How Much Money Can I Have in the Bank on Disability Benefits?

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Posted by Corey Luedeman

If you are looking into applying for disability benefits, you may have heard there is a limit on how much money you can have in the bank.

It’s important to understand there are two types of disability benefits – SSDI and SSI. The amount of money you have only matters for one of these types.

Do You Need to Tell Social Security About Your Assets When Receiving Disability Insurance (SSDI) Benefits?

Social Security Disability Insurance (SSDI) benefits are benefits that are paid out to Americans who have worked a certain amount of time and fairly recently, and are now considered disabled by the Social Security Administration (SSA). This type of benefit is deducted from each worker’s paycheck while working in the form of taxes. If you become disabled later on in your lifetime, you may be able to tap into these benefits.

To determine if you have worked long enough and recently enough to meet the requirement that the SSA sets, you will need to review your Social Security Statement. You can find this online at or contact your local Social Security Field Office for a copy of this Statement.

If you qualify for SSD benefits, the amount of money you have in the bank is not important. That is because this is a system you have paid into while working – it is not a system based on need. Your assets are not part of the consideration when the SSA is determining whether you can receive SSDI benefits.

Why You Have to Tell Social Security about Your Assets if You Want SSI Benefits

Supplemental Security Income (SSI), however, is a type of benefit for those Iowans who are both disabled and show significant financial need. You do not need to have worked a certain amount of time to qualify for this type of benefit. However, you need to show that you have a financial need for these benefits.

That means if you have any assets to your name, the SSA needs to know about them.

The general rule is that if you have more than $2000 as a single person or $3000 as a married couple, then you will likely not be able to receive SSI benefits – even if you are disabled. These assets can include:

Because the amount of SSI benefits you receive can vary depending on your assets, you need to report all of your assets to the SSA. If at any point you have more than $2000 in assets to your name, you need to report this to the SSA. Failure to do so is illegal.

Determining the type of disability benefits you qualify for can be confusing. At RSH Legal, we offer a free, no-obligation case evaluation with one of our disability lawyers to discuss your claim. To schedule yours, call 1-800-433-0283 today.

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