Social Security benefits are an important source of income for many retirees. However, to qualify for Supplemental Security Income (SSI) benefits, you can only have a certain amount of cash and bank accounts. SSI recipients who are retired need to know about these limits in order to make ends meet.
What are the SSI Resource Limits?
Supplemental Security Income (SSI) helps elderly, blind, and disabled people with limited resources and income by giving them cash. To be eligible for SSI, a person can’t have more than $2,000 in resources, while a couple can have up to $3,000. The amount of money you have in cash, bank accounts, stocks, U.S. S. Savings bonds and other things that were easy to sell for cash to pay for food or a place to live If you have more than these amounts of money, you won’t be able to get SSI benefits that month.
Why Do Resource Limits Exist?
SSI is a program that is based on people’s needs and is meant to help people who don’t have much. The limits on resources make sure that the people who need help the most get it. People who have a lot of savings or assets that can be sold should use those first before applying for SSI. The goal of the program is to give small amounts of money to people who really need them.
What Doesn’t Count Toward the Limit?
Luckily, not all of your assets are taken into account when deciding if you can get SSI. Some key exceptions include:
- Your primary home and surrounding land
- One vehicle used for household transportation
- Certain property essential to self-support like work equipment
- Burial funds up to $1,500 per person
- Life insurance with face values of $1,500 or less
Additionally, once received, SSI and Social Security payments themselves are not counted for 9 months when determining continuing eligibility.
Strategies to Stay Under the Limit
If your resources exceed the SSI limits, you have several options:
- Spend down your assets on essential living expenses
- Transfer resources to household members not receiving SSI
- Set up a special needs trust or ABLE account
- Sell excess property and vehicles and repay past SSI benefits
Proactively planning asset use and ownership can help ensure your savings do not jeopardize SSI income month to month. Consulting with an SSI expert is advisable when navigating program rules.
Hardship Exceptions
In certain hardship situations, like when you are trying to sell a property that exceeds the resource limit, you may receive conditional SSI benefits for a limited time while you take steps to reduce assets. Exceptions may also apply if you have extraordinary medical bills in a given month.
Can You Have More if Your Spouse Isn’t on SSI?
In households where only one spouse receives SSI, only the recipient’s assets are counted. However, a portion of a spouse’s resources may be “deemed” to the SSI recipient through a calculation, potentially affecting eligibility. Complex rules apply to deeming, so it is important to understand the impact on your specific situation.
Plan Ahead to Avoid Losing Benefits
SSI provides a critical lifeline to seniors and disabled individuals facing financial hardship. Staying under the strict resource limits requires diligent planning and tracking of your assets. Consulting an expert on SSI rules can help you qualify for these essential benefits. With some forethought, you can maintain your savings while staying within program guidelines.
Introduction: Why Does SSI Have a Bank Account Limit?
If you receive Supplemental Security Income (SSI), you may already know that having too much money in your bank account could cause you to lose your benefits.
SSI is a needs-based program, meaning the Social Security Administration (SSA) places strict limits on how much money you can have in savings.
But what happens if your account goes over $2,000? Can you save money without losing SSI? The good news is yes—but you must be careful.
In this guide, we’ll cover:
✅ What the SSI bank account limit is and what counts toward it
✅ What happens if you go over the $2,000 limit
✅ Legal ways to save money while keeping SSI benefits
✅ How to spend down excess funds before SSA reviews your balance
✅ How Purple helps track your SSI balance to prevent overages
Consider a Special Needs Trust (SNT) for Large Sums of Money
If you receive a large sum of money, such as:
✔ A lawsuit settlement
✔ A financial gift from family
Placing the funds into a Special Needs Trust (SNT) allows you to keep your money without losing SSI benefits.
✔ Funds in an SNT do not count toward SSI limits
✔ Money can be used for medical expenses, home modifications, and education
✔ Medicaid payback rules apply for First-Party SNTs
Best Strategy? Use an ABLE account for everyday savings and an SNT for large financial gifts or inheritances.
How much money can I have in the bank while receiving Social Security disability?
FAQ
What’s the most amount of cash you can have in your bank account on social security?
When it comes to the $2,000 limit for an individual and the $3,000 limit for a couple, Social Security counts most things that can be turned into cash as “resources.”
What happens if you have more than $2000 in the bank on SSI?
If a Supplemental Security Income (SSI) recipient’s countable resources exceed $2,000, their SSI benefits may be reduced, suspended, or terminated.
How much can a person on social security have in savings?
How much money can I have in a savings account while on Social Security? Personal assets aren’t taken into account, including savings, when applying for the SSDI program. For SSI, however, countable resources (including savings accounts) are capped at $2,000 for individuals and $3,000 for couples.
How much money can you have in the bank and still collect social security?
The answer is simple: there is no limit on your savings. Social Security benefits are not means-tested, meaning your eligibility and benefit amount are not influenced by your accumulated wealth.