1. Federal SSI Asset Limits

SSI is a federal program, so asset limits are the same in Massachusetts as in all other states:

• Individual Limit: $2,000
• Couple Limit: $3,000

These limits have remained unchanged for years. If your countable resources exceed these limits at the start of any month, you are ineligible for SSI benefits for that month.

2. What Counts as an Asset for SSI

SSI defines resources as anything you own that can be converted to cash for food or shelter. Countable assets include:

• Cash on hand
• Bank accounts (checking and savings)
• Stocks, bonds, and mutual funds
• Certificates of deposit (CDs)
• Real estate other than your primary home
• Vehicles (second vehicles beyond your primary one)
• Life insurance with a cash value above $1,500
• Household items or personal belongings of significant value (not daily-use items)

3. What Assets Are Excluded from SSI Limits

Certain resources do not count towards the SSI asset limit, including:

• Your primary residence, regardless of its value, as long as you live there
• One vehicle, if it is used for transportation for you or a household member
• Household goods and personal effects, such as furniture, clothing, and appliances for daily living
• Burial plots for you and your immediate family
• Burial funds up to $1,500 per person, if set aside properly
• Certain ABLE accounts, up to the federal limit, if you are disabled and opened the account for qualified expenses
• Certain trusts, such as Special Needs Trusts or Pooled Trusts, if structured correctly to remain SSI exempt

4. How SSI Asset Limits Affect Eligibility

If your countable assets exceed $2,000 ($3,000 for couples):

• Your SSI benefits will be denied or terminated until your resources fall below the limit.
• Excess assets must be spent down appropriately. For example, paying bills, purchasing exempt items like home modifications, or prepaying funeral expenses.
• However, gifting or transferring assets to someone else to reduce your resources can lead to a penalty period of ineligibility. SSI considers transfers for less than fair market value within 36 months (three years) as potentially disqualifying.

5. Massachusetts State Supplements

Massachusetts provides an additional state supplement to SSI recipients, which increases monthly payments slightly. However, asset limits remain the same as federal limits, and state supplements are only paid if you meet federal SSI eligibility.

6. Strategies to Protect SSI Eligibility

If you are close to or over the SSI asset limit:

• Review your bank balances monthly to ensure they remain below the limit on the first of each month.
• Use excess funds for exempt purchases, such as home repairs, accessibility modifications, or paying down debts.
• Consider an ABLE account, if you are eligible, to save for disability-related expenses without impacting SSI up to the annual contribution limit.
• Consult an elder law or disability planning attorney to explore Special Needs Trusts if you receive a lump sum or settlement to maintain benefits eligibility.