Here at Disability Associates, a Social Security disability law firm in Towson, MD, we value and emphasize transparency about every step of the Social Security disability process, and are often asked this question by our clients: How much money can you have in the bank on Social Security disability benefits?
How much money can you have in the bank on Social Security disability benefits
There seems to be a lot of confusion among people either applying for Social Security disability benefits or newly receiving these benefits about whether or not they can have money in a saving’s account or a checking account. We believe that this confusion is due to another program called the SSI disability program.
Let’s talk about Social Security Disability. This program is based on your work history. You have worked long enough paying your Social Security tax, and now you have been out of work long enough to qualify for Social Security benefits. In these cases, Social Security does not care about how much money you have in a checking or savings account. You can be a very wealthy person and still qualify for Social Security benefits.
SSI is an asset-based program and there are definitely limitations on how much you may have in a checking or savings account in order to qualify for benefits. But if your case is focused on work history, then with the Social Security disability program, it will not matter how much money you have in your accounts.
About Disability Associates
Our team at Disability Associates views our clients as more than just another case. We build genuine relationships with each and every one of our clients to ensure that they are comfortable during this stressful time. We value honesty, good communication, and compassion, and implement these values with every client we have. In building these relationships, our clients trust that we will provide competent representation and will do our best to get them the Social Security benefits they deserve.