Supplemental Security Income

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Supplemental Security Income

A Social Security program established to help the blind, disabled, and poor.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Supplemental Security Income

Income that one receives from the government if one is blind, disabled, or over 65 and has no other sources of income. In order to qualify for Supplemental Security Income, one must be able to prove one has one of those conditions and have applied for all other government benefits for which one is eligible. Supplemental Security Income is administered by the Social Security Administration, but is paid through the U.S. Treasury instead of the Social Security trust fund.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The defined average monthly social security income for the country for the indicated period is used in calculating the amounts of new pensions in January 2019, 70, para.
Lower Social Security income was associated with lower total income, but only for those in the bottom half of the income distribution.
Buchanan received Social Security income, which was assigned directly to the nursing home for his care and maintenance.
The free online tool estimates Social Security income and presents various approaches for taking benefits based on the user's goal, allowing him to compare the results of different Social Security strategies.
* One in three (35 percent) of middle-income Americans age 55 and older who are not yet receiving Social Security do not know what their Social Security income will be when they retire.
1) The delayed acceptance of Social Security income has created income planning solutions.
In the U.S., a MetLife study in 2011, "Caregiving Costs to Working Caregivers," found that women caregivers over 50 who were also in the workforce had forgone an average of $324,044 in lost salary and social security income over their lifetimes (which included previous child-rearing caregiving duties).
(The calculator can estimate Social Security income, or the user may enter his or her own monthly estimate.) For a more comprehensive result, users can also enter outside assets.
He also said any plan must protect the "truly disadvantaged," such as those who need access to unemployment benefits, food stamps and Supplemental Social Security Income.
The income generated is 100 percent taxable, which can increase not only taxable income for income tax, but also, potentially, the amount of Social Security income the client has to add into their income tax (up to 85 percent).
The following factors might be considered when determining whether for a particular taxpayer the Roth IRA is better than a traditional IRA, or whether to make a taxable rollover to a Roth IRA: (1) the current age of the taxpayer; (2) the taxpayer's current and anticipated future marginal income tax brackets; (3) the taxpayer's need for a current income tax deduction; (4) the availability of other funds to pay the taxes on Roth IRA contributions or rollovers; and (5) anticipated reduction of taxes on Social Security income caused by receiving untaxed IRA income.

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