Supplemental income is money you receive aside from your primary source of income. This income can then be put toward your savings or debt repayment to help you improve your finances.
One of the most common ways to earn extra income is by picking up a second job or gig work, such as through platforms like Uber, GrubHub, DoorDash, and so on. Alternatively, you can offer services in your local area, like tutoring or teaching a skill you possess. Are you a good writer? Consider applying for writing gigs online to earn extra money.
Look for federal and state low-income programs that you may qualify for. For example, if you’re part of a low-income family, you may qualify for other benefit programs, such as:
- Section 8
These federal programs provide food, housing, and financial assistance so you can put more of your income toward your debts.
Are you retired or disabled? You may qualify for the Supplemental Security Income (SSI) program. The SSI program is a Social Security Administration (SSA) program designed to provide SSI extra money to qualified blind, elderly, and disabled persons each month.
Supplemental Security Income benefits are not the same as Social Security benefits. The largest difference between SSI and SSA is that SSI is an income-based program, and you may qualify for both SSI and SSA.
SSI money can be used to pay anything, including your monthly bills, investments, savings, or debt repayment. The amount of benefits you receive depends on several factors, including your income, marital status, savings, and the state you live in.
The SSI maximum income limit varies by year, just like payment amounts. You can check your eligibility on the official Social Security Administration website. Additionally, you’ll likely save even more if you qualify for both Supplemental Security Income and Medicare, as Medicare will help you with your medical expenses.
If you qualify for SSI money, you’ll receive federal benefits each month. Additionally, some states might offer additional SSI benefits for qualifying beneficiaries. This amount is in addition to the federal amount you already receive.
The most common way to receive money from the SSI program is through direct deposit. Like many federal programs, you will be required to inform the SSA of any changes to your household or income that could affect your eligibility for the program.
You’ll need to provide a lot of information when applying for Supplemental Security Income, and you can speed up the application process by being prepared with the following information:
- Your name, date of birth, and Social Security number
- Your contact information, including your phone number and mailing address
- Details about your income