SSI Income Limits: What’s the income limit for Social Security?

SSI Income Limits: Individuals with limited incomes and resources are provided financial assistance through the Supplemental Security Income (SSI) program. The monthly maximum SSI benefit for 2023 is $914 for individuals living alone and $1,372 for couples living alone. In 2024, these amounts will rise to $943 for individuals and $1,415 for couples.

For individuals to qualify for SSI, they must earn less than $1,913 per month in wages, or less than $2,827 per month for married couples.

The Social Security Administration (SSA) adjusts benefit rates and eligibility requirements annually. SSI recipients may also receive supplemental payments from some states in addition to federal SSI benefits. Earned and unearned income are both considered “countable income,” which lowers the maximum federal benefit.

It is important to note that the eligibility requirements for SSI benefits in 2023 and 2024 are limited, including the total wages or net self-employment income, pensions or gifts, as well as owned assets and resources. For example, individuals in 2023 must have less than $2,000 in total assets, while couples must have less than $3,000. These asset limits remain the same in 2024.

As a matter of principle, not all assets and resources are considered when determining eligibility for Social Security. For example, a primary residence and one vehicle are not typically considered assets when determining eligibility for Social Security. The Social Security Administration provides a list of what is considered a resource or asset, as well as what is not considered an asset.

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Where should I apply?

A person interested in applying for SSI should contact the Social Security Administration. The application process may require documentation of income, resources, and other personal information.

It is also important to note that the information provided is intended for educational purposes only and does not constitute financial advice. The NerdWallet, Inc. does not provide advisory or brokerage services, nor does it recommend or advise investors to purchase or sell particular stocks, securities, or other investments.

Individuals with limited income and resources receive vital financial assistance through the SSI program. Annual adjustments to benefit rates and eligibility requirements ensure that the program continues to meet the needs of eligible individuals. SSI can provide essential financial assistance to those who meet the criteria.