i am 40years old and i draw 657 a month in disability. is it possible for me to invest money from my ss?

Question

i want to invest some of my ss to help me get off of the system. has this ever been done and if so how does a person go about making the right investment? i have thought about using ameritrade or maybe some savings bonds. i know very little about investing, but i am willing to learn.

Answer 1

Heck if it is government money then they are paying you too much if you can afford to invest.

Answer 2

You can't invest your way off disability because as soon as you have $2,000 you will lose your benefits and not have enough to live. You are only allowed to own a home but you can't get a home for $2,000 and if disabled who would take care of it.
My cousin was born disabled and his parents bought him a mobile home to put on the family farm so he is next to them so they can take care of him. Grandma died and left him her house last year, it is for sale. He will spend the money getting a better mobile home, her house wasn't worth much. His parents are in their final years now, his dad in a nursing home and mom 80 and not well but still taking care of him.
When they die they want to leave him 1/3 of the farm but if they do he will lose Medicaid and not be able to get insurance so he will die. He may not outlive his parents but if he does he may not live long after that.
I don't know how people live on 657 unless they get free housing and food stamps but i think most are too disabled to live alone so probably don't have much rent.

Answer 3

I am on disability and make the same as you. I honestly don't know how you can afford to invest.
Read up on investing and learn all you can before you commit to anything

Answer 4

Your having disability has nothing to do with your wanting to invest the money. See if your local library has any books for beginner investors.

Phurface

Answer 5

Your income is low and I think it would be hard, stocks are the way to go bonds don't pay much,, BUT the market is in a down turn right now so wait.

Answer 6

vacrowed,
I am on the same thing. I only get $637 as of Jan 1st, however. So you must either live in a state that pays more, or you have 3 kids. One or the other. I know what you mean about wanting off of this. When I first got hit by this truck back in 2001 we didn't know if I would regain my short term memory loss, or if I'd be able to ever walk again normally. That's how bad this guy hit me!! I was a pedestrian, and it was night time, and I have no memory of what happened to me that night. But they did list me as a Jane Doe in Critical condition on site. Than 1 & 1/2 years, and 4 surgeries, therapy casts, staples and lots of scarring later I finally won my appeal. Beleive me, I did not want to get on this!! I faught my Ex-Husband on this!! I told him "I'll be damned if I'm going to sit around and wait on a check in the mail while you have a job and friends and a life!!" Then he told me, "Christy be realistic about this, we dont know if your ever going to walk normal again or at all for that matter! Let alone your memory loss!!" My memory is still really bad, my walking is fine however!! Thank-God, I can walk again!! But, there have been so many times I have wanted a bigger pay check than this SSI/Disabiltiy, you know. I get so frustrated so many times over this, and have for the past 6 years!! Sometimes I even think aahhh screw this crap just go and find a good paying job over at the airport and get some good bennies to!! Benefits, you know. Then, I have to tell myself my health hasn't gotten better, I now have so much arthritis in my body I have to take pain medicine daily! Not to mention the depression I endure plus I have anxiety attacks, and so, so, much pain sometimes even my pain meds dont help!! I have such bad arthritis in my back alone one doctor told me he wouldn't dare operate on a lump found on my lumbar spine. He said sometimes they just go away. Then he went on to tell me not to go and get a second opinion, that I would regret ever allowing anyone to operate on my lumbar spine to take this lump off, because if they did I'd have a 50/50 chance of being a Quadroplegic afterwards!! And that I had so much arthritis in my spine that it would be like a fragile peice of glass crashing down if they so much as touch my spine to operate!!! HE made me promise him not to go and get a second opinion!!! Can you beleive this?!! Well it's true! And now I dont know if this lump is malignant or not! So, I have so many reasons I do need my income!! I rely on mine to survive pay bills and that's all they give me enough for. I can't play with mine. You must not have any bills. Or you wouldn't be able to invest. My gosh, I'm thankful I have this during my time of need. I wouldn't want to play with mine whatsoever and take a chance of them taking it away from me all together!! I dont think so! You might want to be very careful what you say on here. And hope and pray no one from this dept. answer's your question or gets all of your information from your site. I hope not for your sake. I doubt it,but I dont think we're allowed to invest it at all. If they see your investing it, instead of useing it to survive on, then they may just assume you dont need it. So just be really careful what you say about this online, you know what I mean. Good Luck to you. I do understand completely where your coming from, you just want to cover yourself for your future especially since their now saying we may not even have an SSI in the future. Just be careful who you talk to about this sort of thing. Is all I'm saying. Good Luck again. Hope it is okay and ligitimate to do so. But be also careful who you invest it with. There could be very good scam artist's out there, too!!! Word from the wise!!

Answer 7

That's bullsh*t. Wish I had extra GOVERNMENT money to "invest".

Answer 8

corrrr i earn just over what you get a month

and have to work 50hrs a week!!!
what am i doing wrong