Supplemental Security Income (SSI) benefits are a helpful need-based source of income for people who are disabled. Below we review why Social Security needs to know your finances when applying for SSI.
SSI benefits are need-based so, in order to qualify, you need establish that you are both medically disabled and do not own much in assets or income.
When reviewing your finances, Social Security will first conduct an asset review. During this call, a representative from Social Security will interview you about your assets an income. If you’re an individual who is not married, you need to have no more than $2,000 in total assets beyond the ownership of one home and one car to be eligible for SSI benefits. If you are married, you can have no more than $3000 as a couple beyond the ownership of a home and two cars so be found eligible for benefits.
Next, Social Security looks at your monthly income. Any income from any source can be counted against you. Social Security will look to see if you are receiving too much income on a monthly basis to be eligible for these SSI benefits.
That is how Social Security reviews your finances for SSI benefit claimants.
If you have additional questions about SSI benefits, call us at 508-732-8989.