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Topic: saving money while on SSI?
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Post 1 of 9

hi5
I'll have the last word, thank you!
964 posts
Thursday, 08-Apr-2010 4:12:55

according to a friend it can be done through the use of a savings acount seprate from your checking. Is anyone doing this? Lemmie know, or send me a private message. Have somewhat of a problem I'm trying to take of right now. Thanks.

P.S.
Also, let the chriticism and insults begin; I realize they're bound to occur :).

Post 2 of 9

Nicky
I'm going for the prolific poster awards!
1229 posts
Friday, 09-Apr-2010 20:29:42

I think ou could put money in a sepert account and not tell them about it, I am not sure if they will find out later. But I do know that a friend of mine had about 3 o 4 thousand bucks in a checking account adn the SSI never said a thing about it.

or you could just sock i away if you fill ok about it.

not sure ifyou can do anything under a fake name any more.

Or your pets name.

I do know htat it is harder than hell to save money when your on SSI

Post 3 of 9

Thom3of5
I can't call it a day til I enter the zone BBS
242 posts
Saturday, 10-Apr-2010 9:06:34

Either save it as cash somewhere in your house. Or, if it gets to substantial, get a safe deposit box and put hundred dollar bills in it.

Thom

Post 4 of 9

wildebrew
I've now got the silver prolific poster award! wahoo!
2801 posts
Saturday, 10-Apr-2010 14:41:18

Are there rules regarding how much money you are allowed to have in your checking or savings account while on SSI?
Why not just open svings account in a different bank, if it it is an issue. I do not remember being required to give the amounts on my accounts in my tax return and I've never got the feeling taht they check it, not that I have anything to hide in this regard, I wish I did.
But I thought SSI was tied to income, not to money in savings, I think one who needs it should get it whether he has 20000 dollars in his account or 0, so I'd be very surprised.

Post 5 of 9

Nicky
I'm going for the prolific poster awards!
1229 posts
Saturday, 10-Apr-2010 15:47:52

I believe and have been told that you can't have a lot of money or SSI will and could cut back in your check that they give you. I have had them call and ask me how much money I had in cash, how many accounts and what kind I had, and then ow much was in each. They wanted to know every cent I had. Why I don't know. Then they wanted to know if anyone one else had money that was mine but they were holding it for me. They also wanted to know if I was or had received any money or finatual help from anyone else. Food stamps, birthday money college friends .... so on so on. It was crazy. I do not know why they needed to know all the details for but i had to answer or they would cut my SSI. After payig all mybills, I can't sav any, maybe a ten or maybe, jst maybe a twenty here or there, but what should it matter to them what i do with it. IDK. But there are a lot of people who liveswith mommy and daddy and don't pay bills and they save and colect loads of cahs and nothing seams to happen to them, they don't even get questioned about it. And also if your on SSi, you don't have to file for taxes.

Post 6 of 9

SingerOfSongs
Heresy and apostasy is how progress is made.
1256 posts
Sunday, 11-Apr-2010 2:39:41

If you are on SSI, you aren't supposed to have more than $2000 in your bank account. You're also supposed to provide information on other bank accounts if you have them. You can, as someone already said, keep it in cash in your house or safe deposit box (though I'm not absolutely positive on the safe deposit box) I've also known some people, if they're on good terms with their parents, to have their parents keep it for them. (not an ideal situation I'd think, but some do that.)

Post 7 of 9

Shadow_Cat
I've now got the silver prolific poster award! wahoo!
3036 posts
Sunday, 11-Apr-2010 18:02:42

Nicky is right: Social Security does ask for all that information, and you have to supply it. Though they rarely actually look at your accounts, they do legally have the right to do so, and occasionally will, especially during a case review. They are able to figure out if you have other accounts you have not told them of, even if it's with a different bank. If it's in your own name, they will find it. You'd be amazed what can be pulled up with your Social Security Number and a credit report.

Miah is also right: you cannot have over 2000 dollars in resources of any kind, or they can cut your benefits off.

Others have offered good suggestions. Save it as cash in some location where it cannot be easily found and/or taken. I, too, have known people who have good and trusting relationships with their parents who keep the money for them. Since nothing you save can be in your own name, it is a good way to go, if you have a family member or friend who you can trust that much.

Post 8 of 9

blw1978
I'll have the last word, thank you!
861 posts
Wednesday, 14-Apr-2010 17:03:08

Have your parents open an account for you but in their name. Then just put money in there, or get a safety deposit box, their relatively cheap. I've heard of the $2,000 limit as well. I actually have an IRA and when it gets too high, I'm gonna have to move the cash. I don't get SSI, but if you wanna save it, don't open any more accounts in your own name, as they can access these. Best way to save money, get off of SSI ASAP.

Post 9 of 9

z726
Account disabled
63 posts
Friday, 16-Apr-2010 9:34:36

Any accounts you have social security knows about it.

solution: go to walmart and purchase a safe and go to the bank, and get some money evelopes and just start stashing away, it's what I've done and I've got quite a stash, I keep minimal 300 in my checking to pay bills or whatever, everything else is done in cash. I've got hundred dollar bills and refuse to break them.

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