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Supplemental Security Income
| income provided by the U.S. government to needy aged, blind, and disabled persons. Abbreviation: SSI |
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Supplemental Security Income - SSI
A federal program that provides additional income for older and disabled people with little to no income stream. This program helps the participants meet their basic needs by providing them with monthly cash distributions. The program is funded by tax revenues received by the government.
Investopedia Commentary
This type of program is a type of safety net for citizens of the U.S. who cannot meet their basic financial needs because of their age or a disability. Payments for the program are made on the first day of the month and can also include food stamps and Medicaid benefits.
Related Links
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Managing Income During Retirement
Determining Your Post-Work Income
See also: Federal Insurance Contributions Act - FICA, Medicaid, Medicare, Old Age, Survivors and Disability Insurance Program - OASDI, Pension Plan, Social Security, Social Security Number - SSN
Also spelled: SSI
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