Once you have your benefits approved, you will be told that must report your income to the Social Security Administration (SSA) each month. You can only make so much income before your benefits get cut off, but you might also already realize how difficult it is to try to live on your benefit payment alone. There is a way for you to improve your financial situation and still stay on the good side of the SSA. Read on to learn some important information about a special program that allows you to earn more money and still keep your benefits.
How much can you normally earn a month?
If you receive Social Security benefits, you are allowed to earn a certain amount of income each month without it affecting your regular payments. This amount can change from year to year since it is based on the cost of living standard. At present, the top limit for income for the year 2018 is $1,180.
The Trial Work Period (TWP)
This program was created by the SSA to encourage applicants to be active, fully functioning, wage-earning citizens. Since the usual limits might cause most to experience financial issues due to the limited amount, this program can mean a lot to those struggling to make ends meet.
Understanding the time limits
Instead of limiting your income, with the TWP the SSA places limits on the number of months that you can earn money, During a rolling 60 month period, you may earn unlimited amounts of money for nine months. These months do not have to consecutive; you can use the nine months in any way you wish. Say, for example, that you get hired by an online company, like Amazon, to work as a customer service agent during the busy holiday period. Your earnings during those few months may be unlimited.
If you are participating in the TWP program, there is another perk. You can keep the number of months that your income exceeds the usual amount to a minimum by using deductions. In other words, you can increase your eligible TWP months by using work-related deductions. Some allowable deductions include income spent on work shoes, transportation and clothing for work.
If you have been denied your benefits because of your earnings, speak to a Social Security attorney. You have the right to appeal the denial, and you will need some legal support to do so.
Contact a law office like Waycaster & Allred for more information and assistance.