The benefits provided by Social Security are not automatic and can be revoked if certain actions are incurred. If you are considering claiming your retirement benefits, you most likely have the expectation that those funds, to which you have contributed throughout your working life, will be insured. However, some people are not aware that there are factors that may disqualify them from receiving these benefits or may lead to them being suspended or canceled if they already receive them.
The Social Security Administration administers various types of assistance, including retirement payments, disability benefits through Social Security Disability Insurance (SSDI), and financial support for adults and children with disabilities who lack the necessary resources. In addition, assistance is offered to people over 65 years of age who, although not disabled, are in fragile economic conditions, through the Supplemental Security Income (SSI) program.
Ways You Could Lose Access to Your Social Security benefits
A common cause of loss of benefits is when your income exceeds established limits. Although you can receive benefits while you work, your monthly amount may be reduced if your salary is higher than the eligibility threshold.
The limits for Supplemental Security Income (SSI). Generally, to be eligible for SSI, your monthly income is required to be no more than $1,971. This limit is increased for couples, but if you exceed this amount, you could lose access to this program. Plus, for every $2 you earn, $1 will be deducted from your SSI benefit. The term “work” covers any paid activity you perform, and it is crucial to immediately inform management of any changes in your income or living situation.
Income Limits For Social Security Disability Insurance (SSDI)
SSDI recipients have very limited room to generate income. If you work while receiving SSDI, you can keep your assistance during a “work trial period” of up to 9 months. In 2024, any month in which your gross salary exceeds $1,110 will count toward this period. These months do not have to be consecutive, but they must be part of a five-year framework. During those nine months, there is no limit on how much you can earn.
After the work trial period, an “extended period of eligibility” (EPE) of 36 months is available. During this time, if you exceed the established income limit, you will not receive your SSDI payment for that month. For 2024, the EPE limit is $1,550 per month, or $2,590 for the blind. If your earnings continue to exceed this threshold at the end of the EPE, your SSDI payments will stop, but if you are unable to continue working, you have the option to resume your benefits.
Resource Limits For Supplemental Security Income
In addition to income limits, to be eligible for SSI, you must also meet a “resource limit.” This includes cash, bank accounts, investments, government bonds, property, life insurance policies, personal property and vehicles, among other assets that can be converted into cash to cover basic needs such as food or shelter.
To make it clearer, SSA is the entity that is in charge of it Retirement, survivors and disability insurance programs. SSA administers the Supplemental Security Income program for the elderly, blind, and disabled.