If you receive SSI, your bank account balance matters. Go over $2,000 (or $3,000 for couples) and you could lose your benefits. Here's how to manage your money and stay within the limits.
In this article, we'll cover:
- Understanding the SSI resource limit
- What counts toward the limit
- Strategies to stay under $2,000
- What happens if you go over
- Exempt resources you can have
Understanding the SSI Resource Limit
The basics:
- Individual limit: $2,000
- Couple limit: $3,000
- Counted on the 1st of each month
- Includes cash, bank accounts, and other resources
Why it matters:
- Go over and you lose SSI for that month
- Repeated violations can end benefits
- SSA checks periodically
- Honesty is the best policy
What SSA looks at:
- All bank accounts in your name
- Cash on hand
- Investments
- Some property
- Anything you could convert to cash
What Counts Toward the Limit
Counts as a resource:
- Checking accounts
- Savings accounts
- Cash at home
- Stocks and bonds
- Second vehicles
- Vacation homes
- Retirement accounts (usually)
Does NOT count:
- Your home (primary residence)
- One vehicle
- Household goods and furniture
- Personal effects
- Burial plots
- Up to $1,500 in burial funds
- Life insurance under $1,500 face value
Strategies to Stay Under $2,000
Strategy 1: Time your spending
- Pay bills before the 1st
- Buy necessities before month end
- Don't let balance accumulate
Strategy 2: Spend on exempt items
- Home repairs and improvements
- Vehicle maintenance
- Household goods you need
- Medical expenses
Strategy 3: Prepay expenses
- Prepay rent (if landlord allows)
- Prepay utilities
- Buy needed items in advance
- Stock up on household supplies
Strategy 4: ABLE account
- Save up to $100,000 without affecting SSI
- Must have disability before age 26
- Can use for disability-related expenses
- Separate from regular bank account
Strategy 5: Special needs trust
- For larger amounts
- Must be properly structured
- Needs legal assistance to set up
- Good for inheritances
What to Do Each Month
Before the 1st:
- Check your bank balance
- Pay any bills you can
- Buy needed items
- Reduce balance below $2,000
On the 1st:
- Your balance should be under the limit
- This is when SSA "counts" resources
- Screenshot your balance for records
Throughout the month:
- Track your balance
- Plan major expenses
- Don't accumulate too much
- Spend down if getting close
What Happens If You Go Over
First offense:
- You lose SSI for that month
- Must get back under limit
- Benefits resume when compliant
- May need to repay overpayment
Repeated violations:
- More serious consequences
- Longer benefit suspensions
- Potential fraud investigation
- Could lose benefits entirely
If you receive an overpayment notice:
- You may have gone over the limit
- You'll need to repay
- Can request waiver if not your fault
- Can appeal if you disagree
Exempt Resources in Detail
Your home:
- Primary residence is exempt
- No matter the value
- Property you live in
- Land it sits on
One vehicle:
- One car, truck, or van
- Used for transportation
- Any value
- Additional vehicles count
Household goods:
- Furniture, appliances
- TVs, computers
- Clothing, dishes
- Normal household items
Personal effects:
- Jewelry (within reason)
- Personal items
- Sentimental items
Burial-related:
- Burial plots for you and family
- Up to $1,500 burial fund per person
- Designated burial account
- Prepaid funeral (irrevocable)
When You Receive Extra Money
Lump sums:
- Tax refunds
- Back pay
- Gifts or inheritances
- Must spend down quickly
What to do:
- Spend on exempt items fast
- Pay off debts
- Buy needed things
- Consider ABLE account
Report to SSA:
- Large deposits must be reported
- Even if you spend it down
- Be honest about source
- Keep documentation
How Purple Helps
Purple helps you manage the SSI limit:
- See your balance easily
- Track when you're getting close
- No fees eating into your benefits
- Get early access to spend down sooner
- Simple balance tracking
With Purple, you can stay on top of your balance and protect your SSI benefits.