As our Los Angeles readers may have seen in previous posts on this blog, there can be quite a few issues and questions that pop up when a person is beginning the application process for Social Security disability benefits. Many people may not know whether or not they have the requisite work credits to qualify, or they may not know whether or not their medical condition meets the definition of “disability” that is used by the Social Security Administration. Among all of the possible questions, some Los Angeles residents may wonder whether or not the amount of assets they own will play a role in determining whether or not they will be awarded Social Security disability benefits.
But, for those who are applying for SSD benefits, there is good news: the total amount of assets you own will not play a role in the ultimate decision on whether or not you qualify to receive SSD benefits. This is because Social Security disability is funded by worker contributions throughout their terms of employment — in essence, worker contributions are put into a common fund that is used to pay benefits to the workers who are unfortunate enough to come up with a disability, for whatever reason.
Obviously, no one ever wants to be in a position where they need SSD benefits, but they are there for workers if they become disabled. The determination of who will receive these benefits is based on work, income and medical requirements — not on how well a person has saved or managed their assets.
Source: Grand Forks Herald, “SOCIAL SECURITY Q&A: Can I own a home and receive SSA disability?,” Dec. 19, 2015