If the value of your resources that we count is over the allowable limit at the beginning of the month, you cannot receive SSI for that month. If you decide to sell the excess resources for what they are worth, you may receive SSI beginning the month after you sell the excess resources.
To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit. Countable resources are the things you own that count toward the resource limit. Many things you own do not count.
Where the overpayment is $2,000 or less and you file a request for reconsideration or waiver, Social Security will waive any collection of the over-payment (unless you were at fault in creating the overpayment). This is known as the SSI $1,000 Rule.
For 2024, the Supplemental Security Income (SSI) FBR is $943 per month for an eligible individual and $1,415 per month for an eligible couple. For 2024, the amount of earnings that will have no effect on eligibility or benefits for SSI beneficiaries who are students under age 22 is $9,230 a year.
To reduce the potential of abuse, SSA will review all asset transfers you complete within the 36 months prior to applying for SSI. When officials detect an improper transfer for less than fair market value, the penalty is calculated according to a formula: The total value of the assets that were transferred. Divided by.
Generally, things that don't count toward your resource limit include: Your home and the land it's on, as long as you live there. 1 vehicle per household. Most personal belongings and household goods.
It does not scrutinize or restrict specific items or transactions. Therefore, beneficiaries can use their SSI funds for various purchases according to their personal needs and preferences.
Exactly how much in earnings do you need to get a $3,000 benefit? Well, you just need to have averaged about 70% of the taxable maximum. In our example case, that means that your earnings in 1983 were about $22,000 and increased every year to where they ended at about $100,000 at age 62.
SSI asset cap set to increase under new bill
Enter the SSI Savings Penalty Elimination Act, a bipartisan bill that proposes raising the asset limits to $10,000 for individuals and $20,000 for couples. This change would allow people on SSI to save more without risking their benefits.
However, the SSI program does not include the value of a home in the total assets of its applicants or recipients, so buying a home in and of itself will not cause one to lose SSI.
Resource limits could also impact your Social Security
If you exceed that limit, you need to spend down your resources to be eligible. According to a recent study by the Center on Budget and Policy Priorities, 70,000 beneficiaries on average lose their benefits each year because they exceed the limit.
SSI beneficiaries may have no more than $2,000 in assets for individuals and $3,000 for couples, with certain exceptions. Because beneficiaries typically have no other source of income, more than half receive the basic monthly SSI benefit, which in 2024 is $943 for an individual and $1,415 for a couple.
Payments may be suspended because the recipient has excess earnings, excess unearned income, excess resources, or a change in living arrangements. For the purposes of this book, individuals who have had their SSI payments suspended for 12 months or longer are considered terminated from the SSI program.
The value of the things you own must be less than $2,000 if you're single or less than $3,000 for married couples living together. We don't count the value of your home if you live in it, and, usually, we don't count the value of your car. We may not count the value of certain other resources, such as a burial plot.
What are the signs that Social Security is investigating you? Signs may include increased communication from the SSA, requests for documentation, discrepancies in records, monitoring of changes in your circumstances, patterns of claims, interviews or home visits, and suspicious activity reports.
The law requires us to perform a medical CDR at least once every three years, however, if you have a medical condition that is not expected to improve, we will still review your case, once every five to seven years.
If you are eligible for SSI benefits, the Social Security Administration has no rules that dictate how you spend your monthly benefit.
SSI Asset Limit
The asset limits for 2024 are $2,000 for a single person and $3,000 for a couple. An asset is something of value that you can convert to cash, such as a bank account, car, or home.
We conduct up to 10 geographic searches per individual for each review. We use AFI to verify financial accounts during the SSI application process, as well as when we conduct periodic redeterminations of continued eligibility, thereby detecting excess resources and deterring reoccurrence.
SSI is generally for individuals who don't earn more than $2,019 from work each month. The income limit increases for couples and when parents apply for children. We also look at other sources of income besides your job, like disability benefits, unemployment, and pensions.
Note that there is no back pay maximum, either for SSDI or SSI.
Bipartisan legislation led by Senators Sherrod Brown (D–OH) and Bill Cassidy (R–LA), and Representatives Brian Higgins (D–NY), and Brian Fitzpatrick (R–PA)—the SSI Savings Penalty Elimination Act—would update SSI's asset limits to $10,000 for an individual and $20,000 for a couple, to ensure the program's beneficiaries ...