Skip to main content

Income and Assets Limitations For SSI

 
When an applicant applies for Supplemental Security Insurance (SSI), the Social Security Administration (SSA) will review their income and assets to determine if they qualify for the program. SSI is an income-based disability program that awards benefits to low-income individuals with limited assets who suffer from a disabling condition. As a result, the SSA limits the amount of income an applicant is allowed to receive and the amount of assets he or she can possess.
 

Income Restrictions For SSI

The income limit for SSI is always equal to the Federal Benefit Rate (FBR). The FBR for an individual is $733 per month while for a married couple is $1,100 per month. Both earned and unearned income will both be considered but the SSA will not count all of the income toward the SSI limit. The income excluded reduces the total countable income to make it easier for SSI applicants to qualify. The SSA will exclude the following from an applicant’s earned and unearned income:

Income Exclusions

The SSA will exclude

  1. The first $20 of earned or unearned income.
  2. Then the first $65 of earned income.
  3. Then excludes half of the remaining earned income.

The rest of the income left will be labeled as countable income and will reduce the amount of SSI benefits the applicant would receive. The SSA will determine an applicant’s monthly benefits by subtracting the remaining income by the Federal Benefit Rate of $733 per month.

Here are some examples:

Earned Income Only

Applicant receives $1,000 in earned income per month.

  1. $600 minus the first $20 = $580
  2. $580 minus the first $65 = $515
  3. $515 divided by 2 = $257.50
  4. The SSA will count $257.50 as countable income
  5. The applicant would receive: $733 – $257.50 = $475.50 per month.

Unearned Income Only

Applicant receives $500 in unearned income per month.

  1. $400 minus the first $20 = $380
  2. The SSA will count $380 as countable income
  3. The applicant would receive: $733 - $380 = $353 per month

Both Earned and Unearned Income

Applicant receives $600 in earned income and $400 in unearned income.

  1. $400 (unearned) minus first $20 = $380
  2. $600 (earned) minus first $65 = $535
  3. $535 (earned) divided by 2 = $267.50
  4. The SSA will count $380 (unearned) plus $267.50 (earned) = $647.50
  5. The applicant would receive: $733 - $647.50 = $85.50 per month

 

Asset Limits for SSI

In order to qualify for Supplemental Security Insurance (SSI), an applicant is limited to amount of assets he or she can own. A non-married applicant can have no more than $2,000 in assets while a married applicant can have no more than $3,000 in assets. The SSA doesn’t count all assets toward the limit and applicants need to know what counts as an asset.

What Counts as an Asset?

The SSA defines the following as an asset or resource:

  • Cash
  • Land
  • Personal Property
  • Vehicles
  • Bank accounts used to store money
  • Stocks and U.S. bonds
  • Life Insurance
  • Anything else that could be liquidated into cash and used for food/shelter instead.

 

What Assets Are Excluded For SSI?

  • The home the applicant lives in and the land it is on
  • Household goods such as a refrigerator
  • Burial spaces for the applicant or immediate family of the applicant
  • Burial funds for the applicant and their spouse valued at $1,500 or less
  • Life insurance policies with a total face value of $1,500 or less
  • One vehicle despite its value
  • Scholarships, grants, or gifts set aside for educational purposes for 9 months after receipt.