The amount of money that you have in the bank may affect your ability to qualify for or continue to receive Social Security disability benefits. This generally applies more to people receiving their SSD benefits through the Supplemental Security Income program that imposes limits on income and resources to determine eligibility. It does not affect you as much if the benefits you receive are paid through the Social Security Disability Insurance program.

At Liner Legal Disability Lawyers, an SSD lawyer does more than assist with filing an initial application for SSI or SSDI benefits or an appeal of a denial of a claim. We also review your finances to identify eligibility issues, such as money in the bank, and suggest available options that may be available to you under federal Social Security laws. The following information may enhance your understanding of the effects of money in the bank on SSDI and SSI benefits.

Money in the bank and SSDI

The SSDI program does not limit how much money you can have in the bank because there are no resource limits as you find with SSI. The fact that you can have as much money in the bank as you wish while on SSDI does not mean that Social Security will not question you about it during the application process or during a periodic continuing disability review of your claim.

If you work while receiving SSDI benefits, the money that you have in a bank account may be looked at by the Social Security Administration to determine whether your monthly income exceeds the substantial gainful activity limit. The monthly limit is $1,350 in 2022 for non-blind individuals and $2,260 for individuals qualifying for benefits as statutorily blind, so it is a good idea to keep records of the source of deposits that you make into your bank account. Speak with an SSDI lawyer at Liner Legal for more information about your bank deposits.

Money in the bank and SSI

How much money you have in a bank account is more of an issue when you receive SSI benefits than it does under the SSDI program. To qualify for Social Security disability through SSI, you must meet at least one of the following requirements:

  • You must be at least 65 years of age.
  • You must be totally or partially blind according to the SSA standard.
  • You must be disabled due to a medically determinable physical or mental impairment that prevents you from working and is expected to last for at least 12 months or result in death.

Meeting the medical or age criteria is only part of the process to qualify for SSI benefits. There are resource and income limits that you must not exceed.

Income that you receive from work, Social Security benefits, and food or shelter was given to you by others count against the monthly SSI benefits of $841 for an individual and $1,261 for a couple where both parties qualify for SSI. 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. Some resources do not count toward the limits. For example, the value of a house that you own would be a countable resource unless you use it as your principal residence. Even though a bank account is a countable resource, the issue that an SSI lawyer can resolve is whether the total resources exceed allowable limits.

Money that a spouse or parent has in the bank may affect a person’s SSI eligibility through a process known as “deeming.” Social Security deems a portion of the money in the bank as a resource available to a child or spouse applying for or receiving SSI.

A bank account option for people receiving SSI

Federal law allows someone who is disabled and receiving SSD through SSI to benefit from an Achieving a Better Life Experience savings account. You must live in a state that allows someone receiving SSI to have an ABLE account.

ABLE accounts are set up to provide funds to supplement the SSI benefits that a blind or disabled individual receives. Friends, relatives and estates are some of the common sources providing funds for an ABLE account, but the law permits SSI beneficiaries to make deposits into the account, but there are restrictions on beneficiary deposits and how the funds may be used that you should discuss with an SSI lawyer.

An SSD lawyer can help when bank account issues arise

The Social Security disability lawyers at Liner Legal Disability have the experience and knowledge of SSDI and SSI rules and regulations to provide skilled representation and advice you can trust about money in the bank and other matters related to SSD benefits. Contact them today for a free consultation.