Resources and Applying for SSI Disability
Resources are your assets, that is, things that you own, such as real estate, vehicles, personal effects, cash, bank accounts, and financial instruments like stocks, bonds and insurance policies.
Unearned Income is all income that is not earned such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, dividends and cash from friends and relatives.
When determining what your assets or resources are, the SSA will review things such as how much cash you have, bank accounts, savings accounts, land, life insurance, personal property, vehicles and pretty much anything else that you own that you could sell and use to pay for housing and food for your family.
Can Social Security Check My Bank Account? In short, yes. When you file your SSI claim, you must give the Social Security Administration permission to use its AFI to contact financial institutions and request any financial records that the financial institution may have about you.
A single person can have resources worth up to $2,000 and still get SSI. A couple can have resources worth up to $3,000. We don't count many of the things you own.
Countable income is the amount left over after: Eliminating from consideration all items that are not income; and. Applying all appropriate exclusions to the items that are income.
Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes. You may need to pay income tax, but you do not pay Social Security taxes.
Social Security Benefits
You will receive the money you pay into the program if you meet the minimum age and immigration status requirements. For this reason, having a savings account does not influence your ability to access Social Security.
Can I split the direct deposit of my Social Security benefit between two bank accounts? Currently our system allows direct deposit only to a single account, at a financial institution (e.g. checking account, savings account, or prepaid card account).
There's no limit on unearned income, meaning money made from investments, such as stocks and bonds, won't affect SSD benefits.
For 2022, the amount of earnings that will have no effect on eligibility or benefits for SSI beneficiaries who are students under age 22 is $8,230 a year. The amount of earnings that we can exclude each month, until we have excluded the maximum for the year, is $2,040 a month.
SSI and Social Security Benefits
They are not means-tested. If you pay into these programs, you are eligible to receive benefits. Income from working at a job or other source could affect Social Security and SSDI benefits. However, receiving an inheritance won't affect Social Security and SSDI benefits.
A “resource” for purposes of SSI eligibility is cash money, or some item that you can turn into cash money. Bank accounts, some life insurance, stocks, bonds, and property are all resources.
In general, the Social Security Administration (SSA) considers countable income to be items that you receive during a calendar month that can be used as, or to obtain, food or shelter.
Countable Income definition
Countable income is determined on a calendar month basis. It is the amount actually subtracted from the maximum Federal benefit to determine your eligibility and to compute your monthly payment amount.
As we explain in this blog post, SSI can check your bank accounts anywhere from every one year to six years, or when you experience certain life-changing experiences. The 2022 maximum amount of available financial resources for SSI eligibility remains at $2,000 for individuals and $3,000 for couples.
If improvement is possible, but can't be predicted, we'll review your case about every three years. If improvement is not expected, we'll review your case every seven years. Your initial award notice will tell you when you can expect your first medical review.
If you receive Supplemental Security Income benefits, you might be wondering – can I buy a life insurance policy? The short answer is yes1, because the Social Security Administration doesn't have the right to interfere with your ability to purchase life insurance.
If you have a private IRA or 401k, your retirement benefits will have no affect on SSDI eligibility or payment amounts, as long as you paid taxes on your contributions. Retirement plan income however can stop you from receiving SSI or may reduce the amount of your monthly SSI payments.
If you are a Social Security Disability Insurance (SSDI) recipient and receive an inheritance, it will not affect your benefits. SSDI is not a needs-based program and is not contingent upon your unearned income—including inheritance.