Can you have money in the bank and get Social Security Disability?
Yes, you can. If you are receiving disability benefits in the form of SSDI, Social Security Disability insurance (also often referred to as SSD or Social Security Disability, RSDI or retirement survivors disability insurance, or DIB a.k.a. disability insurance benefits), then it doesn't matter how much money you have in any bank account or investment. You could have one million dollars in an account and you would still maintain eligibility to receive SSDI. Because SSDI does not means-test individuals based on what they have in assets. It is an earned benefit.
It is completely different, however, if you receive disability in the form of SSI, or supplemental security income. In the case of SSI, a person will have been found disabled in exactly the same manner as SSD (a.k.a. SSDI); however, SSI is a need-based program that has asset limits. The current limit for an individual is $2000 for countable assets. Countable assets does include excess money in a bank account.
If a person on SSI goes above the asset/resource limit, they may find themselves in the position of losing their benefits.
Additional links:
Social Security Disability and Money in the Bank
Can You Be Denied Disability If You Have Money In A Savings Account?
What Are the Social Security Disability Requirements For Personal Assets?
Can you Receive Disability Benefits and have Assets, Investments, a Savings Account?
Getting SSDI but making too much money
About the Author: Tim Moore is a former Social Security Disability Examiner in North Carolina, has been interviewed by the NY Times and the LA Times on the disability system, and is an Accredited Disability
Representative (ADR) in North Carolina. For assistance on a disability application or Appeal in NC, click here.
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