Latest news with #SSI
Yahoo
7 hours ago
- Business
- Yahoo
How A $25K Car Crash Settlement Could Leave This Mom Without SSI For Years
A mother who depends on Supplemental Security Income is now facing a long suspension of her benefits — all because of a car accident settlement that didn't turn out the way anyone expected. According to a post shared in the r/SocialSecurity forum on Reddit, the woman was awarded $25,000 from a 2021 car accident. But after years of delays, legal fees, and Medicaid reimbursement, she only received a little over $8,000 — and not until early this year. Despite that, the post says the Social Security Administration is treating it like she had the full $25,000 in her bank account since 2021. That misunderstanding has now left her without her monthly SSI benefits — and trying to figure out what to do next. Don't Miss: Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— $100k+ in investable assets? – no cost, no obligation. SSI Has a Hard Cap on What You Can Own SSI is designed to help people with low income and limited resources, but those resources are tightly monitored. In order to stay eligible, SSA rules say you can't have more than $2,000 in countable assets if you're single — or $3,000 for couples. Countable resources include things like cash, bank account balances, stocks, property (other than your primary home) and most other items that can be sold or converted to money. One-time payments, like a settlement or inheritance, count toward that limit. Even if you only have the money temporarily, going over the resource cap — even for just one day — can make you ineligible for that month's SSI payment. Why Giving the Money Away Isn't the Solution The Reddit user asked whether giving the remaining $8,000 to family members or grandchildren would help her mom qualify for SSI again. Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Unfortunately, it doesn't work that way. Giving away money while on SSI is considered a "transfer of resources," and the SSA can penalize you by suspending benefits for up to 36 months. That's because transferring assets for less than their full value — including gifts — is seen as an attempt to bypass the resource limit. One Reddit commenter put it bluntly: "Who in their right mind gives away $8,000 when they're poor? Don't you think SSA will be asking this same [question]?" The Right Way to Spend Down the Money There is a path forward — but it requires careful documentation. To get back on SSI, the woman needs to show that she spent the $8,000 on allowable expenses and didn't just hand it off or stash it. Some suggestions from commenters included: Buying a new car or repairing an old one Paying for a full year of car insurance Making necessary home repairs Purchasing household items, groceries, or medical supplies Replacing furniture or essential appliances The key is to spend the money in a traceable way — ideally through a bank account, with receipts — so the SSA can clearly see where the money You're in a Similar Situation Getting a settlement, back pay, or other lump sum while on SSI can be tricky. Here are a few tips to stay on the right side of the rules: Report the money to SSA immediately Don't withdraw it all in cash — use a bank account to create a paper trail Spend down the funds carefully, only on necessary items Keep receipts and records of everything Don't gift the money to others — it could result in a longer suspension Even a relatively small windfall can lead to serious consequences if handled the wrong way. For those relying on SSI, it's essential to understand how one-time payments can affect eligibility — and to plan carefully to protect your benefits. Read Next: The average American couple has saved this much money for retirement —? Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article How A $25K Car Crash Settlement Could Leave This Mom Without SSI For Years originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
19 hours ago
- Business
- Hindustan Times
$1,390 stimulus checks: Who's eligible for relief pay out from IRS? Date and mode of payment
The Internal Revenue Service (IRS) will soon start rolling out stimulus payments to millions of Americans who are eligible to receive them. These tax-free checks are part of a federal plan to provide relief to low and middle-income households from escalating prices and living standards. Since these payments are tax-free, beneficiaries need not include them while filing their tax returns for the year. This $1,390 payment also won't impact beneficiaries' existing benefits like Medicaid, SNAP, or housing assistance, as reported by The Mirror. IRS $1,390 stimulus checks: Eligibility criteria, mode of payment, and more(Unsplash ) Here's all you need to know about when, where, and who will receive these payments: Eligibility criteria Since this stimulus check is meant to benefit lower-ranking sections of society, eligibility is determined by the beneficiary's income and tax status. These people are most likely to qualify for receiving this payment: • Single taxpayers with an income up to $75,000 • Married couples filing jointly with an income of up to $150,000 • A head of household with an income up to $112,500 • People on federal benefits like SSDI, SSI, and VA programs • Families with dependents may get extra money A huge indicator that might be receiving these payments would be people who have received similar benefits in the past as well. When will these checks be circulated? No official date for releasing the payments has been announced by the IRS as of now. However, these checks are expected to start being delivered in mid-2025, meaning that the process could start sooner than later. How will I receive my payment? Depending on the mode of payment selected by the beneficiary for receiving other benefits, here are the possible ways to receive your check: • If your bank account details have already been filed with the IRS or Social Security, your check will likely come by direct deposit, which is the fastest mode of receiving payments. • In case the bank account details of a beneficiary aren't filed in, payments will be sent via traditional paper checks, which could take longer. • Some people may also receive their benefits in the form of a prepaid or EIP debit card. With contribution from Stuti Gupta
