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2008 Edition
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Understanding Supplemental Security Income
SSI Spotlight on Individual Development Accounts
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What is an individual development account (called an "IDA")?

An IDA is a special bank account that helps you save for your education, the purchase of a first home, or to start a business.

You use earnings from your work to set up an approved bank account for an IDA.


How does an IDA help my money to grow?

You contribute money from your earnings from work. With an IDA, your contributions are matched with money from your State's TANF (Temporary Assistance for Needy Families) program or from special funds called "demonstration project" money. The matching money may help you reach your goal sooner.

Who is eligible for an IDA?

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    If you are working and receiving TANF payments, you may be eligible for a TANF IDA. (Not every State currently offers a TANF IDA.)
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    If you are working and either receiving TANF or have low income and assets, you may be eligible for a demonstration project IDA.

How will a TANF IDA or Demonstration Project IDA affect my SSI benefit?

Your SSI benefit will not go down--it might even go up! This is because the earnings, the matching money, and the interest that goes into your IDA do not count as your incomeincome or resourcesresources when we figure your SSI benefit.

Where can I find out more about IDAs?

Contact your State TANF agency.

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