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 Says:
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 Terms:
Cost Of Living Adjustment - COLA
Federal Insurance Contributions Act - FICA
Medicaid
Medicare
Old Age, Survivors and Disability Insurance Program - OASDI
Pension Plan
Social Security
Social Security Number - SSN |