2020 has been a year of financial hardship for many people, especially those who rely on Social Security disability benefits to make ends meet. But if you’re receiving Social Security disability benefits, how much money can you have in the bank?
The Social Security Administration (SSA) limits the value of resources you own to no more than $2,000. The resource limit for a couple is only slightly more at $3,000. Resources are any assets that can be converted into cash, including bank accounts.
If you have more than $2,000 in the bank, you may be disqualified from receiving Social Security disability benefits. However, there are some exceptions to this rule.
For example, if you have money in a trust fund or a retirement account, the SSA does not count this as a resource. This means that you can have more than $2,000 in the bank and still qualify for Social Security disability benefits.
In addition, the SSA does not count the value of your home or car as a resource. This means that if you own a home or car, you can still qualify for Social Security disability benefits, even if you have more than $2,000 in the bank.
It’s important to note that the SSA does not count the value of any property that you are actively using. For example, if you own a car and you are using it to get to and from work, the SSA will not count the value of the car as a resource.
Finally, if you have more than $2,000 in the bank, the SSA may require you to use the money to pay for medical expenses or other necessary expenses. This means that you may be able to keep your Social Security disability benefits, even if you have more than $2,000 in the bank.
In conclusion, if you are receiving Social Security disability benefits, the SSA limits the value of resources you own to no more than $2,000. However, there are some exceptions to this rule, such as trust funds and retirement accounts. In addition, the SSA does not count the value of your home or car as a resource. Finally, if you have more than $2,000 in the bank, the SSA may require you to use the money to pay for medical expenses or other necessary expenses.
