Ssdi filing when have money already

Frequently Asked Questions

Q: I am disabled, but I have sufficient money in the bank for now. Do I have to wait until this money is gone before I apply for Social Security disability benefits?

Answering your question.

No, you don’t have to wait until your money is gone before you apply for Social Security Disability benefits. However, if you’re applying for Supplemental Security Income (SSI), there are rules about how much money you can have in the bank. Let me explain it clearly.

SSI vs. SSDI: The Key Difference

There are two main types of Social Security Disability benefits:

SSDI (Social Security Disability Insurance) — This is for people who worked and paid into Social Security before they became disabled.
SSI (Supplemental Security Income) — This is for people with limited income and resources, regardless of their work history.

If You’re Applying for SSDI:

No, you don’t have to wait until your money is gone.

For SSDI, your savings or assets don’t affect whether you can qualify. The main thing Social Security looks at is:

Whether you have a disability that stops you from working for at least 12 months, and
Your work history (whether you paid into Social Security enough through your job).

So if you have enough money in the bank but you meet the disability requirements and have a work history, you can apply for SSDI right away.

If You’re Applying for SSI:

Yes, you do have to worry about your money in the bank if you’re applying for SSI.

SSI is a needs-based program, which means your income and assets (like savings, property, and bank accounts) are closely examined. If you have more than a certain amount in savings, you could lose your eligibility for SSI.

Here are the limits:

You can have up to $2,000 in savings and assets if you’re single.
You can have up to $3,000 if you’re married.
Certain things don’t count as assets, like your home (if you live in it) or one car.

If you have more money than the limit, you can still apply, but you may need to wait until your savings drop below the limit. However, the good news is you don’t have to completely run out of money. Social Security will allow you to spend down your savings on things like medical expenses or housing costs, and you can apply once your assets fall below the limits.

Summary:

SSDI (Social Security Disability Insurance)
No, your savings don’t affect eligibility

SSI (Supplemental Security Income)
Yes, you must have $2,000 or less in assets (or $3,000 for couples)

What Should You Do?

If you’re applying for SSDI, go ahead and apply, even if you have money in the bank.
If you’re applying for SSI, check how much money you have in savings:
If it’s over the limit, you’ll need to wait until it’s under $2,000 (or $3,000 for couples) before applying.
Consider spending down your savings if you’re getting close to the limit — things like paying medical bills, housing costs, or other necessary expenses may help you qualify for SSI sooner.