Given the different amounts of money that each individual is potentially eligible for with social security disability, it’s easy to become confused on the process. While it is true that your history will factor into what you may ultimately be paid if you are approved, there are only certain factors that play in.
Do I Have Too Many Assets to Qualify for Social Security Disability?
You may wonder if your current assets could potentially lower your monthly payout potential in regards to social security disability. The fact is, your assets do not matter when it comes to your potential social security disability payment. This is because that calculation on the financial side of social security disability benefits comes solely from what you have paid in to FICA taxes through the years, typically taken out of the paycheck from your employer.
The amount of assets, cash and other resources you own does factor into the social security disability calculation. Your spouse’s income also does not affect getting approved. Again, it is solely based on the amount that you have previously paid in. That amount over years of work will determine where you fall on the monthly payout spectrum. For 2019, the average monthly payout is $1,234. The maximum amount you could receive was adjusted in 2019 to $2,861.
While your assets will not hurt your qualifications for social security disability, it should be noted that there are financial factors that can. For example, if you are currently making a certain amount at a job or are self-employed earning a certain amount, you won’t qualify as you will be deemed able to perform a job. As a general rule, you cannot earn over $1,220 per month currently to be considered for social security disability benefits. Read more about those thresholds here.
In addition, if your investments earn a sizeable amount or your spouse makes money working, you will be taxed on a portion of the benefits you receive. This is the only area where your spouse’s income can come into play.
Do I Have Too Many Assets to Qualify for Social Security Income?
For Supplemental Security Income (SSI), the assets come into play differently. SSI is a needs-based program, not one that you pay into like SSDI, so there is an asset and different income limit to qualify for this program. You will need to have low income and assets – less than $2,000 – to qualify, which makes it an entirely different program than SSDI.
For more information on what you qualify for in terms of SSDI or SSI, don’t hesitate to call us at risk-free at Tabak Law at 844-432-0114.