How much money can I have in the bank while receiving Social Security disability?

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THE BOTTOM LINE: Disability Attorney Michael Liner wants to give you the bottom line on disability benefits. Today’s Topic: How much money can I have in the bank while receiving Social Security disability?
Katie Nobles:
Hi, I am Katie Nobles
Michael Liner:
And I'm disability attorney Michael Liner. And
Katie Nobles:
You're watching the bottom line. Today's topic, how much money can I have in the bank while receiving Social Security Disability?
Michael Liner:
Great question, Katie. And the answer is, it's, it's very important that you know which type of disability benefit that you're receiving. There's two types two primary types of disability benefits that people receive. There's SSD benefits, which are based on a person's work history and having paid into social security. And that's an earned entitlement. And then there's ss, SSI benefits, which stands for supplemental Security Income Benefits. Essentially, SSI is a welfare benefit for people who are unable to work and it doesn't require that you've ever worked before. Now, the reason that it's important you know, which type of disability benefit you're receiving is the rules are different. If you're receiving SSD benefits, it does not matter at all how much money you have in the bank, what type of assets you have, you know stocks, bonds, whatever it is, does not matter.
Michael Liner:
You could be the wealthiest person in the world. On the other hand, and, and I already touched on this a little bit because SSI benefits, it's essentially a welfare benefit. It's a needs-based benefit. The most amount of money that you can have in the bank if you're a single individual is $2,000. If you're a partner and a married couple, you can have up to $3,000. So the amounts are really low and people are shocked to find out they haven't changed those figures since 1974, I believe, since the Nixon administration. But you know, so just to kind of sum it up, again, it's important to know which type of disability benefit you're receiving. 'cause That determines which how much you can have in the bank while receiving disability benefits. Alright,
Katie Nobles:
Thank you so much for answering that question, Michael. And remember, if you have any questions, you can drop it here in the comments or you can submit that on our website. That is linerlegal.com.

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2 окт 2024

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Комментарии : 41

@dorisbrinkerhoff8124 11 месяцев назад

never put cash in the bank buy a little safe and keep it in there . keep it hidden .

@stanleyplock1181 6 месяцев назад

How would SS know if you have cash? Can they get a search warrant?

@jeromecabral192 5 месяцев назад

I had a lockbox I saved up over the years. That was 5,000 and bought a home.

@latyshal.2286 Год назад

Since 1974?? Due to recent inflation, the SSA need to increase those amounts for both single and for married/partner.

@jasoncarpp7742 6 месяцев назад

Abso-fucking-lutely! Given how incessantly the cost of living, vs. how much we're allowed to make and how much we're allowed to save using Social Security and Disability, there's no way in hell people are able to live and enjoy life. That's simply unforgivable in my book. 😡

@bobmcloud742 4 месяца назад

If I hit the four digit lottery for $5,000 and I'm on SSI and receive food stamps will that affect me collecting my money and you're single

@teenah.daughterofYAH Год назад

Question - a friend of mine receives SSI and he had over $2k in the bank ($3k) and a life insurance policy for $10k and he was penalized for $14,000.00, which led to a reduction in his SSI payments. A life insurance policy is for when you die, that's income to someone else for burial. Why would they penalize him for that? Also, is there a way to contest that penalty or have it withdrawn?

@jasoncarpp7742 6 месяцев назад

That's *beyond* unforgivable! Given the cost of living, people want to be able to make enough money to put food on the table, maintain their cars, go on vacation, etc. How are people able to do that when they're not allowed to save up enough money to do that? The last thing anyone wants to do is go broke. And yet that's what Social Security and Disability wants us to do.

@edwinrodeo 6 месяцев назад

Unfortunately a life insurance policy is considered an asset, it carries a value. SSI has very strict limits on assets & income. You can google up requirements. You have to be dirt poor practically.

@stanleyplock1181 6 месяцев назад

I thought that SSI was NOT Disability? And only SSDI was for disability. Another video explains that SSDI is for those who paid into the system and can be as much as approx. $2,800/mo. There is no limit to assets for SSDI. SSI Disability is for those who have not paid into SS. It's limited at about $770/mo. (May be higher now.) And you can only have $2,000 in assets ($3,000 if married). Another video says that SSI is for disability or persons 65 or older.

@henryTech720 6 месяцев назад

How do they count the 2 thousand? If let's say in January you have $1,000 then in February you get another thousand dollars, so in that month of February you will have 2,000 in the bank, but only thousand dollars is the one that's rolled over and only that should be your asset right? So in that case they would only consider that $1,000 in assets not 2000 right?😮😮

@julioaguirre6976 4 месяца назад

I get 242 dlls a month from SSI,I am going to receive 50 grand from a family member does that money will affect my SSI and can i still qualify for Medicare??

@MarkInLA 9 месяцев назад

If receiving SSI, does "limit of $2,000.00 in savings" mean savings account alone ? Or is it checking account and savings account combined ??

