If you’re a beneficiary of Supplemental Security Income (SSI) and you also have a job or other income stream, is it possible that what you earn could affect the SSI benefits that you receive? The answer is yes.

If you earn too much money or have too much in assets, you could see your SSI benefits reduced or even revoked altogether. There are ways to work around the asset and income limits, however, through the use of ABLE accounts.

Who Is Eligible for SSI?

People who receive SSI benefits are generally older or have a disability that prevents them from working. Beneficiaries receive funds from the government to help them pay for their basic living expenses, such as food, clothing, and shelter.

“It’s a needs-based system,” says , a certified financial planner and founder of Protected Tomorrows, a financial planning firm focused on helping families with members who have special needs.

“SSI benefits are for someone who doesn’t have income, hasn’t paid into the system (which differentiates SSI from Social Security benefits), and who needs help."

The program is income and asset-based. “You need to prove you can’t make money and have no assets," Ehlert notes.

Income and Asset Limits for SSI Benefits

There is both an income and asset limit that beneficiaries cannot breach to get or retain their SSI benefits.

The latest SSI earned income data show that for 2023, an individual beneficiary cannot earn more than $1,913 per month. For couples, that figure is $2,827 per month. In addition, the limit on assets in 2023 and 2024 is $2,000 for individuals and $3,000 for couple.

“SSI beneficiaries technically cannot be gainfully employed,” says , co-founder of Special Needs Financial Planning, a specialty practice of Affinia Financial Group.

Haddad says that beneficiaries also must prove that “approval is based on your ability to work,” and that the Social Security Administration will look at whether or not you’re able to work in addition to whether a beneficiary qualifies for SSI based on their income and assets.

Further SSI Income and Asset Limit Considerations

Individuals can receive a maximum monthly federal SSI payment of $914 in 2023, or $1,371 for a couple. In 2024, these figures will be $943 and $1,415, respectively.

Income Limit

Again, the 2023 earned income limit for an individual is $1,913, or $2,827 for a couple. Those numbers change annually, too.

Given that SSI benefits are meant for those who can’t work due to a disability, Ehlert says that “if you can make more than [the income limit], the SSA takes that as a signal that you’re not disabled.”

As for the asset limit, there are some notable exceptions to what’s included in the SSA “countable resources”—another word for assets. And again, total countable resources cannot amount to more than $2,000 for an individual or $3,000 for a couple in 2023 and 2024.

That includes cash in bank accounts, investments, and even life insurance policies. However, it doesn’t include the following:

• Your home and its property
• One vehicle, if it’s used for transportation
• Household goods and personal belongings
• Burial plots and burial funds up to a certain limit
• Up to $100,000 in an Achieving a Better Life Experience (ABLE) account

What Happens If You're Over the Limit?

The SSA will calculate a beneficiary’s countable income when determining eligibility for, or potential changes to, SSI benefits. What happens if you’re over the limit? There are many factors to consider, such as whether your income was earned or not, and if your state supplements your SSI benefits. 

Generally speaking, your benefits will be gradually reduced, and eventually terminated, if your income breaches the limits, according to Ehlert.

After $85 in monthly income ($65 in earnings, and $20 of any type of income), the SSA will reduce benefits by one-half of earnings for the month. “For beneficiaries, the first $85 in monthly income is free in the eyes of the SSA,” Ehlert says, “but after that, half is taken away from their SSI check.” Benefits will likely be terminated if a beneficiary’s income exceeds $1,913 per month in 2023.

How to Use ABLE Accounts As a Workaround

Both Haddad and Ehlert point to ABLE accounts as a potential way for beneficiaries to work around the income and asset limits for SSI benefits. ABLE accounts were created under the same part of the tax code as 529 plans.

Beneficiaries who do find themselves with extra funds—which may put them over either the asset or income limit—can stash those funds in an ABLE account where they won’t be counted until the account contains more than $100,000.

“ABLE accounts are very similar to 529 plans, and up to $16,000 per year can go into those accounts,” says Ehlert. “And family members and friends can also make contributions.”

Special Needs Trusts and SSI Eligibility

An individual may have a special needs trust (also called a supplemental needs trust), which is designed to hold assets for a disabled person while preserving their eligibility for government benefits, like SSI payments.

These trusts help cover expenses beyond what SSI or other government benefits may provide for. But the assets contained in them don’t count toward an income or asset limit as long as the money is spent on qualifying expenses.

Special needs trusts have some characteristics in common with ABLE accounts, but a key difference is that they’re designed to complement or supplement government benefit programs. Like ABLE accounts, distributions should benefit the beneficiary and cover items or services that SSI benefits do not provide.

The Bottom Line

There is both an income and asset limit for beneficiaries of SSI. If you meet or exceed either of these limits, your SSI payments may be affected.

The income limit for an individual is $1,913 in 2023. The limit for a couple is $2,827. The 2023 and 2024 asset limits for individuals and couples are $2,000 and $3,000, respectively.

If beneficiaries breach these limits, their benefits will be reduced by the SSA and potentially terminated. But beneficiaries can use ABLE accounts as a potential workaround of limits (if their ABLE account contains less than $100,000).