How does SSI calculate the value of my assets?
To be eligible for SSI benefits a claimant can have no more than $2,000 in assets. If married that applicant is limited to $3,000 in assets.
The Social Security Administration counts the following as assets:
- Money in checking or savings account;
- Cash value in life insurance policies, over $1,500;
- Stocks and bonds;
- Household goods and personal effects over $2,000;
- Motor vehicles, except for one;
- Real estate, other than the home in which the claimant resides.
What does not count as an asset:
- The claimant’s primary home;
- The claimant’s car. One car is excluded completely if it is needed for transportation. Any other vehicles will count as an asset, in the amount of that car’s value over $4,500. For example, a second car that is valued at $4,000 will not count as an asset, as it is not valued over $4,500. A car valued at $10,000 will be considered as an asset of $5,500 (4,500 subtracted from 10,000);
- Wedding rings;
- Support payments, including state or local relocation assistance payments, crime victim’s assistance, earned income tax credit payments, grant, scholarships, among others;
- Burial savings;
- Savings in an individual development account;
- Income set aside for an SSI “plan for achieving self-support (PASS Plan).”