Social Security benefits are not guaranteed, and you can lose them if you do one of these four things. If you’re thinking about retiring and filing for Social Security benefits, you can have peace of mind knowing you have money on the way that you’ve retained throughout your working career. At least, that’s the expectation, but some people may not know that some things may disqualify you from receiving them or cause your benefits to be suspended or terminated if you are currently receiving them.
Benefits through the Social Security Administration (SSA) include retirement cash payments, disability assistance through Social Security Disability Insurance, and support for adults and children with disabilities who do not have the necessary income and resources and for those 65 years or older who do not have disabilities, but have low income and resources, through the Supplemental Security Income (SSI) program.
These are the ways you could potentially lose your right to your Social Security benefits
You may lose your Social Security benefits because your income is higher than the benefit limits. You can receive Social Security benefits while you have a job, but your monthly benefit payment may be affected if you earn more than the eligibility limit.
To qualify for SSI, you are normally required to have income of less than $1,971 per month from your job. The limit is higher for couples, but if you exceed that limit, you may no longer be able to access SSI. For every $2 you earn at your job, $1 will be deducted from your SSI payment. The term “work” takes into account any work you do and are paid for doing it. You must immediately report changes in your monthly income and living situation.
Social Security Disability Insurance (SSDI) Income Limits
SSDI recipients have very little leeway to earn money from their work. If you get a job while receiving SSDI, you will be able to keep your benefits for up to 9 months, what the Social Security Administration calls a “work trial period.” By 2024, any month in which you earn more than $1,110 in gross wages will count toward this nine-month trial period. Please note that the months must also not be consecutive, but rather within a continuous period of five years. Throughout these nine months, there is no limit to how much you can earn while keeping your benefits.
After your work trial period, you will have an “extended eligibility period” of 36 months. Throughout that period, if you exceed the EPE income limit, you will not qualify for your SSDI payment for that month. In 2024, the EPE limit is $1,550 per month or $2,590 per blindness disability.
If you continue to earn more than the limit after your EPE ends, your SSDI payments will stop, but if you can’t continue working, you can resume your benefits.
Supplemental Security Income Resource Limits
In addition to an income limit, to be eligible for SSI, you must fall within what the administration calls a “resource limit.” Resources that count toward the limit include cash, bank accounts, stocks, mutual funds, United States savings bonds, land, life insurance, personal property, vehicles, and anything else you own that can be converted into cash and used for food or lodging, the administration said.