When you are receiving Supplemental Security Income (SSI), you may ask yourself if you can purchase an expensive car. Yes, but there are important caveats.
One car is exempt as an asset for SSI recipients. This car needs to be a means of transportation and it needs to drive1. The value of this vehicle doesn’t count against your asset limit, whatever the value of this vehicle. However, if you own more than
one car, the value of extra vehicles will be included as part of your asset limit, which is $2,000 for individuals and $3,000 for couples2.
How you pay for the car matters, too. If the car is d by purchase someone else and given to you as a gift, it won’t be included as an asset. Buying the car with you own money can impact your SSI benefits if your total assets are now over the limit2.
Before making or investment, if you are going to make a certain purchase, you should seek advice from a financial planner or your local Social Security. Far thinking and hard thinking can go along way in ensuring you make the right decision with regard to your financial status.
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