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I an 67 yrs old. I started to take SS retirement benefits at…

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I an 67 yrs...

I an 67 yrs old. I started to take SS retirement benefits at 62. At that time my twin boys also got benefits each equal to about half my benefit. I have saved this for their college expenses. Now they are turning 18 the SSA says I need to give them back the

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Accountant should be aware of?

The boys are just starting sr year of high school..... goes SSA then send the money back to them?

Submitted: 11 months ago.Category: Social Security
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Answered in 1 day by:
8/6/2017
Social Security Expert: TaxRobin, Tax Preparer replied 11 months ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 18,206
Experience: 15+ years in tax preparation and instruction
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Social Security Expert: TaxRobin, Tax Preparer replied 11 months ago

When a payee (you), who has conserved funds for a beneficiary, stops serving as the payee, the payee generally must return those funds and interest earned thereon to SSA. SSA will reissue returned conserved funds to a successor payee or to the beneficiary directly if he or she no longer needs a payee. Yes, SSA would turn the savings over to your sons.

SSA may permit a former payee to transfer conserved funds directly to a new payee or to a capable beneficiary rather than returning them to SSA if it serves the best interest of the beneficiary. SSA will allow such transfers on a case-by-case basis. This means you would need to show the SSA that your turning over the account to each of your children would be better so they could pay for their college needs.

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