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How would a law suite settlement affect me ssi payment?

How would a law suite settlement affect me ssi payment?
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Answered in 6 minutes by:
10/13/2016
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12,885
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi,

...

If this is SSI (means tested) and not SSDI (not means tested, based on having enough years in the system that you were covered), the the settlement will, so sorry, affect your benefit.

...

Essentially, this will eliminate the benefit for the time that the setlement would have replaced the benefit.

...

For example, (just to make the math easy, I'll use round numbers) if your settlement was $7,000 and your SSI benefit is 700, then the SSI should be stopped for 10 months.

...

If you DON't make them aware, you could have an over-payment issue,

...

If, however, we are talking about SSDI (Social Security Disability Insurance) as opposed to SSI (Supplemental Security Income) then this would make no difference at all to your benefits - Only EARNED income can affect SSDI.

...

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Customer reply replied 1 year ago
Im talking about a medical liability injury settlement. Does that apply?

Yes, so sorry (again if we're talking SSI and not SSDI).

...

You show that you understand that this is not TAXABLE income, but ANYTHING that can be used to pay for food clothing and shelter counts against SSI.

...

This WOULD NOT counts as earned income, if we're talkiong about SSDI, however.

...

SSI is means tested. SSDI is not.

...

If you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

...

Thank you,

Lane

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12,885
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12,885
12,885 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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