HOW MUCH MONEY CAN YOU HAVE AND STILL GET SSDI?

I just read an article on the internet that has several errors. For example, it says that an individual on SSDI can only have $2,000 in cash or other resources. This is totally wrong. SSDI is not income based, is not means tested, and has no restrictions on how much money or other resources a recipient may have. The article I read confuses SSDI with SSI, two very different programs, but both administered by the US Social Security Administration. (SSI does NOT stand for "Social Security Income." It stands for Supplemental Security Income.

SSDI stands for Social Security disability insurance. A claimant is not required to have limited finances or scant resources to qualify. He/she only needs to have worked enough, and recently enough to have "insured status," and to meet the regulatory definition of "disability."

There is one requirement, however, for SSDI that claimants may run afoul of. They must not be working at "substantial gainful activity" or SGA. A person is working at SGA if he/she earns at least $1,260 per month in wages or self-employment. This is not an income or resource restriction. It is a work restriction. Social Security disability is for persons who are not able to work. If working and earning at least $1,260 in wages (or self employment income), they prove that they are able to work because they are working.

Take the example of an individual who has $200,000 in a savings account. She becomes unable to work due to a severe and medically determinable impairment. She stops working due to disability. Even with $200,000 in the bank, can she qualify for SSDI benefits? Yes, she can. How much money she has will have no effect on qualifying for SSDI.

SSI or Supplemental Security Income is just the opposite. SSI is a needs based and income restricted program and is for elderly or disabled individuals who do not have the work history required to get SSDI benefits. Generally, an individual may not have more than $2,000 in assets to get SSI. A couple is limited to no more than $4,000.

So, be sure you know whether you're talking about SSDI or SSI when you consider how to qualify. And remember that SSDI has no income or financial restrictions at all, just a work restriction.