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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Social Security
Satisfied Customers: 38088
Experience:  Licensed in multiple jurisdictions, experienced business attorney.
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Are funds in an IRA counted as an asset in a SSDI application

Customer Question

Are funds in an IRA counted as an asset in a SSDI application or are they protected like a car or a house?
Submitted: 1 year ago.
Category: Social Security
Expert:  Dimitry K., Esq. replied 1 year ago.

Dimitry Esquire :

Thank you for your question.

Dimitry Esquire :

Please permit me to assist you with your concerns.

Dimitry Esquire :

having an IRA does not generally make you ineligible to apply for SSDI

Dimitry Esquire :

but an IRA can affect supplement security income

Customer:

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.

Dimitry Esquire :

SSI will consider your IRA as your financial income, but SSDI does not consider in the same manner

Dimitry Esquire :

That money does not affect SSDI applications, but it should still be disclosed

Dimitry Esquire :

Savings bonds are an asset and can affect SSDI. They have to be diclosed.

Customer:

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

Dimitry Esquire :

The social worker is correct. savings bonds are deemed to be an asset

Dimitry Esquire :

If he applies for SSI, hen the IRA he has will affect his application.

Dimitry Esquire :

*then

Customer:

So can we dispose of these assets for example to pay his rent at the apartment he lives in?

Dimitry Esquire :

Yes, exactly

Dimitry Esquire :

then once those assets are gone, they will not affect the application.

Customer:

What else besides rent can we do with this $?

Dimitry Esquire :

Any direct assistance for his needs

Dimitry Esquire :

Medical expenses, for example

Dimitry Esquire :

They just cannot be converted into a different asset

Dimitry Esquire :

For example you cannot go and purchase a vehicle with the proceeds, since the vehicle will have value.

Customer:

So if his pplication is in process can we still take that money no and pay rent in advance?

Dimitry Esquire :

No, you would need to hold the application up, spend the proceeds, and then apply.

Customer:

OK thank you.

Dimitry K., Esq., Attorney
Category: Social Security
Satisfied Customers: 38088
Experience: Licensed in multiple jurisdictions, experienced business attorney.
Dimitry K., Esq. and 2 other Social Security Specialists are ready to help you

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