Supplemental Security Income - SSI
Definition of '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 explains 'Supplemental Security Income - SSI'
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.
To learn more about SSI, read What's the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)?