Social security disability
Is it true that if an individual has more than $2,000.00 in a bank account that they can lose their social security disability or that it can be reduced? What about investments? When I became disabled I took my 401K and put it in an IRA. Will that affect my disability as well? I just turned 65 and I know what I have isn’t enough to last the rest of my life, not even close, but it gives me some peace of mind if I need it. Thanks Terry.
Terry Says
These are two separate programs. There is no asset limit for Social Security Disability. And there’s no limit to the income you (or your spouse) can earn — although at some level those benefits might become taxable. The good news is that in less than two years your SSDI will automatically transition into regular Social Security benefits.
But there IS a $2,000 asset limit for SSI -a program run by Social Security — It’s called Supplemental Security Income.
