Share This Post
How Much Money Can You Have in the Bank on Social Security Disability?
There is no limit to the amount of money or other assets you can have and still, receive Social Security Disability (SSD).
This makes Social Security Disability (SSD) different from Supplemental Security Income (SSI) (SSD Vs SSI) which limits the assets any recipient can own while receiving Supplemental Security Insurance (SSI) benefits.
What is SDD?
Social Security Disability is a government insurance program that pays benefits to workers who become too disabled to perform a substantial gainful activity (SGA). If you paid Social Security taxes from your wages or self-employment income for 10 years, at least 5 of those years immediately preceding the onset of your disability, the government will recognize that you are covered under the program. (Read the section below for more details about How Working Makes You Eligible for SSD Benefits?
Your impairment needs to be supported in medical records by a qualified doctor, and you must be impaired or expect to be impaired for 12 months. Both physical disability and mental health impairments qualify. In some cases, a person may suffer from multiple impairments, none of which alone is severe enough to qualify for disability benefits. But when the impairments are viewed together, the combination of impairments can be a qualifying disability under the Social Security Disability regulations.
Why Social Security Disability (SSD) Does Not Limit Your Assets?
You qualify for SSD benefits even if you have $100,000 or more in your bank account. You are eligible for SSD benefits because you earned that right by working hard for years. The funds you receive as SSD benefits come from the Social Security Trust Fund, a pool of money into which you paid taxes throughout your working life.
The Social Security Administration’s other program, the Supplemental Security Income (SSI), was created to provide financial support to disabled people who have few if any, assets at all. The rules for SSI are completely different. To be eligible for SSI, which is a needs-based program, a person must have a low income and assets valued at less than $2,000.
How Working Makes You Eligible for SSD Benefits?
As you read earlier, SSD benefits are intended only for disabled people who worked long enough to be eligible for coverage under the program. But how long do you have to work?
The answer depends on your age.
If you are 31 years old or older, you need to have earned 40 credits by working in a job paying Social Security taxes for 10 years. What are credits? The Social Security Administration uses a method of counting “credits.” You earn 1 credit for earning a certain amount of money in wages or self-employment. In 2021, a credit is awarded for earning $1,470. When you earn $5,880 in a year, you have earned 4 credits, the maximum for any year. The program also requires that half (20) credit be earned recently, meaning within 5 years of your becoming disabled.
If you are between the ages of 24 and 31 when you become disabled, the SSD benefit program only requires that you worked for half the years from when you were 21 until the time of your disability. For example, if you worked and became disabled when you were 25, you would be eligible to apply for SSD if you worked for 2 years.
For someone who becomes disabled before their 24th birthday, they would be eligible for SSD benefits if they earned only 6 credits in the 3 years since they turned 21. Six credits could be earned by working and paying Social Security taxes for 18 months.
When Filing for SSD, An Experienced SSD Attorney is Your Best Resource
An experienced, qualified SSD lawyer is a valuable resource you should reach out for as soon as you think you might be entitled to SSD benefits. While you are not required to have a lawyer to apply for SSD benefits, the process can become overwhelming without your own expert who knows how to manage any obstacles or complications that arise.
An experienced professional SSD lawyer like Maryjean Ellis can be the difference between being awarded full benefits as soon as possible or having your claim delayed or denied due to an incomplete package or a poorly prepared application.
Attorney Ellis specializes in representing SSD and SSI claimants. Her decades-long devotion to her clients brought her a highly developed understanding of technical medical record terminology and acronyms. As a result, she integrates every favorable notation from your medical charts into the most complete and compelling SSD benefits application.
You could say that getting a great SSD lawyer on your case is like having “money in the bank.”
Income Limitation from Working When You Receive SSD
You can indeed have money in the bank, own a big house, and drive fancy cars and still qualify to receive SSD benefits. But there is a limit on how much you can earn from working while receiving SSD payments.
In 2021, you may not earn more than $1,260 per month from working to continue receiving SSD payments. The income limit only applies to money you earn in wages or from self-employment. There is no limit to how much you can earn from interest, investments, spousal income. The SSD benefit is paid to people who are determined to be too physically or mentally impaired for substantial gainful activity. If you earn more than the limit set by the Social Security Administration, your disabled status is jeopardized.