ADULT CHILD.
Supplemental Security Income (SSI) is a federal program that provides cash assistance to low-income individuals with disabilities. SSI benefits are not based on work history or earnings. However, there are some limits on how much a disabled person can earn and still receive SSI benefits. When dependents are younger than 18, income limits are (borrowed) from parents until they reach the age of 18.
For this reason, most disabled children will not qualify for SSI and receive monthly payments but may qualify for medical benefits like Medicaid.
After the age of 18, disabled dependents can be transitioned through re-application to SSI based on their individual work records. SSI income and asset limits will affect the amount that is received on a monthly or annual basis. Income from work will also affect payment amounts. Income limits are also introduced to ensure only those most eligible for benefits receive them.
A financial advisor who regularly works with families with members who are disabled can be a very good source of advocacy on behalf of disabled dependents. These individuals have experience constructing the more complex financial arrangements necessary to protect benefits while remaining within the laws and regulations required to meet income thresholds ultimately avoiding any unintentional disqualifications that cause stress and anxiety.
As well, they are familiar with estate planning guidelines that will affect future benefit qualifications, inheritances, trust funding, and future support options your family member will have after the parents have passed away.
Regardless, whom you work with, here are some tips to help navigate working while you remain eligible for SSI (Supplemental Security Income).