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.
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.
Inherited money will count as a financial asset for purposes of SSI eligibility. If the inherited money puts you over the SSI limit, then yes you would lose the SSI benefits.
If your savings are: under £6,000, your benefit claim is not affected by your savings. between £6,000 and £16,000, you lose some of your benefit payment.
Social Security will take into consideration the amount of your assets, because it is a needs-based program. To be eligible for SSI, your assets must be less than $2,000 for an individual and less than $3,000 for a married couple. However, not all assets count towards the resource limits.
You might be able to claim certain benefits even if you work, have savings or own a home. To check what benefits you can get, you can: use a benefits calculator - for a detailed check based on your personal situation.
Exit from the SSI program can be due to death, medical recovery, excess income (earned or unearned), excess resources, or a change in living arrangements. In many cases, for instance when dealing with excess income, payments are suspended.
If you receive cash, that's typically counted as income. Social Security won't count the following gifts when deciding SSI eligibility or payments: Personal items and other things that will not count toward the $2,000 asset limit the month after you get them. This would include a car, if it is the only one you have.
If your total savings (including the inheritance) exceed certain thresholds, you may lose eligibility for means-tested benefits.
Supplemental Security Income (SSI) is a needs-based program. 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.
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.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
Your resources should not be more than: $2,000 for individuals. $3,000 for couples.
If you meet or exceed either of these limits, your SSI payments will be reduced by the SSA and potentially terminated. In 2024, the income limit for an individual is $1,971. The limit for a couple is $2,915.
Report monthly wages and other income. You must report your monthly wages and changes in income from other sources to get accurate monthly SSI payments. If you live with your spouse, you must also report their income.
Generally, a person receiving a gift from their family does not have to pay gift tax until a donation exceeds $18,000 (this amount increases to $19,000 in 2025). A gift tax is a government tax imposed on those who give money or property to others in exchange for nothing (or less than total value).
SSI resource limits
A resource limit is the maximum amount of assets (resources) you can have while receiving SSI benefits. An inheritance can make you ineligible for SSI benefits if you are over the resource limit of $2,000 for individuals or $3,000 for couples.
Generally, the more countable income you have, the less your SSI benefit will be. If your countable income is over the allowable limit, you cannot receive SSI benefits. Some of your income may not count as income for the SSI program.
You can use the money you get from Social Security to pay for whatever you need—including paying for your utilities and rent. SSI doesn't have limits on how much you can spend for rent. Find out if you qualify for SSDI benefits. Pre-qualify in 60 seconds for up to $4,018 per month and 12 months back pay.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Understanding Resource Limits
To be eligible for SSI, you are limited in the “resources” you can have. For individuals, the resource limit is $2,000. If both spouses of a married couple receive SSI, the couple has a $3,000 resource limit. A resource is more than just savings.
Banks, building societies and credit unions
Joint accounts are eligible for FSCS protection up to the same limit of £85,000 per eligible person. We also protect certain qualifying temporary high balances up to £1 million for six months from when the amount was first deposited.
Key Takeaways. Any interest earned on a savings account is taxable income. Your bank will send you a 1099-INT form for any interest earned over $10. You must report any interest earned on a savings account, even if it's less than $10.