Learn About SSI Resource Limits and Savings Rules

Understanding SSI Resource Limits and Why They Matter

Supplemental Security Income, or SSI, is a federal program managed by the Social Security Administration that provides monthly cash payments to people with limited income and resources. The program serves three main groups: people age 65 and older, people who are blind, and people with disabilities. One of the most important rules in SSI is the resource limit—a cap on how much money and property you can own while receiving benefits.

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As of 2024, the resource limit for SSI is $2,000 for an individual and $3,000 for a couple where both members receive SSI. These limits have remained the same since 1989, though they have been the subject of ongoing policy discussions. A resource is anything you own that has cash value. This includes bank accounts, savings, stocks, bonds, vehicles, and real estate beyond your primary home. Understanding these limits is critical because exceeding them can result in losing SSI benefits entirely, even if your monthly income remains low.

The rules around resources are complex because not all assets count toward the limit. Some items are excluded from resource calculations, which means you can own them without affecting your SSI status. For example, your primary home and the land it sits on are excluded resources. Your car is also excluded, regardless of its value. This distinction between countable and non-countable resources forms the foundation of SSI resource planning.

Many people who receive SSI don't fully understand these rules until they face a problem. Someone might inherit money and not realize it will disqualify them from benefits. Another person might open a savings account without knowing that having more than $2,000 will cause their payments to stop. This information guide explores these rules in detail so you can understand how resources affect SSI benefits and what options may be available to you.

Practical Takeaway: SSI has strict resource limits that are much lower than many people realize. Before making any major financial decisions—such as receiving an inheritance, selling property, or opening a savings account—understanding how those decisions affect your resource count is essential to maintaining your benefits.

What Counts as a Resource Under SSI Rules

Not every dollar you own counts toward the SSI resource limit. The Social Security Administration has specific definitions for what qualifies as a countable resource. Understanding these definitions helps you track your own situation and plan accordingly. The most common countable resources include liquid assets like cash, money in checking and savings accounts, money market accounts, and certificates of deposit. Any funds you have quick access to are typically counted.

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Stocks, bonds, and mutual funds are also countable resources. If you own these investments, their current market value counts toward your limit. Real estate beyond your primary home is countable—so if you own a rental property, vacation home, or land, the current market value of that property counts. Motor vehicles beyond one are countable, meaning if you own two cars, only the value of one is excluded. Trusts can be countable resources depending on how they are structured; some trusts have rules that make their value count toward your resource limit, while others may not.

Life insurance policies with a cash surrender value count as resources. This means if your life insurance policy has accumulated cash value that you could withdraw, that amount is countable. Retirement accounts like traditional IRAs and Roth IRAs are countable resources based on their current account balance. This is an important consideration for people nearing retirement age or those who have saved in these accounts before becoming unable to work.

The following list shows common countable resources:

• Cash on hand and in wallets
• Bank accounts (checking, savings, money market)
• Certificates of deposit and bonds
• Stocks and mutual funds
• Rental properties and vacation homes
• Second vehicles and additional vehicles
• Trusts (depending on structure)
• IRAs and retirement accounts
• Life insurance cash values
• Business ownership interests

Practical Takeaway: If you own something of value that you can convert to cash relatively quickly, it likely counts as a resource. Keep detailed records of all accounts and property you own, and regularly check current balances and values. This tracking helps you understand where you stand relative to the $2,000 or $3,000 limit.

Resources That Don't Count: Excluded Assets

SSI resource rules include important exclusions—specific items you can own without them counting toward your resource limit. These exclusions exist because policymakers recognized that certain assets are essential to daily living or represent special circumstances. Your primary home and the land it sits on are completely excluded from resource calculations, no matter how valuable the property is. You could own a home worth $500,000 and it would not affect your SSI benefits from a resource standpoint.

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One vehicle is excluded, regardless of its value. This applies to any automobile, truck, or similar vehicle used for transportation. The vehicle must be one you or a family member uses for transportation; a vehicle sitting in a garage unused might be treated differently. If you own a second or third vehicle, those additional vehicles' values count toward your resource limit. A household's necessary personal items and household goods are excluded. This means your furniture, clothing, kitchen items, and similar possessions don't count as resources.

Certain items related to work or school are excluded. If you're receiving SSI and working, tools or equipment you use for your job may be excluded resources. School-related items needed for education don't count. Life insurance policies are excluded as resources; however, if the policy has a cash surrender value (meaning you could withdraw money from it), that cash value is counted. Burial spaces and burial-related funds are excluded within certain limits. You can set aside money specifically for your burial without it counting as a resource, up to $1,500 for you and $1,500 for your spouse.

The following list shows common excluded resources:

• Your primary home and the land it occupies
• One vehicle used for transportation
• Personal items and household goods
• Clothing and jewelry
• Tools and equipment for work
• School supplies and educational materials
• Burial spaces and funeral arrangements (up to $1,500 each)
• Prosthetics and medical equipment
• Assistance animals and their care costs

Practical Takeaway: Your home doesn't count as a resource, and neither does one vehicle. These exclusions are significant—they mean you can maintain stable housing and transportation while on SSI. Understanding what's excluded helps you see that you have more flexibility than the $2,000 limit might initially suggest. However, don't assume items are excluded; verify by checking with Social Security if you're uncertain.

How SSI Savings Rules Work and Income Limits

While resource limits apply to assets you own, SSI also has income limits that determine monthly benefit amounts. For 2024, the federal SSI benefit rate is $943 per month for an individual and $1,415 for a couple. These amounts increase slightly each year based on cost-of-living adjustments. Your actual SSI payment amount may be lower than the federal rate depending on your income from other sources and your state's SSI supplement, if any.

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Income is treated differently from resources. Income is money you receive regularly, such as wages from work, pensions, alimony, or unemployment benefits. When calculating how much SSI you receive, Social Security counts most of your income and reduces your SSI payment dollar-for-dollar based on that income. However, not all income counts. The first $65 of monthly earnings and half of remaining earnings are excluded from income calculations. This work incentive is designed to encourage SSI recipients to work without immediately losing all their benefits.

Unearned income—money from sources other than work like pensions or interest from savings accounts—is counted differently. The first $20 of unearned income per month is excluded. Beyond that, unearned income reduces your SSI payment dollar-for-dollar. This means if you have $100 in a savings account earning $1 per month in interest, that $1 counts as unearned income. Once your unearned income reaches $20 per month, your SSI payment reduces by $1 for every additional $1 in