A common misconception about Social Security Disability Insurance is that one has to first exhaust all of his or her financial resources before qualifying. However, men and women in New Jersey who receive SSDI are generally still able to maintain savings accounts without compromising their benefits. There are limitations when it comes to income, though, so it is important for recipients to understand what is permitted.
Earnings with SSDI
SSDI is intended for those who are unable to work for a period of at least a year because of a disability or medical condition. Since one of the main qualifications has to do with one’s ability to work, there are caps on income while also receiving SSDI. There are no limitations when it comes to assets though, so recipients can still maintain savings accounts with as much money as they feel like saving.
Saving limitations with SSI
Part of the confusion about savings and SSDI may stem from the different rules for Supplemental Security Income. There are many limitations on income for SSI recipients. This is because SSI is a cash assistance program for individuals who are:
Both SSDI and SSI benefits can be essential for those who receive them. The rules to maintain these benefits can be confusing at times, though, and some people in New Jersey might not realize when they are able to maintain their savings accounts. Since this can negatively impact their financial stability, it may be worthwhile to speak with a knowledgeable attorney who is well versed in these benefits.