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.
1989 is the year the $2,000 Supplemental Security Income (SSI) asset limit was set—and it hasn't changed in since then. If the asset limit had kept up with inflation, it would be $10,000 today! We've been advocating for changes to the outdated SSI asset limits for too long.
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.
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.
The SSA checks financial accounts to confirm SSI recipients stay within eligibility rules, using tools like the AFI system for efficient oversight. However, the updates introduced in 2024 simplify some reporting requirements and provide flexibility for individuals relying on informal help.
It may be possible for you to save money and be able to keep your SSI payments and waiver services. The four most common ways to save money and not lose benefits are with an ABLE account, a Special Needs Trust, an Individual Development Account, and a PASS account.
Payments may be suspended because the recipient has excess earnings, excess unearned income, excess resources, or a change in living arrangements.
Eligibility for SSI, as well as some other public benefits, requires that an individual maintain less than $2,000 in cash savings or other items of significant value.
Establish a Special Needs Trust (SNT)
A Special Needs Trust is a legal arrangement that holds settlement funds on behalf of an SSI recipient, allowing the funds to be used for approved expenses without impacting SSI eligibility.
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.
We will send you a notice, to inform you about your claim, benefit status or benefit amount. A notice will be sent if your benefit amount or eligibility changes and/or terminates.
Your resources should not be more than: $2,000 for individuals. $3,000 for couples.
If your benefits terminated because of excess earned income or a combination of earned and unearned income, you can request to have your benefits started again without having to complete a new application. We call this process “expedited reinstatement.”
You can do this by spending the money on an exempt resource, such as a home, a car, household goods and personal effects, property essential for self-support, term life insurance, a burial plot and burial insurance, or set money aside in a Plan to Achieve Self Support (PASS).
WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple.
For those receiving Supplemental Security Income (SSI), the short answer is yes, the Social Security Administration (SSA) can check your bank accounts because you have to give them permission to do so.
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.
Benefit suspensions occur when a beneficiary is no longer eligible for SSI benefits. For example, the person has amassed over $2,000 in resources, their work earnings exceed the break-even point (BEP)*, they are hospitalized for longer than 30 days, or they become incarcerated.
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.
For example, effective 09/30/2024, if someone helps pay for your rent, mortgage, or utilities, we may reduce the amount of your SSI. Also, if others in your household pay for or provide all of your meals and your shelter, we reduce the amount of your SSI.
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.
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.
SSI benefits may cease due to various reasons such as: Changes in income or assets: An increase in income or assets can affect your eligibility for SSI benefits. Changes in health: If your health improves to the point where you no longer meet the SSA's disability standards, your SSI benefits could be discontinued.