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If you or someone you love relies on Supplemental Security Income (SSI), staying informed about income and asset limits is crucial. Each year, these limits are adjusted, and for 2024, the Social Security Administration (SSA) has updated the thresholds to reflect a cost-of-living increase. These updates determine whether you’re eligible to receive SSI benefits and how much you may qualify for. Let’s dive into what you need to know about the 2024 SSI income and asset limits.
What Are the 2024 SSI Income Limits?
SSI is a needs-based program, meaning your income must fall below a certain threshold to qualify for benefits. For 2024, the monthly income limits are:
- Individuals–You must earn less than $1,971 per month.
- Couples–If you are married, your combined income and your spouse’s must be below $2,915 per month.
The SSA doesn’t count all of your income when determining eligibility. The first $65 of earned income and half of any earnings above that amount are excluded. This means if you have a small income from a job, part of it may not count against your SSI eligibility. Additionally, some other types of income, like certain state benefits or food assistance, might not be considered.
Understanding the Asset Limits
In addition to income, your total assets (referred to as “resources”) must fall below a set limit. These assets include bank accounts, stocks, and personal property. The 2024 asset limits are:
- Individuals–You cannot have more than $2,000 in countable assets.
- Couples–The combined assets of you and your spouse cannot exceed $3,000.
However, not all assets are counted. For example, the SSA excludes your primary residence, one vehicle used for transportation, household goods, and personal effects. You can also have up to $100,000 in an Achieving a Better Life Experience (ABLE) account designed to help people with disabilities save money without jeopardizing their SSI benefits.
How Are Benefits Affected by Income and Assets?
If your income or assets exceed these limits, your SSI benefits may be reduced or even terminated. Here’s how the reduction works: after excluding the first $65 of earned income and certain unearned income, the SSA reduces your benefits by $1 for every $2 of countable income over that threshold.
For example, if you earn $1,000 monthly, the first $65 is excluded, and only half of the remaining $935 is counted. That means your SSI benefits would be reduced based on $467.50 of countable income.
If your countable assets exceed the limit—$2,000 for individuals or $3,000 for couples—you won’t be eligible for SSI. However, setting up an ABLE account or using other exclusions can help you stay below the limit.
Staying Within the SSI Limits
Understanding SSI’s 2024 income and asset limits is essential for anyone relying on these benefits. Keeping your earnings and resources within the limits ensures you remain eligible for this vital financial support. It’s also important to remember that not all income and assets count toward these limits, so understanding what is and isn’t included can help you make informed decisions.If you have questions about how these limits apply to your situation or need help navigating the SSI application process, contact Grech Law Firm for support and guidance.