Do you sometimes feel you never have enough money to make ends meet? Do you worry about finding another source of income to alleviate this?
You can consider applying for Supplemental Security Income. This is monthly cash assistance to elderly and disabled persons. If such persons have little income or assets, they might qualify for Supplemental Security Income.
So how do you qualify for this assistance? How do you make sure you receive it if you’re initially denied?
Here’s what you need to know:
Supplemental Security Income Qualifications
Supplemental Security Income is administered by the Social Security Administration. An individual recipient must not have more than $2K in assets. The threshold for assets is $3K for couples.
The eligibility, however, is often strict. You have to currently be a resident of the 50 states or the Northern Mariana Islands.
All applicants have to prove financial hardship. They’ll also have to prove disability status if applicable.
As it’s rather challenging to qualify for SSI, you might want to hire a Supplemental Security Income Lawyer. A firm such as Heard and Smith can help you prove your eligibility for SSI.
Changes to Supplemental Security Income
So how has the SSI changed over the years? It began in 1974 and since then, fewer Americans have received such benefits.
One of the reasons for this decline is the stringent criterion for eligibility. This criteria has become more stringent since 1974. As such, it’s possible that when you apply it might become even more difficult!
It’s expected that the numbers will remain steady or decline over time. However, as of this publication, there’s no strong movement to decrease benefits or eliminate them.
How Supplemental Security Income Helps
SSI isn’t meant to replace or eliminate hardship but it can reduce it. It’s often given to the elderly or disabled who are also beneath the poverty line.
Often, this type of income gets granted to Americans who have no other support. Whether this support is familial or through income, SSI can help alleviate the challenges of life.
As such, it’s imperative to know that SSI should supplement other forms of income to help make your life easier. Many Americans become too dependent on social welfare programs, but this shouldn’t be the case for you!
Even if you qualify for SSI, you want to make sure you find a way to take care of your finances.
For example, you might wish to find a financial advisor who can help you save and invest for your retirement.
You should also always try to live within your means. You’ll want to pay off your debts to reduce your obligations. You can also look into employment, entrepreneurship, or investing if you’re able to.
Apply for Supplemental Security Income
Now that you know the benefits of Supplemental Security Income, you can decide whether it’ll help you.
If you wish to apply, you must hire a Supplemental Security Income attorney to assist you. Make sure you keep records of your finances and assets. If you’re disabled, make sure you keep medical records, etc.
Your attorney will need as much information as possible to help you qualify for SSI.
You can also find more great financial content on our website!
Lisa Eclesworth is a notable and influential lifestyle writer. She is a mom of two and a successful homemaker. She loves to cook and create beautiful projects with her family. She writes informative and fun articles that her readers love and enjoy.