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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
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Experience:  Licensed Texas General Practice Attorney
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I received a $41,000 settlement from an Ins co will it

Customer Question

i received a $41,000 settlement from an Ins co will it affect my social sucurty?
Submitted: 11 months ago.
Category: Legal
Expert:  ScottyMacEsq replied 11 months ago.

Thank you for using JustAnswer.

What type of social security are you receiving? That is, is it Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), retirement, etc...?

Customer: replied 11 months ago.
retirement
Customer: replied 11 months ago.
retirement.
Expert:  ScottyMacEsq replied 11 months ago.

Thank you. Retirement benefits are based on earnings, not on need. That is, it doesn't matter how much you make in any given year for the retirement benefits. They're set based upon what has been paid in by you and your previous employers. And as such any earnings (including settlements, inheritance, lottery winnings, etc...) will have no effect on it. The only program that the income would have an effect on would be Supplemental Security Income which is a program that is strictly need-based, according to income and assets, and is funded by general fund taxes. SSI is called a "means-tested program," meaning it has nothing to do with work history, but strictly with financial need. To meet the SSI income requirements, you must have less than $2,000 in assets (or $3,000 for a couple) and a very limited income. But this is for disability, not retirement.

In short, it will not have an effect on your retirement income.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Thank you, ***** ***** luck to you!

Customer: replied 11 months ago.
thanks
Expert:  ScottyMacEsq replied 11 months ago.

My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  ScottyMacEsq replied 11 months ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacEsq replied 11 months ago.

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions)

Expert:  ScottyMacEsq replied 11 months ago.

Hello?

Expert:  ScottyMacEsq replied 11 months ago.

Should I continue to await your response, or may I assist the other customers that are waiting?

Expert:  ScottyMacEsq replied 11 months ago.

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time (~50 minutes) and effort that I spent on this answer unless and until you rate it 3 or more stars (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

Expert:  ScottyMacEsq replied 11 months ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

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