Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

Would Social Security find out if I opened a secret bank account in order to save money and go over the $2,000 limit ?

I want to save money and I think it's ridiculous that you can't have more than $2000 in assets or else you're ineligible. 

3 Answers

Relevance
  • Judith
    Lv 7
    1 month ago
    Favourite answer

    Probably but not until they do your yearly review which brings your SSI case up-to-date on income, resources and living arrangements.  At that time they require you to sign many releases for information.  They contact at least 5 different banks (I"m not talking about branches here) looking for accounts people haven't told them about.  Why do they do this?  Because they know people like you are out there looking for ways to screw the system.

    Although I'm not sure about this because I no longer remember, but I think the IRS sends "alerts" to social security when they are aware of accounts other than checking.

    SSI (supplemental security income) is a federal welfare program which is why resources are limited to $2000 ($3000 if married).  Anyone who can have resources of $2000 or more doesn't need SSI.  SSI doesn't count the value of the home a person lives in nor one motor vehicle.I was a SS claims rep for 32 yrs.

    Note:  This applies to SSI only; not social security benefits.

  • 1 month ago

    Only welfare benefits have an asset requirement.

    If you are receiving regular social security there is no asset limit

    If you are receiving SSI, then you are limited to having assets of $2000. 

    Why?  because this is welfare.

    Can anyone find out that you are committing welfare fraud?  It's possible. 

  • 1 month ago

    You would still be eligible for social security, including disability, retirement, survivors, etc., benefits, whichever apply to you.  There is no asset limit for any of those programs.

    The only thing from social security that you might lose based on your money exceeding a limit is SSI.

Still have questions? Get answers by asking now.