SSDI payments are not affected by having a house, a car, money in the bank, or owning other possessions. On the other hand, many SSI clients are surprised to learn that assets do affect their benefits. Social Security will take into consideration the amount of your assets, because it is a needs-based program.
So long as you are unable to engage in substantial gainful activity, you will qualify for SSDI if you have earned the appropriate work credits. Owning real estate alone should never disqualify someone from qualifying for SSDI.
There are no asset limits for SSDI, but you cannot earn over a certain amount of money each month through working.
Unlike the SSI program, there is no limit to the assets that can be retained while receiving benefits from the SSDI program. SSDI recipients may also receive unearned income such as dividends from stocks, bonds, or other investments.
Rental income you receive from real estate does not count for Social Security purposes unless: You receive rental income in the course of your trade or business as a real estate dealer (see §§1214-1215); Services are rendered primarily for the convenience of the occupant of the premises (see §1218); or.
Unearned income (such as income from a spouse) and assets do not count towards the limit for SSDI. If you're also applying for Supplemental Security Income (SSI), those forms of income will count.
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.
Substantial Gainful Activity (SGA)
The SGA amount for persons with disabilities other than blindness is $1,470 per month in 2023. For persons who are blind, the amount of earnings that indicate SGA is $2,460 per month in 2023. Further information is available in the section How We Decide If You Are Disabled.
No waiting period is required if you were previously entitled to disability benefits or to a period of disability under § 404.320 any time within 5 years of the month you again became disabled.
That being said, how frequently does the Social Security Administration check your bank account? While the number of times SSI checks your bank account is not standardized, it may be anywhere from a single year to six years. The SSI can also check when you go through life-altering experiences.
Understanding Individual Asset Limit for Individuals Receiving SSDI or SSI Disability Benefits. As discussed in previous blog posts, there is a strict asset limitation for individuals who receive Supplemental Security Income (SSI). That limit is $2,000 for an eligible individual and $3,000 for an eligible couple.
As long as what you're receiving is a Social Security benefit and not Supplemental Security Income (SSI), then the fact that you sold your house won't have any effect on your benefits.
An SSI lawyer at Liner Legal can help you to determine how much of an effect monthly income will have on your SSI benefits. Resources, including bank deposits, cannot exceed a total value of $2,000 for one person and $3,000 for couples who are married and residing together.
Many beneficiaries wonder if owning their home will affect their Medicare benefits. Medicare doesn't limit enrollment based on resources or income. Unless the sale of your home is taxable income, your Medicare won't be affected.
You Can Lose SSDI in a Few Different Ways
Going back to work: The most common reason for SSDI termination is the beneficiary returning to work. SSDI benefits are reserved only for people unable to engage in what the SSA describes as “substantial gainful activity” (SGA).
When you turn 50, the SSA will reschedule CDRs to occur every 5 to 7 years – even if you would previously have to undergo a CDR every 3 years because your medical condition is expected to improve. Similarly, when you are 55 or older or 60 or older, you will only undergo a CDR every 5 to 7 years.
Most workers recover from their job injuries. But some continue to have problems. If your treating doctor says you will never recover completely or will always be limited in the work you can do, you may have a permanent disability.
The maximum disability you can receive in 2023 is $3,627 per month (up from $3,345 in 2022). However, the average recipient likely received an amount of around $1,483 per month (up from $1,364 in 2022). That might not be financially adequate for you, especially considering the income limits in place.
When you work for yourself, you can work hours without receiving an hourly wage. In that case, the SSA will look at how many hours you've worked, plus your monthly income. Social Security typically allows up to 45 hours of work per month if you're self-employed and on SSDI. That comes out to around 10 hours per week.
If you receive Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI), you may be able to work while keeping your benefits. But the benefit amount you receive may be reduced depending on how much money you earn from your job.
Gifts do not affect SSDI at all! You don't even have to report them to Social Security. So, if the only Social Security payment you get is SSDI (or a Childhood Disability or Disabled Widow Benefit) you can let Santa know that there's no limit to what he can leave under your tree.
In 2024, we consider earnings over $1,550 ($2,590 if you're blind) to be substantial. No new application or disability decision is needed to receive a Social Security disability benefit during this period. Expedited Reinstatement — Your benefits may stop because of substantial earnings.
If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320.
On the other hand, if you receive disability benefits through the Social Security Disability Insurance (SSDI) program, the SSA won't check your bank account. Individuals qualify for SSDI based on their work history. Claimants who receive SSDI or SSI will be subject to ongoing eligibility reviews.
WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple.