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  1. #1

    Default Do I Have to Spend My Entire SSI Check Every Month

    I receive SSI. I have no family, I live on a Section 8 voucher. My financial life is pretty grim but I am content. I decided to cancel my cell phone service to free up a measly $50.00 a month. Am I allowed to save $25.00 a month from SSI check and put it in a non interest bearing savings or checking account for emergencies? Will it be counted as income if it's not spent in the month that is is allocated to me? Some of these regulations have not been adjusted for inflation since the 1970's and others since the 1980's. Many of these rules just all seem so harsh to me.

  2. #2
    Join Date
    Jan 2009
    Location
    California
    Posts
    1,045

    Default Re: Do I Have to Spend My Entire SSI Check Every Month

    The resource limit is $2000 for a single SSI recipient so you can save money for emergencies up to that amount in an interest or non-interest bearing account. No, it is not income if you don't spend it.

    You do need to save your bank statements for at least two years because SSA will ask to see them to be sure you have not gone over the $2000 limit. And you are right that the resource limit has only changed once since 1974. However, most SSI recipients still live check to check.

  3. #3

    Default Re: Do I Have to Spend My Entire SSI Check Every Month

    I know not to go over the 2,000 mark and I don't see that happening at all. Just wanted to be sure that you knew they were SSI funds that I was saving every month, usuall about $25.00. I'm thinking SSA might say that I don't need the $25.00 if I was able to save it but I do need anything I could save for peace of mind, emergency food, eyeglasses etc....

    I read on their website about how a recipient is required to spend a lump sum payment in 9 months, or something like that, or it will count as income. I thought this would apply to lefovers from my monthly benefit as well. I think this rule applied to the 2009 stimulus check as well, so i spent that already. I would liked to have saved it though.

  4. #4
    Join Date
    Jan 2009
    Location
    California
    Posts
    1,045

    Default Re: Do I Have to Spend My Entire SSI Check Every Month

    Retroactive benefits (paid usually in a lump sum) from SSI and SSDI are excluded from the $2000 resource limit for 9 months.

  5. #5

    Default Re: Do I Have to Spend My Entire SSI Check Every Month

    I too have lived check to check since 1995 and effectively I still do. I used to pay full rent and my money was gone before the 15th of the month. I suffered lonely and desperate hours days and weeks with anywhere from .35 cents to 20.00 to last me until next check, some months I went 3 weeks without a single dollar. Now that I am on Section 8 I pay much less a month in rent so I owe it to myself to have some safety net. Don't get me wrong it is very hard trying to hang on to that last $100.00 during the last 10 days of the month One month I was able to save the entire $100.00. I was so proud of myself. My aparment is underfurnished and my shoes are thin but I know I have money for extra food and emergency shelter if need be.

    This month, my building managment, I believe, stole my prescription eye glasses so the money I saved will come in handy.

    By the way I called SSA toll free line and the rep confirmed what you are saying here so i feel a bit better.

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