SSD Myth Busters Episode 23
Myth: Can Your Savings Get You Denied for SSD Benefits?

A common worry among disability applicants is whether having money in a savings account will hurt their chances of approval. Attorney Josh and Jeremy Worley clarifies that the answer depends entirely on which disability program you are applying for. For SSDI (Social Security Disability Insurance), which is based on your work history and credits earned by paying into Social Security, your savings and assets have absolutely no impact on eligibility. You could have substantial money in the bank and still qualify for SSDI.

However, for SSI (Supplemental Security Income), a needs-based program for disabled individuals with limited work history, assets do matter. SSI has strict financial limits: generally, an individual cannot have more than 2,000incountableassets(or3,000 for married couples). Countable assets include money in savings accounts, stocks, second vehicles, and other property. Your primary residence and one vehicle are typically excluded. If you exceed these limits, you may be disqualified from receiving SSI benefits regardless of your medical condition.

Myth Verdict

Partially True. Savings can get you denied, but only if you are applying for SSI (needs-based benefits). For SSDI (work-based benefits), savings and assets have no impact on your claim whatsoever.

Key Insights

  • SSDI = assets don't matter: Your savings, second home, or investments do not affect SSDI eligibility because you paid into the system.
  • SSI = strict asset limits: Individuals generally cannot have more than 2,000incountableassets(3,000 for married couples).
  • Excluded assets: Your primary residence and one vehicle typically do not count against SSI limits.
  • Second vehicles count: Owning a second car, RV, or additional property can disqualify you from SSI.
  • Know which program applies: The impact of savings depends entirely on whether you qualify for SSDI (work-based) or SSI (needs-based).