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

lets cut to the chase -- yes you can invest he money -- will you ever get enough unearned income to live on i doubt it -- but you will have a nice rainy day fund so go for it!!!!

Answer 2

US savings bonds are a good idea. There are no fees, virtually no risk. But be realistic -- your goal should be to create a small rainy day fund. The few dollars you can free up will never generate enough to replace your disability check.

You now get just under $8,000 a year -- I assume that is tax free. Simple math -- at best you will get 4% annual interest. $8,000 is 4% of $200,000. So you need $200,000 to generate $8,000 in interest. Not going to happen.

You are only 40 -- you need a job.

I have a hero -- almost 30 years ago, at age 18, he was in a car accident -- he became a quadriplegic. He has limited use of his hands -- his arms work okay -- but nothing functions from his midsection down. He is completely wheelchair bound. Despite this he managed to get through college, get married, build a practice as a financial planner and retire at age 38. He now is on his 2nd career as a real estate developer. He has the sunniest disposition of anyone I know.

Answer 3

In order to answer this question, we need to know which disability program you are receiving benefits under. If it's Social Security Disability Insurance (SSDI), there is no asset limit, so you can save as much as you can spare from your monthly expenses.

Supplemental Security Income (SSI), which is also administered by the Social Security Administration, is another story. SSI has very strict asset limits - $2000 for individuals and $3000 for a married couple. If you save any more than those amounts, you will become ineligible for SSI and be expected to live off your savings until your assets again become less than the limit. Naturally, this policy tends to discourage people from saving and trying to become more self-sufficient. I don't consider it particularly wise policy, but there is no immediate prospect that it will change, so you should be aware of the limits if you're on SSI.

Answer 4

Do you only have this source of income or is it added to other sources of income? If so, you may want to check with a financial professional. Your intent is fine, but the source (i.e., disability payments) of your investments may be questionable by investment firms.

For education, try your local library for free books on investing; try online via Yahoo Finance, MSN Money, Investopedia, Securities and Exchange Commission, BankRate.com and FINRA. All offer free education for novice investors and experienced ones; the first three services have annoying adverts but the others are virtually ad-free.

Good Luck!

Answer 5

The short simple answer to your question can you invest your social security disability income. The answer is yes., where you invest it is another matter.

Answer 6

Can you afford to invest? Do you have sources of income? Will you be able to met your monthly expenses if you invest some of your income? You need to talk to an investment professional.