Here is some excellent reporting by National Public Radio's, Mr. Joseph Shapiro, regarding the pitfalls of the Supplemental Security Income ("SSI") program:
https://www.npr.org/2024/06/08/g-s1-3475/social-security-ssi-asset-limits
We hear these stories all the time. The SSI program is archaic and incomprehensible, so please make sure you educate yourself as to the resource limits when it comes to SSI. Even going $5 over the 2K resource level, for an individual, and 3K level, for a couple, will get your SSI benefits cutoff. You may also get saddled with an overpayment.
Some of the resources that the Social Security Administration ("SSA") looks at are:
Burial funds (in certain instances);
Cash;
Deemed Resources;
Land;
Life Insurance;
Personal Property;
Retirement Accounts;
Stocks, bonds, CDs, mutual funds;
Anything else you own which could be changed to cash and used for food and shelter.
For more information on how SSA looks at SSI resources, visit SSA's resource page at: https://www.ssa.gov/ssi/text-resources-ussi.htm
Got a question about
SSDI or SSI that you need us to answer? Please check out our website at www.westcoastdisability.com . We try to provide you with helpful information on our
website that will allow you to successfully navigate the Social Security
Disability process. Also, feel free to email me your questions at megan@westcoastdisability.com or call me at (800)
459-3017 x 101.
