Administered by the Social Security Administration (SSA), the Supplemental Security Income initiative was a product of the Social Security Amendments of 1972 in the United States.
The Supplemental Security Income (SSI) program aims at providing monthly payments to adults and children with a disabilities and who possess incomes and resources below a specific financial limit. SSI payments are also made to people age 65 and older without disabilities who meet certain financial qualifications.
How does SSI work?
SSI is a federal program that is funded by general tax revenues. The funds dispersed by the program are designed to help individuals in need meet their basic requirements of food, clothing and shelter.
The final amount disbursed to individuals varies and is based on a host of factors including their state of residence, income, pensions and social security benefits.
Why is income important?
Generally speaking if your income threshold crosses a certain level you will not be able to receive SSI benefits.
However, certain types of income might be excluded from determining whether you qualify for SSI benefits.
Types of income that do not qualify for SSI
The following are a few types of income that do not count towards determining SSI eligibility:
- The first 20 dollars of income received in a month;
- The first 65 dollars of earnings and one-half of earnings over 65 dollars received in a month;
- The total value of Supplemental Nutrition Assistance Program (food stamps) received;
- Income tax…
