What are some self-employment best practices that will help with SSI/SSDI?

What are some self-employment best practices that will help with SSI/SSDI?

• Use a separate business bank account and deposit all income attributable to the business into this account.
• Taking money out of the business, known as Owners Draw, often is NOT income for SSI/SSDI purposes, as it is accounted for in the Net Profits calculation. But if it remains in a personal account at the end of the month it will become a resource that counts against SSI/SSDI.
• If you are on SSDI, working 80 hours/month (regardless of net income) will count as a Trial Work Month (TWM).

Additional Resources

• Information on fibrous dysplasia and McCune-Albright syndrome 
• Watch FD/MAS Alliance videos about Federal Disability Benefit Programs
• Learn the difference between SSI and SSDI
• Find your local social security office in this directory Social Security Disability Website
• AARP Social Security Resource Center/Disability Benefits
• Slides from Disability Benefits 101
• Slides for Disability Benefits 102: Working While on Benefits
• Benefits Planning Calendar (per slide 34 of Disability Benefits 102)

FD/MAS Alliance is a recipient of the Financial Advocacy in RARE Impact Grant sponsored by Global Genes.  Thanks to this award, FD/MAS Financial Literacy 101 is made possible.  We thank Michael Beloff, CFP®, ChSNC® Belvedere Wealth Partners, for donating his time and financial expertise and Caroline Fuchs, CAE, for contributing her time, communications, and digital strategy expertise to the FD/MAS community for this resource.