General, SSI

Why It’s Important To Tell Us About Your Financial Accounts

April 11, 2024 • By

Reading Time: 1 Minute

Last Updated: April 11, 2024

A woman on couch making a phone callDo you receive Supplemental Security Income (SSI)? If so, you need to tell us about any financial accounts you own, alone or jointly with someone else. You must also promptly inform us of any changes to those accounts to ensure you receive the correct payment amounts.

What You Need to Tell Us

You need to tell us about certain changes to your financial account or account balances. Let us know if you:

  • Open a new financial account.
  • Close a financial account.
  • Add a joint owner to an existing account.
  • Increase your account balance over the resource limit.

The SSI resource limit for an individual is $2,000 and for a married couple where both members live together the limit is $3,000.

It’s important to tell us about changes in your financial situation to ensure your benefit amount is correct.

Examples of Financial Accounts 

  • Checking and savings accounts.
  • Christmas club accounts.
  • Certificates of deposit.
  • Stocks and U.S. Savings Bonds.

Achieving a Better Life Experience (ABLE) Accounts

ABLE programs allow people with disabilities to save without losing access to important benefits. Savings in these funds will not be counted as resources by SSA when determining continued SSI eligibility.  To learn more about ABLE accounts, visit ABLE Programs Prepare for Expanded Eligibility.

How to Report Changes

Additional Information

For a complete list of SSI reporting responsibilities, please refer to the publication, What You Need to Know When You Get Supplemental Security Income.

Please share this information with those who need it.

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  1. Kevin

    I do not Want a representative payee, neither do I Need a representative payee, I am of vry sound mind and very capable of handling and minding my own business and if everyone loves their own business they won’t have the time to mind mine, what I, as well as many of you recipients here Need is More Money to manage, at less than $1000 per month in disability benefits its more than difficult, i am now practically homeless because I cannot get fair treatment applying for hud or section 8 housing voucher assistance and only get the runaround, I don’t have a vehicle or a dependable ride and public transportation is non existent,u was diagnosed with late stage psoriasis of the liver 3 years ago so Its not easy getting what I need

    Reply
  2. Holly S.

    *NOTICE* if THE OVERPAYMENT allegedly happened in 2020 it should be waived and dismissed. Some all the way up to 2023. So check your notices people. 2020-2023, you qualify to have it waived and removed.

    Reply
    • Kevin M.

      Hi Anita, I have a friend that is in the process of getting her SSI benefits re enstated due to overpayment in the years 2019- 2020- 2021-2022- 2023 would kindly instruct me about the information you commented so I may help her get her rightfully earned benefits again? She has been awfully upset about it and already still recovering from a stroke and open heart surgery 2 years ago, I appreciate it vry much and thank you for your post it has been quite helpful already, thanks again and God bless you.

      Kevin

      Reply
    • Kevin M.

      Correction – Holly, I’m sorry I said Anita my mistake but my question is to you Holly and thank you

      Reply
  3. Navvkhush h.

    Hello, Thanks for sharing this content

    Reply
  4. Delanna D.

    I’m disabled in wheelchair and I can’t walk right now because of my injuries I have to prop my leg up for hours at a time can I please get approval for SSI immediately

    Reply
    • Sue

      Hi, Delanna. Thanks for reading our blog and for your question. Social Security pays disability benefits to adults who are unable to work because of a condition that is expected to last at least 12 months or to end in death. Our Supplemental Security Income (SSI) program makes payments to adults and children with disabilities, and people 65 and older, who have limited income and resources. For more information or to apply for benefits, visit Apply for Social Security Benefits. If you have already applied, you can check the status of your pending application with your personal my Social Security account or with our automated telephone services. Call us at 1-800-772-1213 and, at the prompt, respond “application status.”  Visit our Frequently Asked Questions to learn how long it takes to get a decision on your disability application. We hope this helps.

      Reply
  5. SLW

    With inflation still going up ,
    when will the CPI – W
    get changed to CPI – E ???
    Average rent for many is out of reach also on very limited incomes

    Reply
    • yaşam s.

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      Reply
  6. Pro.Jatmiko

    Ini sangat membantu tp kenapa tagihanku begitu melambung tinggi?

    Reply
  7. mevo r.

    this blog really clarified some key concepts for me. Looking forward to diving deeper into this topic. Thanks for sharing

    Reply
  8. Daniel S.

    Dear Social Security, I’m named in my Mother’s estate as an inheritor, but my little brother is the executor of her estate. I just had an offer to settle a debt and save $3,500.00 with a one time payment of $1,600.00, I can’t get access to any of the funds or to sell my 162 acres. Maybe next year, my brother will resolve the estate and my siblings and myself will have the money available. I’m currently working with a “Debt Reduction and Consolidation Firm “ they take $484.00 of my $1,534.00 every month, after I buy groceries for the month ($585.00) pay my phone bill ($174.00) and my satellite internet ($177.00) I spend $350.00 for gas to go to my Doctor appointment, I’m trying to save $100.00 every month to repair my 1994 truck. I’d love nothing better then to be able to work, but being 90 miles from town, that’s unrealistic (I can’t even walk down my driveway to get the exercise I need)

    Reply
    • Bill s.

      You really need to look at your exorbitant expenses; $174 a month for a phone, I spend $30 unlimited data, $177 for internet, I spend $78 for a 1 gig connection. You must get the worse miles per gallon I have ever heard of. Are you five tanks of gas a month to go to your doctor, really??

      Do yourself a big favor and shop around to get better prices for the services you get.

      Reply
      • Pro.Jatmiko

        Maaf*

        Reply
      • SLW

        DEFINITELY 👍 !!!

        Reply
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        Reply
    • Elaine D.

      My phone is $14.99 a month for home and I’m borrowing my nieces old iphone(11) and I pay her $20 a month. Car insurance is $91 a month and I have a antenna I bought myself for $30 5 yrs ago and it brings in 28 channels. I pay Amazon Prime with ads for 8.99 a month and I spend $20 a month for gas. I use my car for pleasure. My car payment (leasing) is $352.71 & I still have money left over for next month. Renters insurance was $113 a yr.

      Reply

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