A previous post on this blog discussed the income eligibility requirements that Stockton, California, residents must meet in order to qualify for Supplemental Security Income, or SSI. That post also mentioned that a person who wants SSI also has to have a limited amount of assets, even if they are not working and do not make any income.
Assets, which the Social Security Administration calls "resources," include cash, cash equivalents, and just about anything someone can own that could be sold for cash in a time of need. Resources include things like cars, savings bonds and even other items of personal property that have meaningful value, such as a piece of jewelry.
In order to qualify for SSI, a Stockton resident cannot have more than $2,000 in resources, but the number goes up to $3,000 if the person applying for SSI is married.
The good news is that, although almost all property is a resource under the Administration's broad definition, the Administration does not count everything in determining whether someone has too much property to qualify for SSI. For instance, a person may own a home, one vehicle, and be able to reasonably furnish their home and maintain some personal effects, including a wedding ring. Moreover, people can also have a modest life insurance policy and can also hold certain funds for the purpose of pursuing further education.
The income and resources calculations are an additional component in an SSI claim that do not have to be addresses when applying for Social Security Disability Income, another form of disability payment. The calculations can raise important legal questions best discussed with a qualified disability attorney.