Let’s talk Social Security!
It’s that time of the year again. New benefit letters will be going out, including the approved 1.5% COLA (Cost of Living Adjustment) increase for 2014. This letter will determine the type of benefit your applicant is receiving, either Social Security (SS), Supplemental Social Security (SSI), or Social Security Disability (SSD).
However, they are not all the same! Let me explain why.
For anyone over the age of 62, they will receive SS, and the letter will be sufficient to determine the income for one year from the date of the letter. The benefit amount will not change.
Things change a bit when the benefit is for SSI or SSD. The amounts of these benefits can change throughout the year, and are therefore only sufficient to determine income for 120 days from the date of the letter.
So be mindful of the dates! It can be easy to be put into Non-Compliance with an SSI or SSD letter that is outdated.