[cybermember]

How much money are you able to have in the bank with SSD? I understand SSI has a $2000 limit before red flags get thrown up, but what about SSD? Are there red flags to how much you can have in the bank with SSD?

[ginnie]

I believe it is 2 grand for either of them, I could be wrong. I would like to hear from others about this issue as well. ginnie

[echoes long ago]

ssdi there is no limit to the amount of money you can have in the bank. for ssi its 2,000 in total assets besides one car and your house

[LIT LOVE]

http://www.disabilitysecrets.com/page7-5.html

The above link is a good explanation of the 2 programs. There are NO asset restrictions for SSDI. SSI is a needs based program for those without enough work credits and is essentially welfare.

For those that are disabled at age 21 or younger, they should consider applying for SSDI on their parents work record since this might be of great benefit when a parent retires or passes away.

[cybermember]

That's good to know about SSDI as I want to save up a good down payment to get a new car in the next 5 years and wasn't too sure if I could keep my money in my bank account or to put it in a safety deposit box. I'm relieved that I can keep it in my account.

[Mz Migraine]

An easier version....

Oprah Winfry & Bill Gates who are both BILLIONAIRES are entitled to collect SSDI if they should ever need it.

[diaba]

I had never herd of this, does it vary by state? so can you actually be turned down if you have more than 2 K in the bank?

[Jomar]

Originally Posted by diaba

I had never herd of this, does it vary by state? so can you actually be turned down if you have more than 2 K in the bank?

Which are you asking about, SSI or SSDI?

Gov link with info on both-
https://www.socialsecurity.gov/disability/

[Janke]

Originally Posted by cybermember

How much money are you able to have in the bank with SSD? I understand SSI has a $2000 limit before red flags get thrown up, but what about SSD? Are there red flags to how much you can have in the bank with SSD?

SSI has a $2000 resource limit that includes the cash in your pocket or in your safe deposit box or hidden in your home safe as well as your second or third car, your investments, the cash value of some life insurance policies, all of your non-home real estate, oh, and the money in the bank.

Being over the resource limit for SSI is not a red flag; it means you are ineligible for SSI benefits for as money months as you are over the resource limit and can create tremendously large overpayments.

[ginnie]

Yes it is true. If you get medicare/medicaid, or SSDI you cannot have more than 2k. I lost what two generations saved for, through a trust, given to me to be able to keep my home. I was not allowed to keep those funds, even though it was stated in the trust not to use for medical. My folks had tried to protect me. Could not get benefits until those funds were extinquished. I am now loosing my home because I cannot pay the taxes. Lousy deal. ginnie