If you are applying for Supplemental Security Income, it is very important to understand how your current financial situation will affect the application process. SSI is a need-based program, therefore, how much you have either in current assets or how much you made at your prior job will have a hand in how much your disability insurance payments will be. It is also important to note that if you have too much money in the form of assets, or outside income, you may be denied Supplemental Security Income.
The two things on which each need-based programs are based are resources and income. Therefore, when you apply for SSI, you will be required to furnish information on both of these things. A SSI claims representative may ask you the following questions:
- What are your current wages, if you are still working?
- What is your total income from property holdings?
- What sorts of retirement benefits do you already have in place to supplement disability insurance?
- How much and what kind of property do you own?
- What are the balances of any bank account you currently hold open?
- How many vehicles do you own, either primary or recreational?
There may be other questions that a Supplemental Security Income claims representative will ask. In the case of SSI, the highest valued vehicle that you own, as well as the primary residence that you live in, are not counted toward overall assets. If you have auxiliary vehicles or additional properties, on the other hand, these will be counted against your overall income. Also counted against your income are stocks, 401Ks, and other financial assets.
For an individual that is applying for Supplemental Security Income, the income limit is $2,000; for couples it is $3,000. If your overall monthly income is found to be greater than these numbers, depending on your personal circumstances, you will be denied for SSI.
Is notable that there are exceptions to these circumstances. Once you are already on Supplemental Security Income, if you decided you would like to work in whatever capacity that you are able, there are work programs that are designed to assist you in doing so. If these programs interest you, be sure to contact your local Social Security Administration Offices to learn more about what these programs are and how they work.
Good luck with your application for social security benefits. If nothing else, the application process will certainly teach you the value of counting your pennies!