What is SSI Income?

SSI, or Supplemental Security Income, is a type of federal financial assistance available to those who meet the program's eligibility requirements. The program has been in operation since 1974, and SSI was created as part of the Social Security Act.

Definition

SSI provides an income source for certain groups of people with limited resources and low incomes. This money helps individuals pay for basic needs such as living costs, food, utilities and medications. The people who qualify for SSI receive an electronic deposit into their checking, savings or deposit account each month. This aid program is operated by the Social Security Administration and funded by the United States Treasury.

Eligibility

The three main categories of eligible individuals include those who are blind, disabled or age 65 or older. In most cases, people receiving SSI cannot have resources that are worth more than $2,000. Resources include cash holdings, real estate, stocks and some insurance policies. Income limits vary depending on factors like the average income for the person's community and the person on their annual income tax filing claims the number of dependent.

Applications

People can apply for SSI by visiting the Social Security Administration's website or by making an appointment with their local Social Security office. A social security number is required to complete an application. Other necessary documents include a birth certificate, mortgage or rent information and recent bank statements. Those who are blind or disabled must also provide contact information for their doctor or medical group.