WHAT IS SUPPLEMENTAL SECURITY INCOME (SSI)?

Supplemental security income (SSI) is a “means-tested” or needs based federal program available for the blind, disabled, and individuals over 65. It is administered though the Social Security Administration. Unlike other Federal programs, SSI does not have prior work requirements.

Currently 8.3 million individuals receive SSI while 60.6 million receive social security. In 2016 the maximum SSI payment for an individual is $733 per month and $1100 for a couple. However, the average payment is $542 because the SSI payment can be offset by other sources of income. That is to say, SSI takes into account your earned income, unearned income (social security, pension payments, etc), and in kind support (clothing and shelter) when determining your eligibility. In addition, SSI recipients cannot have available resources exceeding $2,000 for an individual and $3,000 for a couple. Certain assets are excluded from this limit including your house, one vehicle, burial plot, and burial fund or life insurance up to $1,500.

This means that SSI recipients can be disqualified from their benefits if they are left an inheritance without advance planning. If you have a beneficiary that is an SSI recipient contact the Law Office of Stephanie Macuiba to discuss ways of protecting your beneficiary. For more information on a recent update to Special Needs Trust laws click here.