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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I will be 62 in Oct 2013. If I retire, I will be receiving

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I will be 62 in Oct 2013. If I retire, I will be receiving 1860/month ssi benefit. I also receive approximately 2200/mo from an inherited property. How will the royalty check affect my ssi benefit?

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

I assume your social security benefit is regular early retirement benefits

MyVirtualCPA :

If that is the case, the income from the inherited property will NOT impact your benefits

Customer:

Yes; I have read that royality payments are unearned income and if that is the case would lower my monthly SSI benefit.

MyVirtualCPA :

What are the royalties for ?

Customer:

A portion of a natural gas well

MyVirtualCPA :

Okay...this is unearned income. It will not affect your regular social security retirement, but it can impact low income social security earnings

Customer:

Thank you for your answer. Should I talk to a CPA or CPA/Financial Advisor about this question?

MyVirtualCPA :

I am a CPA...but if you feel you would like to discuss your options in your personal circumstance you can go to a local expert

Customer:

Thanks again.

Megan C and other Social Security Specialists are ready to help you
Thanks Tom for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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