Social Security: How much money can you have in the bank and still receive SSI?
The Supplemental Security Income program provides financial assistance to millions of Americans. But to qualify, recipients must meet certain requirements.
The Supplemental Security Income (SSI) program provides financial assistance to nearly 5 million Americans on a monthly basis. The program is administered by the Social Security Administration and provides monthly payments to seniors, as well as people with disabilities or blindness, including children.
But in order to qualify, recipients must meet certain requirements as it is directed toward people with little or no income or resources.
How much money can you have in the bank and still receive SSI?
Beneficiaries of SSI, besides meeting the age or disability requirements, they can only have a limited amount of income and resources. Generally, recipients have income of less than $1,913 from work each month. This cap increases for couples and when parents apply for children. Other sources of income are also taken into account.
As for resources, the Social Security Administration factors in several things you own when determining your eligibility. These include cash, bank accounts, stocks, mutual funds and US savings bonds as well as land, life insurance, personal property and vehicles. The Social Security Administration 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 Supplemental Security Income a recipient’s combined resources must 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, the parent’s or parents’ resources in excess of the mentioned limits will count toward the child’s $2,000 limit.
Some of the above mentioned ‘resources’ have exceptions, for example the house that you live in and adjacent land do not count, nor one 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.
For full details on the Supplemental Security Income program, the agency provides a guide book and you can use the Social Security Administration’s online tool to check your eligibility.