The SSI resource limit is $2,000, but not everything you own counts. Understanding what SSA considers a "resource" helps you stay eligible.
In this article, we'll cover:
- What counts as a resource
- What doesn't count
- How resources are valued
- Strategies for staying under the limit
1. What Counts as a Resource
Cash and bank accounts:
- Checking accounts
- Savings accounts
- Cash on hand
- Money market accounts
Investments:
- Stocks
- Bonds
- Mutual funds
- CDs (certificates of deposit)
Real property:
- Real estate (other than your home)
- Land you don't live on
- Rental property
Personal property:
- Some vehicles (beyond your primary)
- Collectibles with value
- Jewelry beyond personal use
Other assets:
- Life insurance cash value (over $1,500 face value)
- Retirement accounts (sometimes)
- Property you could sell
2. What Doesn't Count
Your home:
- Primary residence excluded
- Any value
- Land it sits on
- Where you live
One vehicle:
- Usually excluded entirely
- Regardless of value
- Used for transportation
- For you or household
Household goods:
- Furniture
- Appliances
- Personal effects
- Clothing
ABLE account:
- First $100,000 excluded
- Specifically for people with disabilities
- Great savings option
- Important exclusion
Burial funds:
- Up to $1,500 designated
- Burial plots (unlimited)
- For you and immediate family
- Must be designated
Other exclusions:
- Property essential to self-support
- Certain retroactive payments (9 months)
- Disaster relief assistance
- Some other specific items
Important: The most valuable exclusions are your home, one car, household goods, and ABLE accounts.
3. How Resources Are Valued
Fair market value:
- What you could sell it for
- Not what you paid
- Current value
- Minus any debt owed on it
When counted:
- Resources checked as of 1st of each month
- That snapshot determines eligibility
- What you have on the 1st matters
- Plan around this date
Jointly owned resources:
- Your share counts
- May be presumed equal shares
- Can rebut if evidence shows otherwise
- Complex rules apply
What affects value:
- Market conditions
- Condition of item
- Any liens or debt
- Accessibility
4. Strategies for Staying Under the Limit
Use ABLE accounts:
- Transfer excess to ABLE
- Up to $18,000/year contribution
- First $100,000 doesn't count
- Best long-term strategy
Spend down:
- Pay bills before the 1st
- Buy needed items
- Prepay expenses
- Don't let cash accumulate
Convert to excluded resources:
- Home improvements
- Vehicle repair
- Household goods you need
- Burial fund (up to $1,500)
Plan timing:
- Know when money arrives
- Spend before the 1st
- Track your balance
- Don't cut it too close
Don't forget:
- All accounts count
- Savings accounts count
- Even small accounts
- Track everything
Common Questions
Do retirement accounts count?
- Depends on accessibility
- If you can withdraw: Usually counts
- Penalties may reduce value
- Complex rules
Does my spouse's resources count?
- If both on SSI: $3,000 combined limit
- If spouse not on SSI: Complex deeming rules
- Spousal resources may count toward you
- Check specific situation
What about gifts I receive?
- Income when received
- Resource the following month
- Could push you over
- Plan accordingly
How Purple Helps
- Real-time balance monitoring
- Alerts before the 1st
- ABLE account integration
- Clear picture of resources
- Stay compliant