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FALSE INFORMATION ABOUT SOCIAL SECURITY ON THE WEB

Social Security is a confusing subject and a lot of false information on the internet adds to the confusion.

Here's a very false and misleading piece of info that I just saw on the internet:

 "How much money can you have in the bank while on Social Security?

Money in the bank and SSDI:

The monthly limit is $1,350 in 2022 for non-blind individuals and $2,260 for individuals qualifying for benefits as statutorily blind, so it is a good idea to keep records of the source of deposits that you make into your bank account."
 
This is plain wrong.  The $1,350 refers to the definition of "substantial gainful activity" and has absolutely nothing to do with how much money one has in the bank.
 
In 2022, if a person worked and produced job related wages of at least $1,350 per month, he was considered gainfully employed and not entitled to SSDI benefits because of the work. The $1,350 meets Social Security's threshold for gainful employment.  However, there is absolutely no limit on how much a person could have in the bank and still get SSDI.  The restriction is on working and wages.  You can't work full time and get Social Security disability (SSDI). However, there is no poverty requirement or restrictions on wealth for SSDI.  A millionaire can qualify for SSDI if he/she meets the other requirements.  In fact, Social Security will not check your bank account for an SSDI claim because it isn't pertinent.

Supplemental Security Income (SSI) is a different program which does have income and resource restrictions.  However, the $1,350 amount has noting to do with SSI, either.

Here is my point:  Be very careful when you take information about Social Security off the internet.  There are some really good, reliable sources on the net.  However, there are lots of misinformation, as well.  It's easy to take a number out of context and reach an erroneous conclusion, as happened above.  

We highly recommend speaking to a professional before taking any action on your Social Security.  Most of the time, an attorney can provide good information and answer your questions at no cost to you.  I answer Social Security questions all the time and I've never sent anyone a bill for it. 


 
 

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