Social Security only allows you to have 2,000 dollars in the bank. Hardly any way to save money. Ideas, legitimate ideas...
2007-03-05 05:17:44 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It depends on what kind of social security benefits you are applying for....
If you are applying for SSI for your dependent for example, then you can only allowed to have 2,000 in the bank.
If you really needed the money, then you would not have more than 2,000 in the bank and would not have to save money.
Anyway, they will accept your application (as in my case)if you have more than 2,000 in the bank as throughout the process you may have less than that in the bank.
If you are applying for SSD, they are no limitations on how much money you can have in the bank.
If you are applying for retirement social security benefits, there are also no limitations. Millionaires get social security benefits.
2007-03-05 05:29:39 · answer #1 · answered by bbrzt 4 · 0⤊ 1⤋
Social Security does not have a limit on what you can have in the bank...it does have a limit on what you can make during your retirement years, and that can not exceed 11,000 dollars.
If you are inquiring about Social Welfare, such as assistance with food, electric, or other cash benefits, and requesting Medicaid which is an insurance funded through the state THEY have a monetary limit you can have in the bank. And Medicaid requires that if you exceed that amount you do a 'spend-down' before you can recieve the benefits again.
Now, if that is what you meant; there are legitimate ways to go about this. Easiest way is to have the monies transferred to another bank account in a trusted family members name and allow you to have full access to that money. Or, you can create a trust fund and title it something, anything but with your name ON the trust fund name; you own that trust fund and that is untouchable and untraceable. The buck stops at bank and they can not release that information. If this is an interest to you contact a probate/estate/trust attorney and have them set it up for you.
2007-03-05 05:30:53 · answer #2 · answered by Michelle_My_Belle 4 · 0⤊ 2⤋
Ok so if you I tell you how to hide your money, then you'll get more social security, which the rest of us taxpayers are paying and by the time I try to retire, there won't be anything left.
No, I don't think I'll do that.
By the way, Social Security doesn't care how much money you have. I think you're talking about Welfare. My father in law collects social security and he has way more than $2,000 in the bank.
2007-03-05 05:22:39 · answer #3 · answered by Faye H 6 · 0⤊ 7⤋
under your mattress or in your socks
2007-03-09 05:11:05 · answer #4 · answered by jebeh 1 · 0⤊ 2⤋