Burying Gold In The Backyard

[Bill Dickerson]

I'm in the US and I have a Disability question. I can't seem to find a clear answer. I'm hoping someone here knows. I get SSDI and my T recently said the amount I put to savings doesn't matter.

I understand SSI has a limit of savings and this is what I was told when I signed up. I recently read that SSDI is an insurance that I paid into and it didn't matter if I had a million bucks in the bank since I'm entitled to the funds.

I would much rather keep it in the bank than burying it in the backyard.

 

[Deleted member 1860]

Good question. I've always been under the assumption that SSDI didn't limit ones savings. I know that SSDI doesn't require yearly statements of my assets but I do need to submit statements for my other benefits (food stamps & my Medicare supplemental insurance). I think if savings were limited, wouldn't you need to verify your assets periodically?

Edited to add

Wait---not sure about the SSDI verifying assets thing as I don't manage my funds personally nor do I make the yearly reporting on where my money goes.

 

[Seasounds]

I don't know. I would think you can call and ask, without disclosing your name, or look it up on the internet. Additionally, you can leave a message with any social worker, and most/those who deal with SSDI, should be able to tell you the answer.

 

[a3a2]

I can't say for sure either, but I help a client fill out all their forms for ssi, and have never been asked for bank account info., leading me to believe your social worker is probably right.

 

[Justmehere]

SSI has a limit of $2,000 in assets/savings -

http://www.nolo.com/legal-encyclopedia/income-asset-limits-ssi-disability-eligibility.html

SSDI does not have assets or unearned income limits -
http://www.disabilitysecrets.com/re...y-disability/ssdi/income-limits-ssdi-benefits

I'm on SSDI and I have had more than $2,000 in the bank, and social security knew and didn't do anything.

 

[Bill Dickerson]

Thanks that is what I was looking for.

For some reason they had asked about my banking accounts before. I guess they were not looking at the correct list.