Find out how the SSI re-determination may affect your income
You cannot receive SSI if you have financial resources such as savings and investments that are collectively worth more than $2,000, $3,000 for an eligible married couple. Among other things, resources include bank accounts, retirement accounts, life insurance, and property other than your primary residence. As with income, the SSA exempts certain assets from the count.
Where you live and with whom can affect your SSI status. For example, Social Security may reduce your benefit if you live with someone other than a spouse (or, in the case of a child beneficiary, a parent) and pay less than an equal share of food and housing, or if you move into a nursing home or medical facility where Medicaid covers more than half of your costs.
When you apply for SSI, Social Security factors all of this into its initial decision on your eligibility and how much you should receive each month. Similarly, it weighs subsequent changes in those circumstances to re-determine your continued eligibility.
You’ll be asked about things like your recent or expected income, how much you have in bank accounts or cash at home, if anyone has moved in or left your household, and if anyone gives you money or help you pay your bills. You may need to view or provide financial documents, including:
- Bank statements
- Payslips or tax returns
- Proof of other income such as pensions, unemployment benefits or workers’ compensation
- Burial contracts
- Life insurance policies
- Household bills and receipts showing monthly expenses
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