Social Security Q&A: Support From Friend Could Affect SSI Eligibility, Amount

Q: Next month I’ll turn 65 and, because of my financial situation, I thought I’d be eligible for Supplemental Security Income. But my neighbor told me I’d be turned down because I have a friend who said he might help support me. Is this true? A: If your friend helps support you, it could have an effect on whether you get SSI and on the amount you receive. Whether you can get SSI depends on your income and resources (the things you...

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6 Ways You’re Sabotaging Your Credit Repair Efforts

Although the financial climate is improving and unemployment rates continue to drop, many consumers are struggling. Last year alone, U.S. courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings. How does a financial hardship like bankruptcy affect your long-term credit health? For one, the damage can remain on your credit report for seven to 10 years. If your credit is severely damaged because you filed...

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Social Security Q&A: Does Marriage Affect SSI Benefits?

Question: I am receiving Social Security and Supplemental Security Income benefits. I just got married, and I am wondering if my benefits, and my new spouse’s benefits, will stay the same. Answer: If you marry, your spouse’s income and resources may change your SSI benefit. It is your responsibility to report your status change to Social Security as soon as possible. If you and your spouse both get SSI, your benefit amount will change...

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