Your monthly benefit amount is the difference between the FBR and your countable income. Your countable income is made up of the following:. Earned income means money you are paid from working. This reduces your countable income, which will help minimize the effects of your work on your benefit amount. To use this incentive, you must go to school on a regular basis. If you are between 7 th and 12 th grade, this means going to school at least 12 hours a week.
If you go to a college or university, you must attend at least eight hours of classes a week. And if you are enrolled in a work-training program, you must attend between 12 and 15 hours a week depending on the type of training you are getting. Even if you can't go to school because of your disability but you are educated at home, you may be eligible for this incentive. Besides excluding some of your income, the SSA offers several programs to help you keep your benefits if you want to try to work.
Under a Plan to Achieve Self-Support PASS program, you can save part of your income or other resources to be used to pay for tuition and books or work-related items. If you are blind, the SSA will exclude all costs related to your job, even those that aren't related to your being blind, from your countable income. This includes transportation, any kind of specialized assistance, and even your taxes. Impairment-related work expenses IRWEs are what you pay for disability-related items or services you need to do your job.
This is because the US government recognizes blindness as a unique disability in a world so catered to those with vision. This additional income is intended to cover any additional expenses that those who are blind need to survive. However someone who is earning SSDI can have any amount of income from investments, spousal income and any amount of assets.
In regards to SSDI, most forms of income that are not made directly from work wages or under-the-table work are not included in substantial gainful activity. When referring to SSI, it gets a bit trickier. Some assets and interest may count towards the monthly total while others may not. Situations vary greatly from person to person. Do not let these numbers prevent you from applying altogether — it is always better to apply and not qualify than not apply at all.
Because SSI is a needs-based disability program it means that anyone applying for SSI must only have income and assets that fall below a threshold. Anyone who has some countable income, which falls below the FBR, will face having their monthly SSI payments decreased by the value of the countable income. Because SSI is viewed as a need-based program, this means to qualify for benefit payments a number of factors concerning your income and assets are taken into consideration.
Any adult in receipt of SSI payments will have any assets and other financial resources considered as well as income before the SSI benefit can be paid. If you are on disability, earning too much money could cause you to lose eligibility entirely. If you're getting retirement benefits, it's possible some of your checks could be withheld if your earnings exceed a certain level. However, this depends on your age -- and you do get the withheld funds back eventually in most cases, provided that you live long enough.
To help you better understand whether you can earn a paycheck without jeopardizing the income Social Security sends to you, check out this guide to how much you can earn without losing your benefits. The impact of work on your Social Security retirement benefits will vary depending on whether you have reached full retirement age FRA.
FRA is the age at which you're entitled to claim full retirement benefits without a reduction due to filing early.
Your FRA depends on your birth year, as the chart below shows. If you've already reached it, you can work as much as you want without affecting your benefits.
If you're below it, you can do some work, but some of your benefits checks could be withheld if you earn too much. The amount of income you can earn before your benefits are withheld will vary depending on whether you will reach FRA at some point in the year you're working. The earliest you can claim Social Security is 62, but if you were born in or later, the earliest you'll reach FRA is This means you could both work and earn Social Security benefits for as long as four to five years before you reach the year you'll hit FRA.
The amount you can earn without affecting benefits changes each year. This is the limit that applies to you if you will not hit FRA in but are working and receiving Social Security benefits at the same time during this year. If you have some money withheld from benefits due to working too much, you get credited for this and eventually get your money back -- provided you live long enough.
We'll discuss how and when your withheld funds come back to you below. If you hit FRA during the year you work, you can still have some of your Social Security benefits withheld if you exceed earnings limits prior to reaching full retirement age.
There's an income limit again, but it's much higher. You can work as much as you want after you hit FRA. The SSA does not account for the reduction in benefits by making each month's check smaller throughout the year. Instead, the SSA will not send any checks until the full amount has been withheld for the year. For the SSA to do this, you are expected to report your projected earnings ahead of time.
The SSA would round up to five months. For the first five months of the year, you won't receive benefit checks at all. The money withheld from your benefits because you worked before FRA does not disappear forever.
Earned income Earned income primarily means wages from jobs and net earnings from self-employment. Tax refunds do not count as unearned income, and there are exceptions for some forms of government and private financial aid, including: COVID stimulus payments and other pandemic-related financial assistance Supplemental Nutrition Assistance Program SNAP benefits, formerly known as food stamps Home energy assistance Disaster assistance Grants and scholarships for educational expenses.
In-kind income This is food or shelter you receive for free or for less than its fair market value. Deemed income This category comes into play if an SSI beneficiary lives with a spouse or parent, or is an immigrant who receives support from a sponsor as a condition of U.
Keep in mind Income is not the only financial factor in determining SSI eligibility. The program, though administered by the SSA, is paid for by general U. Treasury funds, not Social Security taxes. Published August 18, Can I have a savings account while on Social Security disability benefits? Family Caregiving. Leaving AARP. Got it! Please don't show me this again for 90 days. Cancel Continue.
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