Does SSI Stop When You Reach Retirement and Social Security Age?
Retirement can be stressful, exciting and rife with financial confusion. It's natural to want to tap all of your resources, including Social Security, to ensure that you'll live a comfortable life in retirement. If you're worried about your Supplemental Security Income payments stopping when you retire, rest assured that as long as you continue to meet SSI's qualifications, you'll continue receiving payments.
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What Will Stop SSI
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If you are under 65, you will stop receiving SSI if your disability improves, if your income increases or if you obtain more resources. If you are 65 or older, you must still be considered low-income to continue receiving SSI, but you no longer need to be disabled. Income limits for SSI vary by state, so if you're retiring to a state where the cost of living is lower, call the Social Security Administration to make sure you will still qualify for SSI after you move.
Receiving Social Security Benefits and SSI
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SSI is regulated by the Social Security Administration, but it isn't paid through Social Security taxes --- it's paid through U.S. Treasury general funds. Because of this, you can collect SSI while receiving any of the other Social Security benefits. For example, if you're receiving Social Security Disability Insurance, you can also receive SSI. However, when you retire, you can't receive SSDI and retirement benefits at the same time. Instead, your SSDI is converted into retirement benefits.
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Retirement Age
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Retirement age means different things to different people. Social Security's definition of full retirement age is the age at which you'll receive your maximum monthly benefit --- it doesn't mean you have to stop working at that age, however. Your full retirement age depends on your birth year: if you were born in 1942 or earlier, it is 65; if you were born between 1943 and 1959, it is 66; if you were born in 1960 or later, it is 67. You can receive Social Security Retirement benefits as early as age 62, but you'll receive a smaller benefit than if you had waited until full retirement age.
Reporting Changes
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If you don't report certain changes in your work and income situation, your SSI payments may be reduced. Social Security may even stop sending SSI payments if you withhold information on purpose. You must report changes in basic personal information like your address, direct deposit information, information about people who live with you and your student status. You must also report about changes in your income and resources.
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References
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