Does Social Security Disability require that your savings be depleted?

Does Social Security Disability require that your savings be depleted?

There is much confusion as to income and resource limitations when it comes to filing for disability with the Social Security Administration. For the most part, disability applicants think that they have to have no money or resources when filing for Social Security Disability. But this is not true for either program.

The SSI disability program is need based, and as such, there are income and resource limits. However you can have some savings. The SSI program allows an individual to have $2000.00 in resources (this could be savings, an extra vehicle, or any other asset that can be converted to cash). If you are part of a couple, you are allowed to have $3000.00 in resources. While the limit is low you can have some savings and still qualify for the program even with the resource limit required by this program.

If you qualify for Social Security Disability, there is no limit to the amount of savings you can have or any other resources, for that matter. There is no income limit either. Social Security Disability only has one limit and that is an earnings limit.

If you are applying for SSDI, you have a monthly earnings limit (SGA) and if you are not over that limit you will have no problem. SSDI is based on your work activity prior to your becoming disabled, therefore it is not need based.

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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