Supplemental Security Income (SSI) is a benefit paid by the Social Security Administration. The person must be either over the age of 65, Blind, or Disabled. In addition, the person must meet certain financial conditions, looking at their income, and assets.
Most types of income will, depending on the amount, either reduce or eliminate someone’s eligibility for SSI. For income such as Social Security Insurance Benefits (Disability or Retirement), Pensions, or Investments, they don’t count the first $20.00, and then reduce the SSI benefit on a dollar for dollar benefit. For earned income (from employment), the rules are different: not all of the income will reduce the SSI payment, which provides an incentive for those who are able to work. Income can be “deemed” from parent to child, or between spouses: this means that a portion of the parent or spouse’s income will reduce your SSI.
Some assets are excluded, meaning that they don’t count for SSI. This includes a home, household goods, and one automobile. Other assets count toward the eligibility limit, which is $2,000.00, or $3,000.00 if both spouses are eligible. There are rules affecting eligibility for persons who give away, or sell resources for less than their fair market value.