How the possession of bank assets influences the possibility of receiving Supplemental Security Income. We explain below.
The Supplemental Security Income Supplement (SSI) is establishing itself as a financial lifeline for almost 5 million US citizens monthly. Under the auspices of the Social Security Administration, this program distributes monthly payments to seniors, as well as individuals with disabilities or blindness, including minors.
However, accessing these benefits is not a obstacle free pathsince beneficiaries must meet specific criteria, one of them being the limitation of income and resources, established to ensure that they reach those who need it most.
How much money can you have in the bank and still be eligible to receive Supplemental Security Income?
The recipients of the SSIIn addition to meeting age or disability conditions, they must adhere to a specific amount of income and resources. Generally, these individuals must earn less than $1,913 monthly income from work.
This limit varies when it comes to couples or requests involving minors. Other sources of income are also considered.
Regarding resources, the Social Security Administration looks at various possessions when evaluating eligibility. These include cash, bank accounts, stocks, mutual funds, U.S. savings bonds, as well as property, life insurance, personal property, and vehicles.
Additionally, ‘imputed resources’ and any other possessions that have the potential to be converted into cash and used for food or shelter are considered.
Personal resources of Supplemental Security Income beneficiaries
To be a beneficiary of Social Security Supplemental Security Income, an individual’s total resources must not exceed $2,000, while for couples, the limit is $3,000.
In the case of minors under 18 years of age who reside with their parents and are single, the additional resources of the parents are added to the limit of $2,000 established for the minor.
Certain ‘resources’ mentioned above have exceptions. For example, the habitual residence and the surrounding land are not taken into account. Just like a vehicle, regardless of its value, if it is used for home transportation. In addition, household goods and personal effects are also exempt.
To get detailed information For resources and how to proceed if you exceed the limits, it is recommended to visit the official website of the Social Security Administration. The agency offers a detailed manual, and interested parties can use the Social Security Administration’s online tool to check their eligibility.
