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I will be 62 in Oct 2013. If I retire, I will be receiving

1860/month ssi benefit. I also...
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?
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Answered in 15 minutes by:
8/21/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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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
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
Megan C and 87 other Social Security Specialists are ready to help you
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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.

In a couple of days, you may receive a short survey. I would appreciate if you would fill out that survey favorably as this will assist me with the rankings on the site. Thanks again.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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