Latest Breaking News
In reply to the discussion: Democrats back $15 minimum wage, but stalemate on Social Security [View all]happyslug
(14,779 posts)Un-earned income reduces SSI dollar for dollar. Earned income is subject to the $30 and a third rule. You reduced the earned income by $30. Then reduced the remaining earned income by one third. The remaining amount is used to reduce the SSI grant dollar for dollar.
As to assets, to get SSI, the home you live in does not count as an asset, no matter its value. The household items in that house does not count. One automobile, no matter it's value, does not count as an asset. All other assets must not exceed $2000, $3000 for a couple. If someone bas irredeemably property, I.e. Property the owner can not sell, it does not count to the $2000 asset limit (thus many elderly purchased irredeemably prepaid burial plans, such plans NOT being able to be cashed in, do not count to the $2000 asset limit, on the other hand whole life, life insurance whose value exceed $2000, does count as an asset to the $2000 limit, for such whole life, life insurance has cash value that some one can cash).
SSI is limited to $740, $1100 for a couple living together. If two blood relatives are living together they both get $740, but if you have two non blood relatives living together it is limited to $1100 for both, if they are married or not.