The income and resource limits for SSI in 2024

Supplemental Security Income (SSI) has two separate limits: one on how much money you can earn each month, and one on how much you can own in savings, property, or other assets. If you exceed either limit, your SSI payment reduces or stops. The income limit is $1,943 per month for an individual and $2,915 for a couple in 2024, but these numbers change each year. The resource limit is $2,000 for an individual and $3,000 for a couple, and this limit has not changed since 1989.

Income and resources are counted differently. Income is money you receive regularly — wages, self-employment earnings, pensions, unemployment benefits, or gifts. Resources are things you own that have cash value — a bank account, a car, a house (with exceptions), stocks, or jewelry. SSI counts some income and ignores other income. It also excludes certain resources entirely, which is why you can own a home and still receive SSI, but you cannot own a second property.

Key Takeaways

  • The monthly income limit for SSI is $1,943 for a single person and $2,915 for a couple in 2024, and these limits rise each January.
  • The resource limit is $2,000 for an individual and $3,000 for a couple, and has remained unchanged since 1989.
  • Not all income counts toward the limit — the first $65 you earn each month plus half of earnings above that are excluded, and certain other income types do not count at all.
  • Your primary home, one vehicle, and certain personal property do not count as resources, even if they have significant value.
  • If you go over the income limit, your SSI payment reduces by $1 for every $2 you earn above the threshold; if you exceed the resource limit, you lose SSI entirely until you spend down to the limit.

What counts as income for SSI

SSI counts most money you receive, but applies exclusions before reducing your payment. Wages from a job count as income. Self-employment earnings count as income. Pensions, annuities, and retirement account withdrawals count. Unemployment benefits, workers' compensation, and Social Security benefits (including SSDI) count. Gifts and money from family members count. Rental income counts.

However, SSI excludes the first $65 of earned income (wages or self-employment) each month, plus half of everything you earn above that $65. This is called the earned income exclusion. For example, if you earn $200 in a month, SSI counts only $67.50 toward your income limit: you exclude the first $65, then count half of the remaining $135, which is $67.50. If you earn $500, you exclude $65 and count half of $435, which is $217.50.

Unearned income — money you do not work for — has different rules. SSI excludes the first $20 of unearned income each month. After that, all unearned income counts. So if you receive $100 in a pension payment, SSI counts $80 toward your limit. If you receive $50, SSI counts $30.

Some income does not count at all. In-kind support and maintenance — food or shelter someone provides to you at no cost — is not counted as income in most cases. Food stamps (SNAP benefits) do not count. Certain tax refunds and tax credits do not count. Medicaid does not count. Certain home energy assistance does not count. The rules for what is excluded are specific and change based on the type of income, so contact your local Social Security office if you are unsure whether a particular payment will affect your SSI.

What counts as resources for SSI

Resources are things you own that have value and could be converted to cash. A bank account, savings account, or money market account counts as a resource. Stocks, bonds, and mutual funds count. A vehicle counts, with one exception: you can own one car without it counting against your limit, as long as it is used for transportation. A second car counts as a resource.

Your primary home does not count as a resource, no matter how much it is worth. Land on which your home sits does not count. Household goods and personal effects do not count. A wedding ring or other jewelry of personal value does not count. One vehicle does not count. Certain burial plots and burial funds do not count, up to a limit of $1,500 each.

A rental property, vacation home, or any property other than your primary residence counts as a resource. A second vehicle counts. A boat counts. Cash on hand counts. Money owed to you counts. Life insurance with a cash surrender value counts (though term life insurance does not). Retirement accounts like IRAs and 401(k)s count, though Social Security has some exceptions for certain retirement accounts — ask your local office.

How SSI payments reduce when you exceed the income limit

If your monthly income exceeds the limit, your SSI payment does not stop immediately. Instead, it reduces by $1 for every $2 you earn above the threshold. This is called the benefit reduction rate. If the income limit is $1,943 and you earn $2,000, you are $57 over the limit. Your SSI payment reduces by $28.50 (half of $57).

The reduction is calculated each month based on your actual income that month. If you work one month and earn $2,500, your payment reduces that month. If you work the next month and earn only $1,800, your payment goes back up because you are now under the limit. SSI does not penalize you for earning more in one month if you earn less in another.

If your income is high enough, your SSI payment can reduce to zero. This does not mean you lose SSI permanently. As soon as your income drops back below the limit, your SSI payment resumes. You do not have to reapply.

What happens if you exceed the resource limit

If your countable resources exceed the limit — $2,000 for an individual or $3,000 for a couple — you lose SSI entirely. You cannot receive any SSI payment until your resources drop back to the limit. Unlike the income reduction, which is gradual, the resource limit is a hard cutoff.

If you have $2,100 in a savings account and nothing else, you are $100 over the limit and you receive no SSI. If you spend $101, bringing your account to $1,999, you become may be able to access again and SSI resumes the following month. The Social Security Administration will ask you to provide proof of your resources — bank statements, investment statements, property deeds — to verify you are under the limit.

The resource limit has not changed since 1989, even though the income limit rises each year. This means the resource limit becomes relatively more restrictive over time. If you are close to the limit, consider speaking with a benefits planner or a legal aid organization about strategies to protect your resources while remaining under the cap.

How income and resource limits change each year

The SSI income limit increases each January based on the cost-of-living adjustment (COLA). In 2023, the limit was $1,827 for an individual. In 2024, it rose to $1,943. The exact increase depends on inflation and is announced by Social Security in October of the prior year. You can find the current year's limit on the Social Security website or by calling your local Social Security office.

The resource limit does not change with COLA. It has remained $2,000 for an individual and $3,000 for a couple since 1989. Congress would have to pass new legislation to change the resource limit, which has not happened despite decades of inflation.

Frequently Asked Questions

Does my spouse's income count toward my SSI limit if we are married?

Yes. SSI counts your spouse's income and resources as if they were yours, even if your spouse does not receive SSI. This is called deeming. If you are married and your spouse earns $500 per month, that $500 counts toward your household income limit. The limit for a couple is higher ($2,915 versus $1,943 for an individual), but both incomes are combined.

If I inherit money, will I lose SSI immediately?

An inheritance counts as a resource. If the amount you inherit pushes your total resources over $2,000, you will lose SSI until you spend the inheritance down below the limit. You have a grace period in some cases — contact your local Social Security office immediately if you inherit money, because timing and how you spend it can affect your may be able to access.

Can I give away money or property to stay under the resource limit?

Giving away resources to avoid the limit can result in a penalty. SSI has a transfer of resources rule: if you give away money or property for less than fair market value, Social Security may penalize you by suspending your SSI for a period of time. Do not give away resources without speaking to a benefits planner first.

What if I receive a one-time payment like a tax refund or settlement?

A one-time payment counts as income in the month you receive it, which may reduce your SSI that month. It then counts as a resource in the following months if you keep it in a bank account. If the payment is large enough to push your resources over $2,000, you will lose SSI until you spend it down. Some payments, like certain tax credits, may be excluded — ask Social Security about your specific situation.

Do I have to report changes in my income or resources to Social Security?

Yes. You must report changes in income within 10 days. You must report changes in resources within 10 days. Failure to report can result in an overpayment, which Social Security will ask you to repay. If you start a job, receive a gift, inherit money, or sell property, contact your local Social Security office or report the change online through your my Social Security account.