It is understandable that many people are not going to do much research into elder law matters when they perceive of their retirement years as being well into the future. However, the sooner you get started gaining an understanding of the challenges you may face and the resources available to assist you the better prepared you will be when the time comes.
To this end we like to pass along information about programs that are available for senior citizens who may need them, so let’s take a look at Supplemental Security Income or SSI.
As most people are aware, Social Security benefits are available to Americans once they reach the age of eligibility. However, to be eligible for Social Security you must not only reach a particular age, you must also have paid enough into it to qualify. If you do qualify, your highest 35 earning years are used to calculate the amount of your benefit. Of course the more you earned throughout your life and subsequently contributed into the program the higher your monthly benefit will be when you start receiving Social Security payments.
Supplemental Security Income is available to eligible applicants who have reached the age of 65 as well as disabled individuals and those who are blind. There is a resource limit of $2000 – if you have resources that exceed $2000 you cannot qualify for SSI. That bluntly means your assets cannot exceed $2000 in value. There are exceptions though.
Some of your property does not count toward this number such as your home, your vehicle, and some other personal belongings such as your wedding ring. At the present time the maximum monthly SSI payment for a single individual is $674. It should be noted that this is the federal SSI limit, but some states also offer additional supplemental benefits.
To learn more about government programs that are relevant to those who reach an advanced age, simply arrange for a consultation with an experienced elder law attorney.
- Five Things You Need to Know About Medicaid Planning - July 27, 2021
- Debunking Four Estate Planning Myths - July 22, 2021
- These Two Bills Would Broaden Taxes on Inheritances - July 20, 2021