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Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a federal assistance program that pays benefits for food, shelter, and clothing to individuals with little or no income. Unlike Social Security Disability Insurance (SSDI), which is subsidized exclusively by the Social Security tax, Supplemental Security Income (SSI) is financed by general tax revenues.
To be eligible for SSI benefits, you must be considered one of the following:
- Age 65 or older
- Blind
- Disabled
SSI also makes monthly payments to blind and disabled children whose families have few assets.
The Social Security Administration (SSA) looks at applicants’ income and resources when considering them for SSI. “Income” refers to the money that you receive from wages, Social Security benefits, pensions, food, and shelters. “Resources” denote cash, stocks and bonds, real estate, and bank accounts. To qualify for SSI benefits, you and your spouse cannot possess more than $3,000 of combined assets.
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