@jenniferquinonez334 20 дней назад

It's combined unfortunately

@DanielHerrera-bp8vn 3 месяца назад

Hi ssi says you can have 2000 in the bank is available to pay bills only ...will you steal get punished if you have 2000 in a savings account ?

@jamesmorrow4991 2 месяца назад

Hi. I have some health issues like heart blockage, heart failure, diabetes, nerve pain in my legs, and glaucoma. I'm working right now but I don't know how much longer I will be able to work. How would I apply for SSD and how long does it take to be approved? Thank you for your time and consideration.

@carlenemccormick365 5 месяцев назад

Can I sell my house in another state that I moved from and buy another house or land to put a cabin on and still receive ssdi.

@saika.magoichi.214 2 месяца назад

What if you receive both?

@Unknown-hu4gf 3 месяца назад

Do those bank account amounts change if your on the trial work period or the ticket to work program?

@JayMitchells Месяц назад

Get a safe keep any assets in your personal safe at home. That way only you will know what extra. Excess you have 😊

@independentcontractor1633 Год назад

Im a 66 year old veteran, been on social security since I turned 62. They never told me I should be receiving an extra $100.00 a month but just updated my file to receive it. I have a phone appointment with them on 16 oct, and just had a notice in my online SSA account that my this month payment is on hold! Do they have to pay me retroactively for the extra $100 a month for my military service? Thank you in advance!

@independentcontractor1633 Год назад

@@purplestang1996 Turned out to be false info. The national number call center is clueless. Everything they told me refuted by my local office.

@MaryNichols73 3 месяца назад

I was hurt in accident passenger because the person an I had same insurance co .they refused to pay so I got a lawer well 33 1/2 % went to them an Medicare took over 1/2 of my total payment claiming they pd. When finally relieved my amount I was standing I had very little to help me buy things I needed to survive IA this fair when some people get Xtra credit for children ect. An work. Come on I can't evenget help getting a walk in tub so I can take care of myself. Though I live with family I can't get help. I bought used walk in an can't afford to have it installed I needhelp caring for self but I don't ask pride I guess but I would get rejected so why go threw stress of trying. I'm 73 can anyone suggest????

@jameswilliams4653 6 месяцев назад

Can I work at 67 years old (2023) while receiving social security disability?

@edwinrodeo 6 месяцев назад

It depends where you live, it’s not a lot in my state it’s $1,550.00 per month gross but be careful , if SSA sees you making close to the max every month it might trigger a review of your account also if you Handle a job every month they can claim you are not disabled enough, resulting from losing your benefits Best of luck. 🙏

@trentonwashington3826 10 месяцев назад

What if I work on Ssi and reporting my wages can I have more then $2000 then in my account and if not do they just take the money out the account without warning? I get my paychecks from work direct deposited

@dianateran2249 3 месяца назад

What if my Husband is on SSDI and i will retire at 62 this year 2024 do we still to have 3,000 in bank because of me or can we have unlimited because my Husband is SSDI. Need to know desperately.

@patthnerd6360 18 дней назад

Ssdi you can have a million dollars don't matter ssi only 2k

@kentcroston3934 Год назад

My girlfriend and I were involved in an accident and she's on ssi. We're about to get a settlement in the five figures so how is that going to effect her ssi will she lose it?

@vintageradios7790 Год назад

You better speak to a good lawyer about that it looks like they will take her portion of the settlement or it will reduce her check

@YOUR-WORD-IS-YOUR-BOND Год назад

You better tell her to use her brain... If that check is in her name... They will take her off ssi...

@magicworld3242 8 месяцев назад

Get the check only in your name. If your girlfriend's name is on the check. They're gonna take it.

@tommiefair6396 Месяц назад

Can I have burial insurance with more than $2,000 and be on SSI?

@crystalbrundige6325 17 дней назад

I just got approved for both and have been pressing to get my business started im only 45 so does it still matter how much i can make if my businesses take off?

@charmcompassion9199 Год назад

New subscriber ❤ Thanks for the info

@BillB-x6g 6 месяцев назад

What about receiving money from a LLC WHILE on SSDI

@price8930 Месяц назад

It's OK it's in the llc just to bw safe put you llc in a trust

@RA-Texan Год назад

What do I have to do if I receive assets being on SSI?

@charleshines2142 Год назад

Keep the value of them under a certain limit. From what I hear they don't count one car or one house against you. It would be really mean if they didn't at least allow you to keep a roof over your head and personal transportation. While some places have public transportation it is not the best thing to have to plan everything around that. I know with my learning disabilities I would have a really hard time planning things if I had to factor in the bus route and schedule. Then not only that but my life would revolve around public transportation with people you might not want to sit next to for various reasons. It is nice that there is that option but it can be really difficult to plan everything that way and so the SSA seems to be nice enough to allow you to own a car to avoid that since your trip planning won't have to be centered on planning for the bus. Then depending on the schedule you may be outside in bad weather for longer than you would care for. Also on public transportation you would be more prone to catching any illnesses that are going around and we all know how quickly that can turn bad!!