“Help I messed up.”
That’s how the call started. A friend reached out about their child, who lives with a disability and will never be able to work. Their child qualifies for SSI because they are disabled and have less than $2,000 in assets. They receive about $700 a month from SSI.
But my friend had made a mistake. They hadn’t been spending all the money every month, and over time, the child’s bank account crept above the $2,000 limit—it had been sitting at about $2,015 for several months. Social Security noticed and sent a letter saying the child’s SSI benefits would be cut.
I advised my friend to spend down the balance immediately and speak with the caseworker. Benefits were restored, but not without consequence. The child will have to repay the money they received during the months their balance was over the limit. The good news? They won’t have to pay it back all at once. SSI will simply deduct a small amount from their monthly check until it’s repaid.
I’m sharing this as a reminder: if your loved one is receiving SSI, their bank account must stay under $2,000 at the end of every month. Even being just a little over can cause benefits to be suspended and trigger repayment penalties.
If you’re unsure how to manage this or need help protecting your loved one’s benefits, give me a call.
