How to Figure Out SSI Benefits
SSI stands for Supplemental Security Income which provides additional payments to people who are at least 65 years old or disabled who have minimal income.To be eligible, you must have worked in a job where you paid FICA taxes. The amount of your SSI benefit is determined by your monthly income and your federal benefit rate. The federal benefit rate depends on your marital status and is adjusted each year to account for inflation.
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Instructions
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1
Total all of your non-excluded resources. Non-excluded resources for SSI benefits include any cash, bank accounts and investments that you have. You do not have to include your home, up to $1,500 of life insurance, burial plots and up to $1,500 in burial savings. Some clothing, household goods and your car may not count. Depending on how they are used and their value, household goods, personal property such as clothes, and a car may not count either. If your total resources are under the limit, which for 2009 is $2,000 for individuals and $3,000 for couples, you may be eligible to receive SSI payments.
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2
Determine your total eligible monthly income, both earned and unearned, which includes payments made to you for work including wages, interest, gifts and prizes.
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3
Determine your countable income. Subtract $20 from your countable income found in Step 2. If you are working, subtract an additional $65 and divide it by 2. For example, if you earned $285 from working, you would subtract $85 and divide by 2 to get $100 as your countable income.
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4
Determine your federal benefit rate by using a chart found online at Workworld.org. For example, if you are single, your federal benefit rate would be $674 for 2009.
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5
Determine your total benefit by subtracting your countable income from step 3 from your federal benefit rate from step 4. For example, if your countable income was $100 and your federal benefit rate was $674, your monthly benefit would be $574.
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Tips & Warnings
You must let the Social Security Administration know if you change your address, if the number of people living with you changes and if your income or resources change.
If you receive a check that pays you too much by mistake, you must return the extra funds even if they overpayment is not your fault.
