How to Disclose an IRA to Social Security Disability

An Individual Retirement Account has no impact on your ability to receive Social Security Disability Insurance benefits. However, if you are applying for Supplemental Security Income, the IRA can make you ineligible. Wages, unemployment benefits, annuities, pensions, settlements, inheritances and rental income also play a role in determining your SSI eligibility. If you've got an IRA and receive SSI, you'll need to disclose the account information.

Step 1

Call the Social Security Administration at 800-772-1213 or go to the nearest Social Security office if you forgot to report the IRA on your application. If the IRA makes you ineligible for SSI, you'll likely need to repay the benefits you received.

Step 2

Complete the adult disability report online if you're applying for new benefits. The report asks for your identification information, details about the disability, work and education. You can't apply for benefits online.

Step 3

Schedule an appointment to apply for benefits. When you meet with the caseworker, you'll answer questions about your income and resources. At the time of publication, the asset limit for an individual is $2,000 and $3,000 for families.

Step 4

Report the account. Even if you aren't taking distributions from the IRA, the account counts as a qualified asset because you can easily access the cash. You'll need to show documentation, such as a current account statement.

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