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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12052
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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THello, Please tell me the asset limit for social security,

Customer Question

tHello, Please tell me the asset limit for social security
JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Need to know the income and asset guidelines
JA: Is there anything else important you think the Retirement Accountant should know?
Customer: No
Submitted: 7 months ago.
Category: Social Security
Expert:  Lane replied 7 months ago.

Hi. My name's Lane. I can help.

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For SSI (Supplemental Security Income - the social security program that pays monthly cash benefits to blind or disabled children and adults who are blind, disabled, or over 65, the asset limit is $2000 for a single person, and $3000 foor a couple.

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As you likely know, but just to be sure, there is no asset limit to SSDI (where you have paid FICA taxes over the course of their working history.). This and Social Security retirement are not means tested programs (like SSI and Medicaid are)

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The income limit for SSI is more complicated. The way Social Security counts income is different than the way we usually think of income. Countable income includes wages or any other kind of money you earn from working, plus money you get from other sources like unemployment, Social Security retirement, or gifts from friends, but also, free food or shelter.

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In general, the income limit for SSI is the Federal Benefit Rate (FBR), which is $733 per month for an individual and $1,100 per month for a couple in 2016.

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(Remember, that they want to encourage work so Social Security has several earned income exclusions that reduce countable income and make it easier to qualify for SSI if you are working. Social Security excludes the first $65 in earnings and one-half of all earnings over $65 in a month.

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The earned income exclusions mean that in 2016 a person can earn about $1,500/month and still qualify for SSI (though the monthly payment is reduced when you have other countable income, such as help from friends, free food and shelter, etc).

Expert:  Lane replied 7 months ago.

Sorry for the data-dump, but it's just not simple ... AND just in case you were asking about SSDI (where it's not means tested, no asset limits, and acquired by having enough work credits) the income IS couned there, as it shows that you are able to work, and therefore not disabled).

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While a disabled (nonblind) person applying for or receiving SSDI (again SSI and SSDI are different benefits) cannot earn more than $1,130 per month by working, a person collecting SSDI can have any amount of income from investments, interest, or a spouse's income.

Expert:  Lane replied 7 months ago.

Please let me know if you have ANY questions at all, before rating me.

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content.

Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents since 1986.

Expert:  Lane replied 7 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

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But if you need more on this, please let me know.

Lane