusions. The SSA specifically doesn't count the first $20 of most income.

Social Security will take into consideration the amount of your assets, because it is a needs-based program. To be eligible for SSI, your assets must be less than $2,000 for an individual and less than $3,000 for a married couple.

Several federal benefits programs provide financial assistance to seniors and persons living with disabilities. Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) are two of the most common programs from the Social Security Administration (SSA).

SSDI pays more compared to SSI for most people. However, both programs can provide benefits for necessary needs. If you need help from SSI or SSDI (or both), contact a Social Security Disability lawyer.

The key difference is that SSD relies on what you “pay into” the system from your previous employment, while SSI does not. Instead, SSI relies upon your financial need. Generally, if you have worked 5 of the last 10 years, then you may be eligible for SSD.

Retirement benefits. Social Security Disability Insurance (SSDI) Supplemental Security Income (SSI) Benefits for spouses and other survivors of a family member who has died.