If you qualify for Social Security Income benefits, you may be wondering how your values are calculated. Richard A. Sly, Attorney at Law, is here to help you understand the process. Located in Portland, OR, Mr. Sly offers a series of services related to Social Security Supplemental benefits for clients throughout the region. He makes it easy to understand just where your funds are going and coming from.
How are Social Security Supplemental Security Income (SSI) Benefits Calculated?
Supplemental Security Income benefits are payable to low or no income persons over the age 65, as well as to those who are disabled. To quality for Supplemental Security Income, an individual must have less than $2,000 in countable assets, and less than $3,000 for married couples.
The maximum Social Security Income benefits increase with the cost-of-living increases that apply to all Social Security Benefits. As of January, 2017, monthly benefit maximums are $735 for an eligible individual, $1,103 for an eligible individual with an eligible spouse, and $368 for an essential person. For more information, read through the following information:
Payment Reduction Steps
In some situations, you may find your monthly amounts reduced. This occurs by subtracting monthly countable income. If an eligible individual has an eligible spouse, the payable amount is further divided equally between the two. Because some states supplement SSI, maximum Social Security Income benefits can be reduced when an individual receives a monetary benefit as earnings or a gift or inheritance.
Why Is Money Being Deducted From My Monthly SSI Benefits?
If you are receiving any additional income on top of your SSI payments, the Social Security Administration may deduct the full or partial value of that income from your monthly checks. Because SSI payment amounts are based on your financial need, this additional income can alter the benefits you are entitled to. Any necessary deductions will be subtracted from that amount. Income includes waging from working or unearned amounts from pensions, unemployment, or cash from friends and relatives.
It is important to note that the SSA does recognize several exemptions which do not offset the monthly benefit amount. For example, the value of food stamps or assistance based on need from a state/local government is not included in your income.
Contact Richard A. Sly to learn more about the process for Social Security Income benefits. Mr. Sly works with clients for their Social Security Supplemental benefits throughout Portland, Oregon.