To be eligible to receive SSI benefits based on a disability, an SSI applicant who is single cannot have more than $2,000 in assets. But keep in mind that not all assets count toward the SSI resource limit (This will be discussed below).
If an SSI applicant is married, the asset limit is $3,000. Only the IRA or pension plan of the ineligible spouse isn't treated as part of the spouses' assets.
What Assets Count Toward the SSI Asset Limit
How does the SSA define assets? The SSA counts the following as assets/resources:
cash
money in a checking or savings account
life insurance policies that have cash value (over $1,500)
stocks, bonds
household goods and personal belongings (over $2,000)
motor vehices (you can have 1 car), and
real estate (other than the home that you reside in such as rental home or lakehouse, etc).
What Resources Don't Count Toward the SSI Resource Limit
Your home. To be excluded from the SSA's asset limit, your house must be your principal residence. This includes your home, the land it's built on, and any adjacent buildings.
Your car. You can have one car excluded from the asset limit.
Wedding rings. A wedding ring and engagement ring (no matter the value) will be excluded from the resource limit.
ABLE accounts. Up to $100,000 that is kept in an ABLE account (for those disabled before the age of 26) doesn't count as an asset.
PASS savings. Income set aside for an SSI "plan for achieving self-support" (PASS) is not counted as an asset.
IDA savings. Money saved in an individual development account (IDA) is not counted. IDAs are special accounts designed to allow those receiving TANF funds to save for things such as school, a home purchase, or to start a business without affecting their SSI benefits.
Burial savings. Burial funds up to $1,500 in value are not counted.
Support payments. Certain support payments can be held for up to 9 months before they count toward your resource limit These include:
state or local relocation assistance payments
crime victim's assistance
earned income tax credit payments
grants, scholarships, fellowships or gifts used for tuition and educational expenses, and
child tax credit payments.