Social Security Questions? Ask a Social Security Expert for Answers ASAP
Thank you for your question.
Please permit me to assist you with your concerns.
having an IRA does not generally make you ineligible to apply for SSDI
but an IRA can affect supplement security income
I have a 27 year old son who is schizophrenic that is very close to being approved for SSDI. It has just come to my attention that several years back he put away$ 2600 into an IRA account. Is that money considered an asset? What about savngs bonds that he received as a child but never cashed in? The social worker states that he cannot have more than $2000 in assets.
SSI will consider your IRA as your financial income, but SSDI does not consider in the same manner
That money does not affect SSDI applications, but it should still be disclosed
Savings bonds are an asset and can affect SSDI. They have to be diclosed.
I am told that since he is so young and has not worked enough hours to collect a decent amount from SSDI he should also apply for SSI
The social worker is correct. savings bonds are deemed to be an asset
If he applies for SSI, hen the IRA he has will affect his application.
So can we dispose of these assets for example to pay his rent at the apartment he lives in?
then once those assets are gone, they will not affect the application.
What else besides rent can we do with this $?
Any direct assistance for his needs
Medical expenses, for example
They just cannot be converted into a different asset
For example you cannot go and purchase a vehicle with the proceeds, since the vehicle will have value.
So if his pplication is in process can we still take that money no and pay rent in advance?
No, you would need to hold the application up, spend the proceeds, and then apply.
OK thank you.