Mark Zuckerberg, CEO of Meta, has hired three researchers from OpenAI to bolster his company’s work on artificial intelligence. This strategic move aims to guide Meta Platforms through its current AI challenges. The social-media corporation brought aboard Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, all of whom previously held positions at OpenAI’s branch in Zurich, as per sources privy to this information. These individuals established OpenAI’s location in Zurich towards the end of last year. Prior to their time at OpenAI, they collaborated closely within Google DeepMind, which is the organization’s artificial intelligence division. A representative from OpenAI verified that the three scientists have departed from the organization. Zuckerberg has been on an intense recruiting drive To correct the company’s AI initiatives following the underwhelming reception of its most recent model, he has sometimes proposed giving researchers up to $100 million to become part o...
The Social Security Administration (SSA) has the ability to reduce retirement benefits If you decide to take your benefits prematurely or receive excessive earnings while claiming them before reaching your full retirement age.
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However, after retirement, could receiving a large sum from selling your house disqualify you and cause you to lose your monthly benefits? This is an important query for all retirees to consider beforehand. They listed their houses for sale. .
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Selling Your Home Won’t Result in Losing Your Benefits
Based on information from the SSA, one can qualify for Social Security retirement benefits or survivor benefits It has no restrictions based on income or asset levels, and your location does not affect your benefit amount. Thus, selling a house during retirement won’t make you disqualified from receiving benefits; however, it might subject a bigger part of those benefits to federal and/or state income tax.
Additionally, money obtained from selling a house—or any capital gains—does not factor into the "earnings test." As per the SSA, this test can lead to a temporary reduction of benefits for those claiming Social Security before reaching their full retirement age and earning more than a specified amount.
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SSI forms part of Social Security, making it equally secure.
Not just retirees receive Social Security benefits; according to the SSA, 12.3% of recipients obtain their support via Social Security Disability Insurance (SSDI). This accounts for approximately 8.37 million individuals, with around 6.43 million being below the age of 65.
If SSDI beneficiaries sell their homes, would this affect their benefits status? They might lose their SSDI eligibility upon returning to work, seeing an improvement in their condition, reaching full retirement age, or being imprisoned—but selling their property could also have implications.
In 2022, a homeowner with disabilities who receives Social Security wondered whether they might forfeit their benefits by putting their house up for sale in the "Ask Larry" section of the Maximize My Social Security website.
The website’s president, Laurence Kotlikoff—a professor of economics at Boston University and the head of Economic Security Planning, Inc.—replied, "Provided that what you receive constitutes a Social Security benefit rather than Supplemental Security Income (SSI), selling your home will not impact your benefits."
"There is no restriction on the quantity of cash or assets you may possess and remain qualified for Social Security benefits. Therefore, if you receive Supplemental Security Income (SSI), selling your house will not result in losing these benefits," he explained.
Profits From Selling a Home Might Endanger Supplemental Security Income Benefits
As per the SSA data, around 4.88 million individuals receive Supplemental Security Income (SSI), with an additional 2.52 million receiving both Social Security benefits and SSI. Such beneficiaries might experience consequences from selling their homes.
Even though the SSA oversees both initiatives, SSI benefits are based on financial necessity rather than being derived from one's employment record, unlike SSDI and Social Security retirement benefits. These assistance programs are designed specifically for those with extremely limited income and resources among disabled individuals, children, adults, and senior citizens, as stated on the SSA’s official site.
As stated by Disability Attorneys of Michigan, selling your house might result in an increase in income, making you potentially ineligible for SSI benefits (along with Medicaid).
Once sold, beneficiaries must acquire a new residence within three months. Should they amass under $2,000 following this acquisition, they will maintain their entitlements. However, should they fail to reinvest the proceeds into a new home within the stipulated timeframe or if post-purchase funds surpass $2,000, they risk losing their SSI benefits for each month their savings exceed said limit.
Afterward, individuals receiving Supplemental Security Income have a period of 12 months to reduce their assets and then reapply for their benefits to be restored.
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The piece initially appeared on appstoreofficial.id : Could Selling Your House Post-Retirement Affect Your Social Security Benefits?