CNBC
20 hours ago
- Business
- CNBC
Trump's 'big beautiful bill,' other changes benefit accounts for individuals with disabilities
Brandon Dickerson collapsed in his Louisiana home in March 2022, after suffering from a ruptured brain aneurysm. The sudden burst of a blood vessel caused bleeding in his brain. The former line haul driver went into a coma, and when he woke up, he had severe functional limitations. "His cognitive skills and communication skills are limited," Geneva Dickerson, Brandon's older sister and caregiver, recently told CNBC. Brandon, now 34, lives in a traumatic brain injury nursing home in Queens, New York. "We are able to have limited conversation. He's starting to say sentences now, which is great." Brandon's improved speech gives Geneva hope. She is now looking into new benefits available for tax-advantaged savings accounts that may help cover therapy to support his progress. Recent legislation, including President Donald Trump's "big beautiful bill," contains provisions that bolster the use of so-called Achieving a Better Life Experience, or ABLE, accounts. These tax-advantaged accounts are designed to help eligible individuals with disabilities save and invest money without jeopardizing their eligibility for certain government benefits, such as Medicaid, Social Security Disability Insurance, and Supplemental Security Income. "ABLE accounts allow for savings and contributions from family and friends, serving as a supplement when other benefits are insufficient," said Mary Morris, CEO of Commonwealth Savers, a Virginia-based organization that manages tax-advantaged 529 education savings and ABLE programs. Here's how ABLE accounts work, and what changes are in store. A federal law created the ABLE program in 2014. Like 529 education savings plans, ABLE accounts are managed by states. Forty-six states and Washington, D.C., currently offer ABLE programs, and many state plans are open to outside residents. The Virginia-based plan ABLEnow, for example, is open to residents in every state. Saving in these accounts will not adversely impact government benefits. Up to $100,000 of savings in an ABLE account is not counted toward the SSI resource limit. And any amount of ABLE savings up to the ABLE plan's limit won't count as a resource for other government benefits, including SSDI, Medicare, or Medicaid. ABLE accounts grow tax-free with no federal or state income tax on withdrawals for qualifying expenses, as long as the funds are used for disability-related costs, including housing, transportation, and healthcare. There are generally no income limits to contribute to an ABLE account for an eligible beneficiary. However, the beneficiary must receive SSDI or SSI benefits, or have a physician's statement that says the onset of the disability started before age 26. Starting January 1, 2026, the ABLE Age Adjustment Act will increase age eligibility requirements from age 26 to 46, allowing millions more people to qualify. About 8 million people currently qualify for ABLE accounts, with assets totaling about $2.5 billion, as of March 2025, according to Paul Curley, executive director at ISS Market Intelligence, a data provider for the financial services industry. The number of assets and accounts is expected to increase by about 50% next year, he said, with an estimated 15 million people becoming eligible due to their age. "This is a game changer," said Charlie Massimo, a financial advisor and senior vice president at Wealth Enhancement Group in Long Island, New York. He is also the father of two 25-year-old sons with autism. "For the first time, millions of Americans with disabilities will have access to the same kind of tax-advantaged wealth-building accounts most families already have." Commonwealth Savers' Morris said the wider age range "captures those young adults where a lot of debilitating illnesses really happen," including multiple sclerosis, post-traumatic stress disorder, stroke, and certain neurological issues. Plus, at least one million more veterans could now qualify for an ABLE account, experts say. The "big beautiful" tax and spending package that Trump signed in early July will also make permanent several tax advantages from the Tax Cuts and Jobs Act that could help make ABLE accounts more attractive to savers. The annual contribution limit for ABLE accounts is based on the annual gift tax exclusion, which is $19,000 per recipient in 2025 and will likely increase with inflation in future years, experts say. A severely disabled worker may be able to contribute more than the annual limit if they or their employer is not making certain retirement plan contributions. The amount they can contribute is determined by the state that manages the plan and, in part, depends on their compensation. Under the legislation's terms, assets from a 529 college savings plan can be rolled over into an ABLE account. "Let's say you save for college for your son or daughter's entire life, you have $100,000 or $200,000 in there, and now they have a disability later in life," Massimo said. "Now you can really roll over the entire amount and then still put an additional $19,000 in for the annual gifting into an ABLE account." For low-income savers, contributors to an ABLE account may be eligible for the saver's credit, a tax break typically available to those who save for retirement. Starting in 2027, the annual contribution eligible for the Saver's Credit will increase from $2,000 to $2,100, with a maximum tax credit of $1,050. Geneva Dickerson said she'll look into the tax advantages of ABLE accounts, but she is now focused on building funds to open an ABLE account for Brandon, to provide her brother with the services he needs to progress. "His insurance doesn't cover speech therapy," she said. "It's out of the budget. But I think with an account like the ABLE account, he can use those funds to pay for more speech therapy or for more physical therapy if the insurance doesn't cover it."
