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Social Security benefits are essential for many people’s current living expenses or their retirement plans, but they aren’t guaranteed. Let us clarify.
Social Security benefits are essential for many people, both now and in the future when they retire. You should know that these advantages are not always a given, though. Allow me to explain.
If your financial security depends on your Social Security benefits, you must be aware of how you may lose them. In this article, we will go over potential reasons for your benefits to be revoked and how to have them reinstated.
The Implications of the Uncertainty Around Social Security Benefits
You may anticipate receiving Social Security benefits when you retire or when you become eligible. However, there are a number of situations in which you may incur a loss of benefits, and some of these losses may be out of your hands.
There are several different kinds of benefits offered by the Social Security Administration:
- Retirement Benefits: Retirees receive monthly compensation.
- Help for people who are disabled is provided by Social Security Disability Insurance (SSDI).
- Children and adults with disabilities who have low incomes and little resources are eligible for Supplemental Security Income (SSI). People 65 and up who do not have disabilities but still have low incomes and few resources are also eligible.
Many people rely on these benefits, but before you apply, you should know what circumstances could affect your eligibility and the amount you get.
Are there income limits that can cause you to lose your social security benefits?
You can work and yet collect Social Security payments. On the other hand, if your income is too high, your monthly benefits payment can be cut.
Maximum Allowance for Supplemental Security Income (SSI)
As a general rule, SSI eligibility is based on a monthly income of less than $1,971. Couples are subject to a somewhat greater limit. You may lose your eligibility for Supplemental Security Income (SSI) benefits if you go above this monthly cap.
You should expect to have $1 subtracted from your SSI payout for every $2 you earn through employment.
Maintain Your Knowledge
To have a better idea, you should know when to expect your Social Security check this month and how much it could climb in 2025. Check out our handy Social Security and SSDI reference guide for all your questions.
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If you are aware of these limitations, you may better manage your money and avoid inadvertently losing your advantages. Whatever you do for a living is considered working. If your monthly income or living condition changes, you must notify it immediately.
Disabled Person Income Requirements for Social Security
There is a little more leeway for SSDI recipients to choose how they want to make an income. The Social Security Administration allows recipients of SSDI to keep their benefits for a maximum of nine months after finding employment, a time known as a “work trial period.” This nine-month trial period will be counted in 2024 for any month that your gross wages are more than $1,110.
These months don’t have to be in any particular order, but they must all be within a rolling five-year window. You can earn as much as you like over those nine months and yet keep your advantages.
Duration of Eligibility Extension (EPE)
Your “extended period of eligibility” (EPE) will last for 36 months after your work trial ends. At this point, you will not be eligible to receive your SSDI payment for the given month if your wages go over the EPE limit.
Crucial things to bear in mind:
- Promptly notify us of any changes to your income and living conditions.
- You can make as much as you like throughout the nine-month trial term.
- All of the months of the trial period must be contained within a continuous five-year window.
- Earnings limitations impact SSDI eligibility and the 36-month EPE starts after the work trial ends.
Making the most of your possibilities without putting your SSDI payments at risk is possible if you are familiar with these rules and regulations, which will help you negotiate your career while collecting benefits.
The EPE cap for 2024 is $1,550 monthly, with a maximum of $2,590 for blind people.
