[ad_1]
For people who need financial support, Social security benefits can be crucial. Unfortunately, these payments are not guaranteed and some funding sources may eventually run out. An average of 70,000 Social Security recipients have their benefits canceled each year, according to the A June 8 report from NPR.
Regardless of whether you are on Social security, Social security for disability or Supplemental Security Income, you may lose your monthly benefits in the event of certain events, some of which may be beyond your control. In some cases, such as increasing income, it may be worth losing your benefits to earn more money. The type of benefits you receive also matters, which we’ll explain below.
Keep reading to find out how you could potentially lose your Social Security benefits. For more, here what to do if your social security payment is late and what to know about future of your benefits.
You start making too much money
If you get a new job while receiving benefits, it may affect the amount of Social Security money you receive each month. Here’s what you need to know.
SSI:
Getting a job could potentially cause your SSI benefits to end, according to the Social Security Administration. It depends on how much money you make. Generally, SSI eligibility is for people who make $1,971 or less each month. If your income exceeds this amount, you will no longer be eligible for benefits.
Note that if you work, your payment will be reduced by $1 for every $2 you make. For 2024, the maximum amount you can receive each month is $943, or $1,415 for a couple.
SSDI:
For SSDI recipients, you can return to work for up to nine months without losing your benefits. This is the SSA’s nine-month probationary period. If after that time you earn $1,550 or more per month, The SSA will consider this substantial gainful activity. In this case, your benefits will be suspended for the months that your earnings exceed the substantial amount during the 36-month reauthorization period after you complete the probationary period of work.
If your earnings fall below the significant amount during this 36-month window, your benefits may be reinstated. Benefits will be terminated if your earnings are above the substantial amount after the 36-month reauthorization period ends.
You go to jail or prison
If you are in jail or prison for more than 30 days, your Social Security and SSI benefits can be stopped. And once you’re out of prison, you’re not automatically entitled to your benefits again. Here’s how it works.
Social Security/SSDI:
If you receive Social Security and your benefits are suspended because you were sentenced to prison, your benefits can be reinstated starting the month after your release. For example, if you were laid off in May, your benefits may start again in June.
Note: The benefits your spouse or children receive will continue as long as they are eligible.
SSI:
If you are receiving SSI, your benefits will be suspended for the time you are incarcerated. Your payments can start again in the month you are released, unlike social benefits. The money you receive this month will be a partial payment depending on the release date.
There is one caveat. If your incarceration lasts more than 12 consecutive months, your SSI benefits will be terminated. You will need to contact the Social Security Administration at 800-772-1213 to submit a new application after you are released.
You are getting divorced
If you have recently divorced or plan to divorce soon, there are several provisions that would prevent you from receiving your ex-spouse’s Social Security benefits.
- You have not been married to your ex-spouse for 10 years or more.
- You are now married to another person, so you can no longer collect benefits for your ex-spouse. This changes if your current marriage ends due to annulment, divorce or death.
- You are entitled to benefits on your own behalf and the amount of your benefits is greater than your ex-spouse’s benefits.
For more, here is a Social Security Guide to all your benefits. Also, here’s how to find out how much Social Security money you can get when you retire.
[ad_2]
