NEWS FLASH: ALMOST every source of money can impact your Supplemental Security Income (SSI) check so GET ready!
If you decide not to read the rest of this post, take this ONE sentence to heart if you are receiving Supplemental Security Income:
“EVERY SOURCE OF MONEY OR RESOURCES can affect your SSI CHECK!!”
WHOOOT, DERE IT IS, DAMMIT!!
I know you may think I’m being stank but it’s important that you understand how this program works. So here’s a few things that you need to consider:
1) SSI is a NEED BASED PROGRAM. The MORE you get from someone else, the LESS you need from SSI!
SSI is a Need Based Program. This means that if you are found disabled and you don’t have the financial ability to support yourself, you may be eligible for SSI. Recognize, if you get money or resources from some place else, your funds from SSI will be GREATLY reduced.
2) You can’t save TOO much SSI.
Now, I know it’s easy to want to keep a little to the side. Be careful because after a particular point, the amount of money you have saved will NOW become an asset that can count against you. (Unless you have Special Needs trust but that’s a WHOLE different topic)
3) If you get some extra money, spend it!
Ya’ll know what I”m talking about here. Someome dies and leaves you an extra house. You win the lottery. You slip and fell at a store and got a settlement. WOO HOO! It’s party time. So you decide that you are going to save your extra money and just live on your SSI and only USE your savings when you have to use it. WRONG!! If SSI is aware that you have extra funds, those funds are going to be counted against your SSI until you spend those funds down.
4) SSI is USE IT OR LOSE IT!
When I tell people SSI is USE IT or LOSE IT, I am really trying to tell them that if you get money from some other source that results in your benefits being reduced, after a period of time you may lose your SSI altogether.
5) They look at your house hold!
Do they look at your household?? OOOOO BUT YES!! They look at whether you are staying for free or if you have to pay rent. They look at the finances of the household as well. Like I said, they look at your household income
6) You can’t hide funds from the federal government so WHY try??
You do realize that almost every source of funding you receive is attached to your Social SEcurity number, don’t you? An IRA? Lottery? Settlement? All of these? Of course! Most of these sources have to report to the IRS so guess what happens when that information hits the system?? YOu guessed it!! SSA will find out.
7) When you get it, TELL!! After you spent it, TELL AGAIN!
Some people are fearful of telling people about the money they receive but I’m a firm believer that you save yourself SO much drama by being up front and being truthful. And after you spend the money, you want to make sure you take the time to go back and tell that you have spent all of the money so it doesn’t affect your SSI too much.
You got 12 months and then it’s GONE!!!!!!
Most people don’t realize that if your SSI benefits are discontinued, it is placed in a Suspended status. What is a suspended status? This means that if you tell SSA your situation has changed, you may be able to get your benefits reinstated. After 12 months, your status goes from suspended to terminated. What is a terminated stataus? This means that you have START OVER!!
9) Receipts! Receipts! Receipts! Keep them, save them, and show them!
This way is the best way to protect yourself. If you get some extra money, keep receipts because you want to be able to show SSA that you spent the money.
SSI is a tricky program because almost every little money from OTHER sources will affect it. Even more, they don’t always tell you that it is being affected until AFTER it has. Keep SSA in the loop about your financial changes so you don’t get caught off guard.
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