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keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 6172
Experience:  Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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How can I borrow from my social security, I would like to

Customer Question

how can I borrow from my social security
JA: The retirement accountant will know how to help. Please tell me more, so we can help you best.
Customer: I would like to borrow money from my social security
JA: Is there anything else the retirement accountant should be aware of?
Customer: I have been retired fro the State of Maryland for 6 years and need to borrow $2000 from my account.
Submitted: 25 days ago.
Category: Social Security
Expert:  keeperumiami replied 25 days ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  keeperumiami replied 25 days ago.

Unfortunately, you can't borrow directly from your Social Security benefits. None of us have money in our accounts; what we have is the governments obligation to pay the retirement benefits that we have earned; but those benefits come from current covered workers under the system, not money that was put away for us specifically. That's one of the main problems with the system; there are less and less workers in relation to those of us receiving benefits; it has become particularly acute in the latest projections as the "baby boomers" retire; they drop out of the workforce and start to receive lately and begin to receive benefits; people are living longer and thus collecting benefits for a longer time.

One suggestion I have would be to go to a local savings & loan and take out a personal loan; you could set up the repayment over whatever period you could afford based upon a portion of your Social Security benefits.

Steve G.

Expert:  keeperumiami replied 21 days ago.

Just checking in..............

Have you had a chance to read my response?

Do you have any follow-up questions?

If not, I would appreciate it if you would take a moment to rate my response as that is the only way that I will receive my share of the payment you already made to the site. There is no charge for providing a rating for me.

Thanks very much,

Steve G.

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