Ask Terry Questions Investments while on SSDI

Investments while on SSDI

By Terry Savage on July 15, 2018 | Investments

Due to health issues it stopped me from working, but I to receive SSDI, but it’s no where near what I use to make, my question is it possible to still start a savings plan and if so what is a good investment?

Terry Says

Well, I admire your desire to start saving and investing — even though you are subsisting on a minimal income. And, assuming you didn’t just get a big settlement from a lawsuit or something like that, I’m going to say that you don’t need any stock market investments. Just keep setting aside money when you can in a safe, secure money market deposit account at a bank and have it liquid and handy for future emergencies. If you can get some work — without compromising your SSDI status — you could put the money in a Roth IRA at the bank where it would grow without paying taxes on the interest each year. But if I guessed wrong about your situation, please don’t hesitate to write back.

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