The Social Security Administration (SSA) requires Supplemental Security Income (SSI) recipients to report any financial accounts they own, including checking, savings, credit union accounts, Christmas club accounts, certificates of deposit (CDs), stocks, and U.S. savings bonds. It is important for recipients to report any changes to these accounts or account balances to ensure the correct SSI payment amount.
Changes that need to be reported include opening or closing an account, adding a joint owner, or increasing the account balance beyond the SSI resource limit of $2,000 for individuals or $3,000 for married couples. However, Achieving a Better Life Experience (ABLE) accounts with balances less than $100,000 are excluded from SSI eligibility determination.
To report changes, SSI recipients can call the Social Security Administration or contact their local Social Security office. More information on reporting responsibilities can be found in the publication 'What You Need to Know When You Get SSI' on the SSA website. It is crucial for SSI recipients to fulfill their reporting obligations to ensure accurate payment amounts and compliance with program rules. [48c07e1d]