Losing Social Security Benefits Can Be Devastating. Here’s How It Happens
Register for Social Security It’s not easy, but once you get over all the bureaucratic hurdles, you should get started Receive a monthly benefit check. after those social security benefits or supplemental safety insurance The check becomes part of you monthly budgetyou don’t want to lose them.
If you are actively receiving Social Security benefits, you need to understand the circumstances that may cause your Social Security check to be terminated or suspended. Here are four main actions that can cause you to lose your Social Security benefits and whether you can later regain them.
For more information, Find out how much Social Security benefits will increase in 2025 and How to apply for Social Security benefits for eligible children.
If your income changes, you may lose your Social Security benefits
although You can still work and receive Social Security benefitsif your income begins to exceed the annual income limit, your benefits may be reduced or suspended entirely in certain circumstances. this Limits vary based on certain factorssuch as whether you are under or over 62 (the minimum retirement age).
The following is an overview of the income limits for certain benefits.
What are the limits for Supplemental Security Income?
SSI eligibility generally requires that you earn less than $1,971 per month from employment. The limit for couples has increased, but if you exceed that limit, you may no longer qualify for SSI. You should be notified of any reductions in benefits or if you lose eligibility because you reached income limits.
Note: For every $2 of work income you earn, your SSI payment will be reduced by $1. Job includes any job you have. Who are you Require timely reporting of changes Your monthly income and living situation.
What are the income limits for Social Security Disability Insurance?
SSDI recipients have more opportunities to work together when it comes to making money through work. If you get a job while getting SSDI, you will be able to Keep your benefits for up to nine monthsthe Social Security Administration calls it a “work probation period.” Any month in 2024 in which your total wages exceed $1,110 will count toward this nine-month probation period. Note that the months don’t have to be consecutive either, but can be within a rolling five-year period. During these nine months, there is no limit to how much income you can earn while retaining your benefits.
After your work trial period ends, you will enter a 36-month “Extended Qualification Period.” During this period, if you exceed the EPE income limit, you will not be eligible for that month’s SSDI payment. In 2024, the EPE limit is $1,550 per month, or $2,590 per month for disability due to blindness.
If you continue to earn more than the limit after your EPE expires, your SSDI payments will stop completely, but if you can no longer work, you can Restart your benefits.
Resource limitations may also affect your Social Security
In addition to income limits, to qualify for SSI you also need to meet what the government calls “Resource limits.” resource Do Those included in the limit include cash, bank accounts, stocks, mutual funds, U.S. savings bonds, land, life insurance, personal property, vehicles and anything else you own that can be converted into cash and used for food or housing, the government said.
Resources that are not counted include the home you live in and the land it sits on, a vehicle (if you or a member of your household uses it for transportation), household goods and personal belongings and a total face value of $1,500 or less.
To qualify, the SSI resource limit is $2,000 for individuals and $3,000 for couples. If you exceed that limit, you’ll need to spend your resources to qualify. according to A recent study by the Center on Budget and Policy Prioritiesan average of 70,000 beneficiaries lose benefits every year because they exceed the limit. Congress has introduced legislation For example, this would increase the limit to $10,000 for individuals and $20,000 for married couples, but so far, the changes have not been signed into law.
Divorce can change your Social Security status
Your marital status can and will affect your Social Security benefits, including divorce. There are some things that can prevent you from receiving your ex-spouse’s benefits:
- You haven’t been married in 10 years or more.
- If you remarry, you will not receive benefits from your previous marriage. This may change if your current marriage ends due to divorce, annulment, or the death of your partner.
- You are eligible for benefits and the amount you receive will be greater than your ex-spouse’s amount.
If you are arrested or sentenced to jail, you may lose Social Security
If you go to jail or prison, your Social Security benefits may be affected. If you are incarcerated for more than 30 days, the government may suspend your Social Security and SSI benefits.
Social Security and Social Security Disability Insurance during Incarceration
If your benefits are suspended, you can request that your benefits be reinstated the following month after your release from prison. It’s important to note that even if your benefits are suspended during your incarceration, your spouse or children will continue to receive these benefits as long as they remain eligible.
supplemental security income
While incarcerated, your SSI benefits will be suspended, but payments will resume upon your release, and you don’t have to wait until next month. Your payment amount will be determined based on your release date and will be a partial payment only.
If you are incarcerated for more than 12 consecutive months, the government will terminate your SSI benefits. When you are released, you will need to contact the Social Security Administration and start a new application.
If you want to know more, don’t miss it Social Security Payment Schedule and Medicare changes in 2025 you should know.
