SSI and annuity

G

Giddyup

Member
Jurisdiction
Georgia
My sister receives SSI. The union her first husband worked for contacted her to start sending her annuity payments. Her annuity is not as much as her SSI. Will this affect her SSI? IF SO, how?
 
Depends on the amount of SSI and the amount of the annuity payments.

Supplementary Security Income (SSI) is needs based.

The income from the annuity income will be counted.

She needs to report it to SSA for an adjustment (if any) in her SSI benefits.

More information about income at the SSA website.

Understanding SSI - SSI Income (ssa.gov)
 
Ideally, it would be offset dollar-for-dollar. But, as suggested, check the SSA website.
 
Giddyup said:
My sister receives SSI. The union her first husband worked for contacted her to start sending her annuity payments. Her annuity is not as much as her SSI. Will this affect her SSI? IF SO, how?
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Her benefits will get offset by the amount of the annuity and any noncountable income she receives. What this means is that by taking the annuity she won't be any worse off in terms of gross income than she is on only SSI. If the annuity is large enough she might not get any SSI benefits at all. But in that case she'll have more money to use to pay expenses than she does now and she'd be free from the SSI limitations, too. How old is your sister and does she receive any Medicare or Medicaid benefits, too? If she's receiving Medicaid benefits, that's where I might be more concerned about the annuity impact.
 
Tax Counsel said:
Her benefits will get offset by the amount of the annuity and any noncountable income she receives. What this means is that by taking the annuity she won't be any worse off in terms of gross income than she is on only SSI. If the annuity is large enough she might not get any SSI benefits at all. But in that case she'll have more money to use to pay expenses than she does now and she'd be free from the SSI limitations, too. How old is your sister and does she receive any Medicare or Medicaid benefits, too? If she's receiving Medicaid benefits, that's where I might be more concerned about the annuity impact.
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Tax Counsel said:
Her benefits will get offset by the amount of the annuity and any noncountable income she receives. What this means is that by taking the annuity she won't be any worse off in terms of gross income than she is on only SSI. If the annuity is large enough she might not get any SSI benefits at all. But in that case she'll have more money to use to pay expenses than she does now and she'd be free from the SSI limitations, too. How old is your sister and does she receive any Medicare or Medicaid benefits, too? If she's receiving Medicaid benefits, that's where I might to more concerned about the annuity impact.
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As far as medical benefits, she did sign up for medicaid. The state tells her to contact social security. Social security tells her to contact Georgia. She does some sort of minimal coverage. She tells me she has to pay the first $6000 on a $914 monthly income. Thank you for your reply.
 

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