Toronto Star
a day ago
- Business
- Toronto Star
Schneider Electric Reports Significant Sustainability Milestones in Q2 2025
Rueil-Malmaison, France, July 31, 2025 (GLOBE NEWSWIRE) — Schneider Electric, the leader in the digital transformation of energy management and automation, today announced its Q2 2025 extra-financial results, marking a pivotal moment as the company enters the final stretch of its 2021–2025 Schneider Sustainability Impact (SSI) program. With six months remaining, Schneider Electric continues to demonstrate its commitment to measurable, inclusive, and transformative progress across its Environmental, Social, and Governance (ESG) goals. The company's SSI score reached 8.06 out of 10 this quarter, reflecting sustained momentum across key sustainability pillars. A quarter marked by global recognition and ground-level impact
Hamilton Spectator
a day ago
- Business
- Hamilton Spectator
Schneider Electric Reports Significant Sustainability Milestones in Q2 2025
Rueil-Malmaison, France, July 31, 2025 (GLOBE NEWSWIRE) — Schneider Electric , the leader in the digital transformation of energy management and automation, today announced its Q2 2025 extra-financial results, marking a pivotal moment as the company enters the final stretch of its 2021–2025 Schneider Sustainability Impact (SSI) program. With six months remaining, Schneider Electric continues to demonstrate its commitment to measurable, inclusive, and transformative progress across its Environmental, Social, and Governance (ESG) goals. The company's SSI score reached 8.06 out of 10 this quarter, reflecting sustained momentum across key sustainability pillars. A quarter marked by global recognition and ground-level impact This quarter, Schneider Electric was honored as the World's Most Sustainable Company by TIME and Statista for the second consecutive year. This recognition follows its recent distinction as Europe's Most Sustainable Corporation by Corporate Knights , reinforcing the company's leadership in sustainability. Beyond accolades, Q2 2025 delivered tangible results. Schneider Electric surpassed its goal of training 1 million people in energy management, a cornerstone of its commitment to inclusive energy transition and youth empowerment. This milestone, aligned with World Youth Skills Day 2025, is driven by the Youth Education & Entrepreneurship Program, active in over 60 countries. The program equips underserved communities with technical and entrepreneurial skills to participate in the energy transition. Recent initiatives highlight the program's global reach and impact: These initiatives share a common thread: when education meets technology and purpose, systemic change becomes possible. Sustained progress across key sustainability pillars Schneider Electric also reported continued progress across several core sustainability indicators: 'As an impact company and the World's Most Sustainable Company, we believe that education is one of the most powerful drivers of long-term transformation. Surpassing 1 million people trained in energy management is a proud moment, and a reminder of what's possible when purpose meets action,' said Esther Finidori, Chief Sustainability Officer. 'With six months left in our 2021–2025 Schneider Sustainability Impact program, our priority is clear: accelerate with determination and deliver lasting impact.' For a detailed view of all indicators and progress, please refer to the full Q2 2025 Schneider Sustainability Impact report , including the latest progress dashboard: Recent recognitions: ### Press contact: Attachment
