Q: Social Security question.
'm mentally disabled since 18. I get social security. I'm 58. I saved 20,000 and want to buy gold in two 10,000 installments. I will have to deposit 9000 or so in my bank account twice. Most will be taken out the next day or so after I buy the gold. Should I worry about the temporary blip? I usually keep it under 2000. This will take it over 10000. I haven't been reviewed in over ten years by soc sec. I used to get both soc sec and ssi until my mom died, and then got it all under soc sec (around 1100 a month). Thanks.
Depending on what type of benefits you receive, keeping a savings may end your benefits. Need based benefits are tied to the $2,000 limit.
Other benefits are not tied to this limit. Call SSA and verify what sources your benefits come from and ask what limits apply to each benefit. You might be receiving: Need based benefits or Disability Based Benefits or just plain Social Security Benefits.
Bank records get reported. SSA will find out eventually. If your benefits are need based, this bank transfer may trigger a lawful review of your file.
If you cross a needs based benefit maximum, you may lose benefits temporarily, or after an investigation, you may lose benefits for the past 3 years resulting in you paying back what was paid. Follow the SSA rules carefully or you could end up having to pay back close to $40,000.
Hopefully none of your benefits are needs based.
Good morning, I would suggest that you contact your local SSA and verify the benefit you receive and then pose this question to them. You don't want a financial decision to impact your future benefit.
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