Does Social Security limit how much money you can keep in the bank?
Topic: Social Security Disability and money in the bank
Question: Does receiving Social Security Disability limit the amount of money you can keep in a savings or checking bank account like Social Security does?
No, SSDI (Social Security Disability insurance) is not concerned with assets at all. Of the two disability benefit programs operated by the Social Security Administration (title II SSDI and title 16 SSI), only SSI has an asset or resource limit. This limit is currently $2000 for a single individual and $3000 for a married individual.
The reasoning for this is that SSI is a need-based program and SSDI is an earned benefit, earned through fica contributations deducted from paychecks or from paid by self-employed individuals. So, to answer the question, no amount of assets will affect Social Security Disability.
About the Author: Tim Moore is a former Social Security Disability Examiner in North Carolina, has been interviewed by the NY Times and the LA Times on the disability system, and is an Accredited Disability
Representative (ADR) in North Carolina. For assistance on a disability application or Appeal in NC, click here.
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