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If you file for Social Security Disability, does it matter how much money you have in your checking and savings accounts?

Saint Clair, MI |

If you have saved in previous years, does this affect the possibility of receiving disability money or not? Do they look at that as one of the factors? (They do ask for this information on the application form).

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Attorney answers 1


No. Eligibility for Social Security benefits is NOT based on financial need. If you become disabled while fully and currently insured, you are eligible. How much you have in your savings or checking accounts is irrelevant.
However, Supplemental Security Income (SSI) disability benefits, ARE based on need. Monthly benefits are affected by how much other income you receive. In order to be eligible for SSI, a disabled individual may also not have non-exempt resources worth more than $2000.

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