SSDI and SSI - Asset and income limits

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If you are receiving only SSDI, (Social Security Disability Insurance), then there is no limit on the amount of money you can have in your bank accounts, nor is there any limit on the amount of other assets you can own. SSDI is based on your work history and the amount of FICA taxes you paid while you were working, and is essentially the same program as Social Security retirement, except that you qualify for it based on disability instead of age. SSDI beneficiaries may also receive unlimited amounts of unearned income (such as investment income, rents or royalties) without affecting their benefits.If, on the other hand, you are receiving SSI (Supplemental Security Income), or a combination of both SSI and SSDI, or you are eligible for Medicaid (Medi-Cal in California), then

you will generally lose eligibility for SSI or Medicaid in any month that you have more than $2,000 in any account, with certain exceptions. SSI and Medicaid eligibility is based on having limited income and assets as well as disability. Both earned and unearned income may reduce or eliminate SSI and Medicaid eligibility for the month you earn the income, with more generous rules applying to earned income. The letter you received from the Social Security Administration announcing your eligibility for benefits (the "Award Letter") will state the name of the program under which you are receiving benefits. If you can't find a copy of your Award Letter, you can call the Social Security Administration to ask them to send you a letter verifying your benefits, which will state the amount of benefits and the name of the program you are receiving benefits under. SSDI beneficiaries also receive a notice every December stating the amount of their

benefits for the coming year, as well as a 1099-R in January that states the amount of benefits they received the previous year for tax reporting purposes, in case the SSDI recipient has sufficient other income to require the filing of a tax return. SSI benefits are paid on or before the first of each month, while SSDI benefits can be paid any day of the month.>> Hello,> I recently posted a question concerning whether or not SSDI income is taxable I > would like to thank all who replied to that. I have yet another question how > much it to much money to have in my bank accounts? I have more than 2K so I > hope I don't have too much, Thanks in advance to your help!> Tim>