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Can my SSI decrease or do a ssi pay reduction due to investment income?
I’ve been collecting SSI for a while now, and recently I’ve started to make a little bit of money from some investments. Can my SSI decrease or do a ssi pay reduction due to investment income? Do I need to report this income to them if they can?
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Answers (1)
Supplemental security income or SSI is designed to provide you with assistance when your resources are low. If you begin earning income from investments or other sources, your SSI benefits may decrease or be discontinued. As of 2010, there are set maximum income limits. For an individual receiving income not from wages- such as investment income- you cannot earn more than $694.00 per month or you will lose your SSI benefits. If you are apart of a couple, the two of you together can earn $1,031 from non-wage income before your SSI benefits or cut off. You must report income to SSI if you receive it, otherwise it could be considered fraud. If you have questions about this or other requirements, you should consult an experienced social security attorney who can help.
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Posted by Christy Rakoczy on 16 Feb 2010