How can IDA programs help people with unearned income, i.e. disability, SSI, SSDI?
Because SSI is not considered ‘earned income’, the accountholder needs to have an alternative income source to contribute to the IDA. She or he could do odd jobs (i.e., baby-sit or run errands). Under normal circumstances, an individual can only earn $85 on SSI without affecting his or her benefit level, EXCEPT when enrolled in a federally funded IDA, and then the money contributed does not count towards the $85. This means that people with an IDA can earn more money than those without. This is currently the only way for a person on SSI to save for a home. Another important consideration is the asset limits of SSI. If your program receives federal funding (either AFIA or TANF) then the asset limits of $2,000 ($3,000 per couple) do not apply. However if you don’t receive AFIA or TANF funds, then all money in an IDA (including the match) counts toward the $2,000 limit. While these rules are restrictive, IDAs are an excellent option for people on SSI. However, it is very important – espec
