SSI and a settlement impact
I have about $50,000.00 to invest from an insurance settlement. I want to invest it. Is Google a good place. I am a single mother, age 39, with a 10 year old son. Need to know best investment. I’m unable to work, and I’m collecting SSI.
Terry Says
You need to leave the money in the bank. AND, before you take that money, you need to check with an advisor to make sure it doesn’t disqualify you from benefit programs such as SSI!
In fact, SSI does have an Asset limit: $2,000 for an individual, $3,000 for a couple/ Monthly SSI payments are reduced if your unearned income (including settlements) exceeds the allowed amount.
The SSA treats a settlement as an unearned income and an asset in the month you receive it.
SO BEFORE YOU TAKE THIS MONEY CONSULT AN ATTORNEY TO HAVE IT PUT IN A TRUST FOR YOU SO YOU DON’T LOSE YOUR SSI!!
