What Assets Don't Count Against Your SSI Resource Limit

Which assets the SSI program ignores when calculating your resources

SSI has a resource limit of $2,000 for an individual and $3,000 for a couple, but the program does not count everything you own toward that limit. Your home, your car, household goods, and certain savings accounts set aside for specific purposes do not count. Understanding which assets are excluded can mean the difference between keeping your SSI payment and losing it — and it changes what you can safely own without triggering a resource overage.

The SSI program treats resources in two categories: what counts and what does not. The things that do not count are called excluded resources. Social Security publishes a specific list, and it matters because you can own unlimited amounts of excluded resources without affecting your SSI payment. A person receiving SSI can own a home worth $500,000 and still receive their full benefit, because the home itself is excluded. The same person cannot own $2,100 in a regular savings account, because that $100 over the limit would reduce their payment.

Key Takeaways

• Your primary residence, one vehicle, household goods, and personal items do not count toward the $2,000 resource limit, no matter their value.
• Certain savings accounts and funds set aside for work, education, or burial do not count, but only if they meet specific SSI rules about how the money is held and what it is for.
• Life insurance policies with a face value under $1,500 do not count; policies over that amount do count as a resource.
• Money in an ABLE account or a properly structured special needs trust does not count, but the account must be set up correctly to receive this protection.
• You must report changes in your resources to Social Security within 10 days, even for excluded resources, because SSA needs to verify they still meet the exclusion rules.

Your home and vehicle are always excluded

Your primary residence — the home where you actually live — does not count as a resource under SSI, regardless of its value or whether you own it outright or have a mortgage. This exclusion applies to a house, a mobile home, a condo, or an apartment you own. If you own a second home or rental property, that does count toward your resource limit.

You can own one vehicle without it counting toward your $2,000 limit, as long as it is used for transportation for you or a family member. A car, truck, motorcycle, or RV used for personal travel is excluded. If you own a second vehicle, that one counts as a resource. A vehicle used primarily for business purposes may be treated differently, so report it to your local SSA office if you use a vehicle for work.

Household goods and personal items with no resource limit

Furniture, appliances, electronics, clothing, books, tools, and other items you use in your home or for personal use do not count as resources. This means you can own as many household goods as you want without affecting your SSI payment. A person receiving SSI can own a full house of furniture, a computer, a television, musical instruments, and sports equipment without any of it counting toward the resource limit.

The rule applies to items you actually use or own for personal reasons. Items held for resale — such as merchandise you are selling online or inventory for a business — may count as business assets instead. If you are unsure whether something counts, describe it to your local SSA office: they can tell you whether it is treated as a personal item or a resource.

Savings accounts and funds set aside for specific purposes

Money in a regular savings or checking account counts toward your $2,000 limit. However, money in certain dedicated accounts does not count if it meets SSI's specific rules. These excluded accounts are called set-asides, and they exist for work, education, or burial expenses.

A work incentive account (sometimes called an impairment-related work expense account or IRWE account) holds money you set aside to pay for things that help you work — such as transportation to a job, assistive technology, or work clothing. The money must be in a separate account, and you must document what it is for. Money in a work incentive account does not count as a resource.

A Plan to Achieve Self-Support (PASS) account holds money you are saving toward a work goal — such as paying for job training, a business license, or tools for a trade. A PASS must be written down and approved by Social Security before the account is opened. Once approved, the money in the account does not count as a resource, even if it exceeds $2,000. PASS accounts are complex and require paperwork, but they allow you to save without losing SSI.

A burial fund set aside specifically for funeral and burial expenses does not count as a resource, up to $1,500 per person. If you are married, you and your spouse can each set aside $1,500, for a total of $3,000. The money must be in a separate account labeled as a burial fund, and you must tell Social Security it is set aside for that purpose.

ABLE accounts and special needs trusts

An ABLE account is a tax-advantaged savings account created specifically for people with disabilities. Money in an ABLE account does not count as a resource for SSI purposes, up to $100,000. Once the account reaches $100,000, you can still keep the money there, but SSI will count anything over $100,000 toward your resource limit. ABLE accounts are offered by most states and allow you to save money without losing your SSI payment, as long as you stay under the $100,000 threshold.

A special needs trust (also called a supplemental needs trust) is a legal trust set up by a family member or friend to hold money or property for your benefit. Money held in a properly structured special needs trust does not count as your resource, because technically you do not own it — the trustee does. The trustee can use the money to pay for things that improve your quality of life, such as therapy, education, or recreation. If the trust is not set up correctly, it may count as a resource or cause you to lose SSI, so this requires legal help.

Life insurance and other excluded resources

A life insurance policy with a face value (the amount paid out when you die) of less than $1,500 does not count as a resource. If the face value is $1,500 or more, the policy counts as a resource. The cash surrender value — the amount you could get if you cancelled the policy today — is what counts toward your limit, not the full face value.

Certain other items are also excluded: a wedding ring and engagement ring (regardless of value), items set aside for a disability-related need, and property essential to self-support (such as tools needed for your job). Scholarships and educational grants do not count as resources if they are used for education. Money received as a tax refund does not count for the month you receive it, but it counts in the following month if you still have it.

What happens if you go over the resource limit

If your countable resources exceed $2,000 (or $3,000 for a couple), SSI will reduce or stop your payment. The reduction is not automatic — Social Security will send you a notice explaining what resources they counted and asking you to respond. You have a chance to explain why certain items should not count or to reduce your resources below the limit.

If you receive a notice that you are over the limit, do not ignore it. Contact your local SSA office or call 1-800-772-1213 to discuss your situation. You may be able to move money into an excluded account, spend down resources on allowed expenses, or provide documentation that something should not have been counted. The sooner you respond, the sooner SSA can correct the issue.

Reporting changes in your resources

You must report changes in your resources to Social Security within 10 days of the change. This includes acquiring a new resource, selling or giving away a resource, or moving money into or out of an account. Even though some resources are excluded, you still need to report them so SSA can verify they still meet the exclusion rules.

You can report changes by calling your local SSA office, by mail, or through your online Social Security account. Keep records of what you own and when your resources change. If you receive a large gift, inheritance, or tax refund, report it right away — SSA needs to know so they can determine whether it affects your SSI payment.

Frequently Asked Questions

If I inherit money, does it count against my SSI resource limit?

Yes, an inheritance counts as a resource once you receive it. You must report it to Social Security within 10 days. If the inheritance pushes you over $2,000, your SSI payment will be reduced or stopped. You may be able to move the money into an ABLE account or a special needs trust to protect it, but you need to act quickly — these accounts must be set up before or immediately after you receive the inheritance.

Can I own a house and still get SSI?

Yes. Your primary residence does not count as a resource, no matter what it is worth. You can own a home worth $1 million and still receive your full SSI payment. A second home or rental property does count as a resource.

What if I have money in a savings account for my child's education?

Money in a regular savings account counts as your resource, even if you are saving it for your child. However, if the account is set up as a 529 education savings plan in your child's name (not yours), it typically does not count as your resource. Talk to your local SSA office about how your specific account is treated.

Do I lose my SSI if I receive a gift?

A gift counts as a resource once you receive it. If the gift pushes you over $2,000, your SSI payment will be reduced. However, gifts are not counted as income in the month you receive them, so they do not affect your payment that month — only the following month if you still have the money. You must report the gift to Social Security within 10 days.

Can I set up a burial fund myself, or does someone else have to do it?

You can set up a burial fund yourself. Open a separate savings account, label it as a burial fund, and tell Social Security about it. The account must be in your name, and you must inform SSA that the money is set aside for burial expenses. You can set aside up to $1,500 without it counting as a resource.