I am exspecting a settlement for a automobile accident and what I am wondering is how will social security count this money. I am on SSI. I was told by someone that if I spend the money then they would not stop my check. I plan on using the money to buy a home. Thanks to all of you for your answers.
2007-08-19 01:35:31 · 3 answers · asked by Anonymous in Politics & Government ➔ Government
I am getting this settlement for injuries that I received.
2007-08-19 01:52:19 · update #1
If you have savings over £3000. then they will cut down your benefits by so much per each £100 you are over this figure.(not sure of exact amount.) If you put all the money into a house it will not affect you. Just make sure your savings and current accounts do not go over the £3000 figure.
2007-08-19 04:15:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Proceeds from Social Security are not taxable as income because the benefits are technically the returns of the premiums paid by the members.
2007-08-19 01:54:54 · answer #2 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
Hide the money . The social will stop you money up to the amount you got for the car.
2007-08-19 01:50:23 · answer #3 · answered by sam 2 · 0⤊ 0⤋