If you’re a senior, who is that? struggling to survive social security, you may be entitled to more benefits – up to $841 per month.
Your eligibility for this additional income depends on many factors, including your age, household income, and financial resources. It’s important to understand that the extra money may be available and what you may need to do to get it to make sure you’re claiming every dollar of Social Security benefits you’re entitled to.
SSI benefits may supplement retirement benefits in some circumstances
Retirees without a lot of money may qualify for additional security income. SSI is a separate benefit program for the elderly and disabled on low incomes. The Social Security Administration made it clear that you can get both SSI benefits and retirement benefits.
SSI benefits are available to people 65 years of age or older or to those who are disabled or blind. You must also:
- Have a limited income: This includes earned income such as a salary; unearned income such as Social Security benefits; income in kind, ie food or shelter you get for less than market value; and assumed income, which is part of your spouse’s income. However, some earnings, such as the first $20 of most monthly income, don’t count.
- Have limited financial resources: You must have less than $2,000 in assets as an individual or $3,000 as a couple. This includes most items you own, with the exception of the house you live in, certain personal belongings, and one vehicle used for transportation.
If you qualify for Supplemental Security Income, you may be able to receive up to $841 per month in 2022. However, other income you receive can lower the amount you receive each month. For example, in 2021, the average retiree eligible for SSI received $585 per month on top of their Social Security retirement checks.
The Social Security Administration provides a formula for determining how much your SSI benefit will shrink based on earned and unearned income coming into your household. Even if you don’t get the full monthly income of $841, extra money from Supplemental Security Income can help if you’re short on assets and the retirement benefits you get aren’t able to meet needs.
Don’t leave Social Security benefits on the table
Many people don’t understand the rules for SSI, or don’t realize that they can get these benefits while also getting a retirement income. And unfortunately, this is just one of many situations where retirees can’t claim money because they don’t really understand how Social Security works.
Social Security offers a lot different kinds of benefits, including SSI, additional security disability, survivor benefits, and partner benefits. It’s important to explore all your options for claiming this income, especially if you’re struggling to make ends meet and lack of resources, or if you had a higher-earning spouse.
By carefully researching what Social Security can do for you, you can enjoy greater financial security later in life and get the full monthly income you earned by paying taxes to the Social Security program during your working life. Of course, living off Social Security alone is always a challenge, so it’s always a good idea to try and build a nest to supplement your benefits if you can.