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Understanding the Benefits
Social Security is a simple concept. It's a program designed to reach - and assist - almost every American at some point in his or her life.Today, more than 163 million people work and pay Social Security taxes and more than 49 million receive monthly Social Security beneifts. Pierce, Jones & Associates LLC, is available to help you understand Social Security benefits and programs so that when you become eligible for benefits, you know how to receive them.
SSDI and SSI “Decoder Chart”
Title II |
Title XVI |
|
Full Name |
Social Security Disability Income, |
Supplemental Security Income |
Abbreviations |
SSDI, SSDAC, SSCDB | SSI |
Qualifying Factors (besides disability) |
Insured status as a worker, or child or widow/widower of an insured worker | Limited income and resources |
How Benefits Are Determined |
Benefits based on person’s FICA payroll deductions | Benefits based on income and living situation |
Additional Eligibility Considerations |
Either eligible and receive full benefit check or ineligible and receive no benefits (whole check/ no check), based on the amount of earnings received. The earnings threshold is called substantial gainful activity, which is currently set at $940 for 2007 | If eligible, will receive benefits to bring income level up to the Federal Benefit Rate (FBR) which is $637 per month for 2007 |
Formulas Used To Arrive At Total To Be Deducted From
SSI Benefits When Work Incentives Aren’t Utilized
Income Situation |
Formula |
| SSI with Earned Income | (Earnings - $20.00 - $65.00 / 2 = Total |
| SSI with Unearned Income | Unearned income - $20.00 = Total |
| SSI with Earned and Unearned Income | (Unearned Income - $20.00) + (Earned Income - $65.00) = Subtotal /2 = Total |