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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 13328
Experience:  15+ years in tax preparation and instruction
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I havent had a job since 2004.I was denied disability.I been

Customer Question

I havent had a job since 2004.I was denied disability.I been living on interest on investment and now I want to retire at 62,Will that interest income affect my retirement.
Submitted: 1 year ago.
Category: Social Security
Expert:  TaxRobin replied 1 year ago.

Hello,

SSA benefits are different and have different qualifiers.

SSI is a needs-based program for people with limited income and resources. Resources are assets or things that you own. SSA is based on your earnings.

Credits are the "building blocks" they use to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefits.

If you stop working before you have enough credits to qualify for benefits, your credits will stay on your record. If you return to work later on, you can add more credits so that you can qualify.

No benefits can be paid if you do not have enough credits. Interest you have does not count against you if you are applying for SSA benefits based on your work history.

Please advise if you need more information or rating in a positive way is acceptable.

Customer: replied 1 year ago.
I didn't get my answer .Is interrest consided income the same way as if it was income from a job .
Expert:  TaxRobin replied 1 year ago.

No, not for regular SSA benefits based on your work history.

For SSI yes, interest is income that counts. It is Unearned Income. Income that is not earned, such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, and cash from friends and relatives.

Expert:  TaxRobin replied 1 year ago.

Generally, the more countable income you have, the less your SSI benefit will be. If your countable income is over the allowable limit, you cannot receive SSI benefits.

SSA benefits are based just on your work history. You can not be denied if you have enough credits built up from past work. No other income you have counts against it, not even interest.