How much money can you have in the bank and still receive Supplemental Security Income (SSI)?

In the United States, the Supplemental Security Income (SSI) scheme provides financial assistance to over seven million people on a monthly basis. The program is administered by the Social Security Administration (SSA) and provides payments to over-65s, as well as individuals with disabilities or blindness, including children.

SSI is aimed at people with little or no income or resources, so in order to qualify for the benefit, claimants must remain within certain financial thresholds.

How much can you have in the bank and still get SSI?

Besides meeting the age or disability requirements, SSI recipients must earn no more than $2,073 from work each month. This income limit increases for couples and when parents apply for children. Other sources of income are also taken into account.

As for resources, the SSA factors in several things you own when determining your eligibility. These include cash, bank accounts, stocks, mutual funds and U.S. savings bonds as well as land, life insurance, personal property and vehicles. The agency will also consider ‘deemed resources’ and anything else that you own which could be changed to cash and used for food or shelter.

In order to be eligible for SSI, a recipient’s combined resources must be worth no more than $2,000 for an individual and $3,000 for a couple. In the case of a child under the age of 18 who is living at home and is unmarried, parents’ resources in excess of the above-mentioned caps will count toward the child’s $2,000 limit.

Some resources are exempt: for example, the house that you live in and adjacent land do not count; nor does a single vehicle, regardless of value, if it is used for household transportation. Household goods and personal effects are also exempt. To find out more about resources and what you can do in the event that you exceed the resource limits, check the Social Security website.

Find out more about SSI:

For full details on the SSI program, the agency provides a guide book. You can also use the SSA’s online tool to check your eligibility.

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