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Is there a limit to the amount of money a person can have…

Customer Question
Is there a limit...

Is there a limit to the amount of money a person can have when they receive SS disability. What happens to their ss disability benefits it they receive a large inheritance?

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. Please tell me more, so we can help you best.

When a person receives SS disability benefits are they limited to the amount of money they can have in their possession. Example: You have in your possession $500,000 that you have inherited from a parent. Would you be entitled to SS disability benefits or would your benefits be eliminated or reduced?

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

Suppose you haven't been approved for SS disability (it is pending) and you have already received an inheritance of, say$500,000. Does this have an affect on whether or not you would receive SS disability or if it is granted would it be reduced?

Submitted: 8 months ago.Category: Social Security
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Answered in 4 minutes by:
12/19/2017
Social Security Expert: lev-tax, Tax Advisor replied 8 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,340
Experience: Taxes, Immigration, Labor Relations
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If these are disability social security benefits - which are based on your prior working records - such benefits will NOT be affected by either your assets or any additional income which is unearned income.

Inheritance, pension, investment income, interest in the bank, rental income - all these are unearned income and will NOT affect such benefits.

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Social Security Expert: lev-tax, Tax Advisor replied 8 months ago

If however - you are getting Supplemental Security Income (SSI) - which is a Federal income supplement program funded by general tax revenues (not Social Security taxes) - these are mean tested benefits - and will be affected if there are any additional income or assets.

Please let me know.

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