How Much Money and Property You Can Have on SSI

SSI has strict limits on how much money and property you can own

Supplemental Security Income (SSI) counts your income and resources to decide your monthly payment. If you have too much of either, you lose some or all of your SSI. The federal limits are the same everywhere, but some states add their own money on top of SSI and use different rules for those state payments.

The resource limit — the total value of things you own — is $2,000 for an individual and $3,000 for a couple. Income limits are lower and work differently: SSI counts earned income (from work) and unearned income (from pensions, Social Security, gifts) separately, and it ignores certain types of both.

These numbers change once a year in January. The amounts above are current for 2024, but you should check with your local Social Security office or your state's SSI program to confirm the exact limits in your state and the current year.

Key Takeaways

• You can own no more than $2,000 in countable resources as an individual; anything over that reduces or stops your SSI payment.
• Your home and one vehicle do not count toward the resource limit, but savings accounts, stocks, and other property do.
• SSI ignores the first $65 of earned income per month plus half of what you earn above that, so working does not immediately end your payment.
• Unearned income like Social Security or a pension is counted dollar-for-dollar after a $20 monthly exclusion, so these reduce your SSI faster than wages do.
• Some states run their own SSI programs with higher resource limits and different income rules, so your state's rules may be more generous than federal SSI.

What counts as a resource and what does not

A resource is anything you own that has cash value. This includes bank accounts, savings, stocks, bonds, and property other than your home. A car you own counts, but only one vehicle is excluded — if you own a second car, its value counts against your $2,000 limit.

Your primary residence never counts, no matter what it is worth. Household goods and personal items like furniture, clothing, and jewelry do not count. A burial plot for you or your spouse does not count. Some states also exclude a small amount of burial funds (usually $1,500 per person), but this varies by state.

Life insurance does not count if the face value is $1,500 or less. If it is higher, the cash surrender value (what you could get if you cashed it in today) counts toward your limit. A car you own for work counts as a resource, but if you are self-employed, tools and equipment you use for your business may not count — this depends on your state.

Money in a ABLE account (a tax-advantaged savings account for people with disabilities) is excluded up to $100,000. Above that, it counts as a resource. If you have an ABLE account, this can be a way to save without losing SSI, but you need to set it up before you accumulate too much.

How earned income reduces your SSI payment

If you work, SSI uses a formula that lets you keep more of your payment than you might expect. The first $65 you earn in a month is not counted at all. After that, SSI counts only half of what you earn.

Here is how it works: if you earn $200 in a month, SSI ignores the first $65, leaving $135. It then counts half of that $135, which is $67.50. So your SSI payment is reduced by $67.50, not by $200. This rule is called the earned income exclusion, and it is designed to encourage work.

This exclusion applies every month, so if you have a month with no income, you get the full exclusion that month too — you do not lose it. However, if you earn more than a certain amount, your entire SSI payment stops. That amount varies by state but is usually around $1,500 to $2,000 per month in earned income, depending on your other income and your state's rules.

How unearned income reduces your SSI payment

Unearned income includes Social Security benefits, pensions, annuities, gifts, and rental income. SSI counts this income dollar-for-dollar after excluding the first $20 per month. This means unearned income reduces your SSI much faster than earned income does.

If you receive a Social Security retirement or disability payment of $300 per month, SSI ignores the first $20, leaving $280. Your SSI payment is then reduced by $280. If you also work and earn $200, that $200 is reduced by the earned income formula (first $65 ignored, half of the rest counted), so it reduces SSI by only $67.50. The unearned income hits harder.

Some types of income are excluded entirely and do not count at all. These include the first $20 of any unearned income per month (already mentioned), certain in-kind support (food or shelter provided by someone else, with limits), and some government benefits like Supplemental Nutrition Assistance Program (SNAP) or housing vouchers. Tax refunds and one-time gifts may also be excluded depending on how they are structured.

State SSI supplements and different rules

Some states run their own SSI programs that add money on top of the federal SSI payment. These state supplements have their own resource and income limits, which are often higher than federal limits. California, New York, and Massachusetts, for example, have state supplements with different rules.

If you live in a state with a supplement, you may be able to own more than $2,000 and still receive the state payment, even if you lose federal SSI. You need to contact your state's SSI program directly to learn what those limits are, because they vary widely. Some states use the same $2,000 limit as federal SSI; others allow $3,000 or more.

The income rules for state supplements also differ. Some states count income the same way federal SSI does; others have different exclusions or allow more earned income before the payment stops. This is one reason why two people with identical income and resources in different states might receive different total SSI payments.

How to report changes in income or resources

You are required to report changes in income or resources to Social Security within 10 days. This includes starting a job, a raise, receiving a gift, selling property, or opening a savings account. If you do not report and Social Security finds out later, you may have to repay money you received that you were not may have access to to.

You can report changes by phone, by mail, or in person at your local Social Security office. Some areas allow online reporting through your Social Security account. When you report, have the details ready: the date the change happened, the amount, and what it is (income, a gift, a sale, etc.).

If your income or resources go over the limit, your SSI payment will be reduced or stop, but you will be notified in writing before this happens. The notice will explain what changed and how it affects your payment. You have the right to ask Social Security to reconsider if you think the decision is wrong.

Planning ahead with resources and income

If you are close to the resource limit, you have options. You can spend down resources on things that do not count, like home repairs, medical care, or a car (if you do not already have one). You cannot simply give money away to stay under the limit — Social Security counts gifts as income in some cases and may penalize you.

If you want to save money without losing SSI, an ABLE account is the main tool available. You can contribute up to $18,000 per year (the annual gift tax exclusion amount) and keep up to $100,000 without it affecting your SSI. Above $100,000, it counts as a resource. This requires planning ahead, because you need to open the account before you have too much money.

Work incentives are another option. SSI has programs like Plan to Achieve Self-Support (PASS) that let you set aside income and resources for a specific work goal without losing benefits. A PASS plan requires a written agreement with Social Security about what you are saving for and how long it will take. This is complex and requires help from a work incentive planning specialist, but it can allow you to keep more money than the standard rules would.

Frequently Asked Questions

Does my home count toward the $2,000 resource limit?

No. Your primary residence is excluded from the resource limit no matter what it is worth. If you own a second home or rental property, that counts as a resource.

If I receive Social Security and SSI, how does that affect my payment?

Social Security is unearned income and is counted dollar-for-dollar after the first $20 per month. If you receive $400 in Social Security, SSI counts $380 of it and reduces your SSI payment by that amount. Your total payment (Social Security plus SSI) may still be higher than SSI alone would be.

What happens if someone gives me money as a gift?

A one-time gift is usually not counted as income. However, if gifts happen regularly, Social Security may count them as income. If the gift pushes your total resources over $2,000, the excess counts against your limit. Report any gifts to Social Security to be safe.

Can I work part-time and keep my SSI?

Yes. The earned income exclusion ($65 per month plus half of earnings above that) is designed to let you work. Most people can earn several hundred dollars per month and still receive some SSI, but the exact amount depends on your other income and your state's rules.

Do I lose all my SSI if I go over the resource limit?

Not necessarily. If you are slightly over $2,000, your payment is reduced but not eliminated. The reduction depends on how much over the limit you are. Once you are significantly over, your entire SSI payment stops, but you remain may be able to access to reapply if your resources drop back below the limit.