Supplemental Security Income explained
Christy Bieber explains Supplemental Security Income (SSI), a plan low income retirees may need if Social Security alone plus other savings is not enough. SSI is a means-tested, or income based program, as per below, for low-income retirees, the blind, and the disabled. If you are 65 or older and meet the criteria, you may qualify.
- Have countable income below $783 per month for individuals or $1,175 per month for couples. Countable income includes money from Social Security retirement benefits, but there are lots of income exclusions, including up to $20 monthly in unearned income, up to $65 per month in earned income plus half of all other earned income above $65, and state or local assistance offered based on financial need.
- Have assets below the limit of $2,000 for individuals and $3,000 per couple. But again, there are exclusions including the house you live in, one vehicle used for transportation, and life insurance policies with a face value of $1,500 or less.
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