What You Own and Social Security Disability
When you ask yourself “Can I get disability with money in the bank?” keep in mind that what you and your family own, that is your assets, never affects your eligibility for Social Security disability benefits or the amount of benefits payable to you.
How Income May Affect Your Disability Payments
The question of whether family income affects the amount of your disability benefit is a little more complicated. First, the easy part: your spouse’s and children’s income does not affect your benefit amount. However, some types of income you receive can affect your payment amount.
If you receive a public pension based on work that was not covered by Social Security taxes, the amount of the Social Security benefits that you receive may be affected because there is a limit to the total amount you can receive from the two benefits. If you receive workers’ compensation benefits, both your and your family’s benefits may be reduced. Reduction for workers’ compensation is applied first to your dependents’ Social Security benefits. If the amount of your workers’ compensation offset is greater than the amount of your dependents’ benefits, then your Social Security benefit will also be reduced.
How Work Income May Affect Your Dependents’ Benefits
If your spouse or children are receiving dependents’ benefits because of your disability and they work, then there are limits on how much they can earn and still receive their full benefits.
If you would like more information about how certain types of income can affect Social Security benefit amounts, we have two articles that may interest you: “Can I Get Workers Compensation and Also Get Social Security Disability?” and “Can My Spouse and Children Get Benefits If I Am Approved for Social Security Disability?”