US Government Information/S.S.I.

Advertisement


Question
i CASHED OUT MY PENSION EARLY FOR 22K AND NEED TO DO SOMETHING WITH THE MONEY SO IT DOSENT EFFECT MY S.S.I. MOST OF IT I WANT TO PUT INTO A TRUST OR SOMETHING FOR MY DAUGHTER, IDEAS?

Answer
If you are the person receiving the Supplemental Security Income (SSI) disability benefit,  the money is income in the month you receive it and this makes you not eligible for a benefit for that month.  The money counts as a result for the following month and continuing until you have spent the money down to under the resources limit.  The money must be spent on something that has a fair market value that benefits you.  You cannot give the money to another person.  You can prepaid living expenses, purchase an automobile, and things of that nature.  

US Government Information

All Answers


Answers by Expert:


Ask Experts

Volunteer


Darlene Oldendick

Expertise

Social Security retirement planning and all questions about Social Security eligibility and entitlement.

Experience

Worked for the Social Security Administration for 33 years

Publications
http://www.socialsecurityadviceonline.com

Education/Credentials
33 years employment with the Social Security Administration

Awards and Honors
Many outstanding performance awards while employed at the Social Security Administration

©2016 About.com. All rights reserved.