SSI Savings: Supplemental Security Income (SSI) is a key program that gives financial help to people who are blind, disabled, or elderly and have low income. A big part of qualifying for SSI is the amount of money or assets a person or couple has.
For individuals, the limit on assets is $2,000, meaning you can have up to that amount in resources, like cash, without losing SSI eligibility. For couples, the limit is $3,000. If your assets go above these amounts, you will no longer qualify for SSI and will need to lower them to stay eligible.
However, not all assets are counted. Some things, like your home and the land it’s on, are excluded, which helps many SSI recipients stay within the limits.
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Furthermore, a single vehicle is not included if the owner or a household member uses it for transportation. Aside from wedding and engagement rings, household goods and personal effects are not included in the resource computation.
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Certain assets are excluded from SSI’s asset limit. These include burial plots for you or your immediate family, burial funds up to $1,500, and life insurance policies with a combined face value of $1,500 or less. Additionally, contributions of up to $100,000 to an ABLE account don’t count against the limit, allowing disabled individuals to save money without losing SSI benefits.
If you exceed the asset limit, you won’t qualify for SSI for that month. However, in special cases like selling property under a conditional agreement, you might still get benefits temporarily but may need to repay any extra benefits received.
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Don’t try to hide resources by giving them away or selling them for less than they’re worth. Doing so can get you kicked off of SSI for up to 36 months. How long you have to pay the fine is based on how much the asset you transferred was worth.
The asset limits haven’t changed since 1989, which makes it hard for many people to handle their money while on benefits. More people could get help if the limits were raised or the rules about income were changed, but until then, people who get SSI need to be careful with their assets to stay eligible.
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