Bank Account Limits for social security?

Question

If a person is receiving disabily retirement from their former employer; which happen to be the state of california and social security is there a limit of how much money they can have in a bank account at one time. They will be turning 65 next month.

What are the guidelines because some people own businesses and have business account, saving accounts, bank accounts, and they are receiving social security?

Answer 1

my parents collected Social Security because of how many years/credits my Dad worked
it has nothing to do with how much $ is in the bank

Answer 2

As far as money in the bank, it doesn't matter. but if you own a business disability rules say you can only make around $6500.00 a year before your business is substantial , gainfull employment and the can stop your payments. As a 65 year old there are income guidlines where you make so much and your social security is cut by $1.00 for every $2 you make over that ammount. Check with your SS Office so they can send you the pamplets that pertain to those limits

Answer 3

There are two different things that a person might be eligible to collect for disability - Disability income or Supplemental Security Income. Disability is based on the disability and the previous income and number of quarters that the person contributed. Supplemental Security Income is based on the poverty level, and is affected by how much you have in the bank or other assets/payments you might receive. There is a limit on how much a person can have in the bank (or other property, stocks, mutual funds, etc.) to be eligible for Supplemental Security Income and it is very low.

This has nothing to do with regular social security or disability income.

Answer 4

Social Security Disability Guide : http://DisabilityHelp.siopu.com/?OhY

Answer 5

I AM RETIRED AND I AM 75 YEARS OLD I GET SOCIAL SECURITY MONTHLY HOW MUCH CAN I KEEP IN MY BANK ACCUUNT