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Social Security is a retirement benefit for individuals who are working and contributing to the social security system. However, it also has a benefit for disabled workers and disabled individuals.
Supplemental Security Disability
Social Security Disability (SSD) is a plan that functions under the Social Security umbrella. If you’ve contributed to the Social Security system, you’re disabled and not yet 65, you can apply, prove your disability, then collect your Social Security benefits and Medicare. It’s a means of having an income if you’re at home and not able to support yourself.
Supplemental Security Income
Supplemental Security Income (SSI) is for those who never contributed to the system or didn’t work enough to meet the criteria to collect Social Security when they retire. This benefit also helps those who become disabled with no source of income. Under this benefit, people are not allowed to have more than $2,000 in assets.
Individuals can collect SSI and a Social Security benefit if they’re disabled with a Social Security benefit is less than what SSI would pay out. Right now, SSI pays out approximately $800 per month. I recently met with somebody whose son is 63 and collecting Social Security. He started collecting at 62, but his benefit is only about $640, so he’s collecting SSI to make up the difference.
If a child goes on SSI, and it’s proven that the child was disabled before the age of 22, when the parents retire, that child can collect Social Security Disability (SSD) benefits off of the parents as long as the child doesn’t marry.
If you have any questions regarding Society Security or Supplemental Security Income, please don’t hesitate to contact us.