We recently received this question from one of our site visitors:
“How much money in the bank and real estate am I allowed to have in order to receive SSDI?” The question got me thinking that maybe it would be helpful to our readers to review what SSDI is meant for and what SSA considers to be qualifying factors for getting it.
First thing to understand is SSDI is an income replacement benefit for people who have worked long enough and have paid into Social Security through their FICA taxes. Personal assets have nothing to do with your eligibility for SSDI. So it’s conceivable that even Bill Gates could get SSDI benefits, but only if he also met these key qualifying factors:
- You have a medical condition that is on SSA’s qualifying list of impairments, or is a condition that meets SSA’s definition of ‘disability.’
- You have worked a total of five years, which is non-consecutive, within the last 10 years from when you became disabled.
- You have been out of work for a year or more because of a severe medical condition that has prevented you from earning above the level of substantial gainful activity (SGA).
The only “financial” requirement is that you are unable to work and earn more than $1,000 a month ($1,640 if you have a visual disability), which is the SGA amount for 2010.
Search through the Freedom Disability Web site for more information about SSDI. Also, be sure to click the links in this post to get more detail on SSA’s qualifying factors. And if you have a specific question you’d like to ask, respond to this post or any others and I’ll do my best to help you.