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If you have a disabling condition that prevents you from working and you receive monthly Social Security disability benefits, you are permitted to use those benefits as you see fit. For some people, this means setting aside some of their monthly disability benefits in a savings account.
According to Marketplace, putting your money into a savings account will not affect your Social Security disability payments. In fact, the following is a list of things you can enjoy without penalty:
This is because your monthly disability benefits are based on how many years you worked while you were able and how much money (work credits) you paid into the system.
However, if you receive Supplemental Security Income, or SSI, you should know that this program is based entirely on your financial need. That means that your savings account will impact your ability to receive a monthly check. In fact, while using this program, you cannot have more than $2,000 in savings. If you have questions about these rules, contact a lawyer so that your payments are not in jeopardy.
If you or your loved is suffering from a severe physical or mental disability, you should contact a Social Security Disability lawyer immediately to learn about your rights and determine eligibility. The process of securing Social Security Disability and/or Supplemental Security Income benefits can be difficult and overwhelming. Don't go it alone! The attorneys at LaVan & Neidenberg, located in Atlanta, Georgia, understand the inner workings of the Social Security Administration and will help you navigate the system. Call us today for a FREE legal consultation - 1-888-234-5758.
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If you contact social security and provide them with your account number you can have benefits deposited into your savings account.
Social security administration (SSA) has 2 types of disability programs, SSI and SSDI or DIB (disability insured benefits). On the SSI program, an applicant's income
and assets cannot exceed $710 a month. The DIB program is based on work credits. Social security will pull up an applicant's work history and base their calculations on that if
the claim is approved. Disabled applicants who have never worked, or stopped working many years ago would most likely be eligible for the SSI program and not the DIB.
I hope this gives you a better understanding of the social security process. If you would like to go into more detail here is their direct link:
http://www.socialsecurity.gov/