recently received inheritance from a accidental death, if i put it into an immediate annuity, will it affect my social security disability?
2006-06-15 14:26:45 · 7 answers · asked by lora r 1 in Business & Finance ➔ Other - Business & Finance
I'm sorry for your loss.
If you are on Social Security Disability (Title 2), there shouldn't be any penalty. There are no asset limits for Disability. BUT, there are penalties if you are on Supplemental Security Income (SSI, Title 16). You could lose your benefits then. If you are getting $603/mth and Medicaid, then you're on SSI. If you are collecting off of your's or a parent's or spouse's earnings, you are getting SSDI.
2006-06-16 14:52:33 · answer #1 · answered by Anonymous · 4⤊ 1⤋
1
2016-10-07 20:16:17 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It will not affect social security disability but it will affect ssi disability as the first is an earned program and the second is a welfare program.
2006-06-15 14:30:48 · answer #3 · answered by smgray99 7 · 0⤊ 0⤋
Social secuity and annuities are 2 different things. Just make sure it is the right time and you are the right age before you start getting anything from your annuity. If not you will be taxed and penalized like crazy.
2006-06-15 14:31:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
as long as its social security disability and not SSI it will not affect it
2006-06-15 14:31:53 · answer #5 · answered by rayklej 3 · 0⤊ 0⤋
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2015-02-05 16:59:08 · answer #6 · answered by Bonnie 1 · 0⤊ 0⤋
I suggest you to stay away from annuities.
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2006-06-15 14:41:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