Not affiliated with the US Social Security Administration

What are resources?

Excerpted from "Social Security Handbook". See the up-to-date, official Social Security Handbook at ssa.gov.

2609. What are resources?

Resources are cash or other assets that an individual owns and could convert to cash to be used for his or her support and maintenance.

For purposes of determining eligibility for extra help with Medicare prescription drug costs, the following are countable resources:

Liquid Resources

We count liquid resources. Liquid resources are cash or other property, which can be converted to cash within 20 workdays. Examples of resources that are ordinarily liquid are stocks, bonds, mutual fund shares, promissory notes, mortgages, life insurance policies, financial institution accounts (including savings, checking, and time deposits, also known as certificates of deposit), retirement accounts such as individual retirement accounts (IRA), 401(k) accounts, trusts if they are revocable or the trust beneficiary can direct the use of the funds, and similar items.

Non-Home Real Property

The equity value of non-home real property is counted as a resource.

Note: The home that serves as the individual's principal place of residence is excluded from resource counting.

Last Revised: Apr. 18, 2006


Sponsored Links

Recent Content

Common Mistakes About Social Security

A recent poll found about half of respondents made mistakes on the following :

1. Retirement benefits will not be reduced if I claim at age 65 => FALSE. Full retirement age is rising.

2. A spouse can receive Social Security even if they have no earnings history => TRUE

3. If my spouse dies, that will have no effect on my Social Security payment => FALSE

4. Social Security benefits depend only on my earnings history, not when I claim => FALSE

Seven Social Security Myths

1. Social Security will cover my income needs

2. It's better to take Social Security benefits early

3. I'll receive full benefits at 65

4. Once I start benefits, I can’t work anymore

5. I won't pay taxes on Social Security

6. Once I start Social Security, I have to continue receiving it

7. My divorce will reduce my benefits

Four Common Social Security Claiming Mistakes

1. Not knowing your full retirement age (FRA). 'Full benefit' retirement age is rising beyond age 65 to age 67.

2. Not knowing you can file for benefits three months in advance of receiving income

3. Forgetting Social Security benefits can be subject to income tax.

4. Thinking early filers can later receive 'full benefits'. If filing early, your benefits are permanently reduced.


Sponsored Links


Sponsored Links

Not affiliated with the US Social Security Administration