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Our young son receives $655 a month from Social Security for being the minor child of a retiree. We are supposed to spend that money on him (which we do), but we have been socking $200-$300 away in savings each month for him in his own account. When we fill out the yearly paper which shows how we spent the money, will we get ding-donged by Social Security for putting away $200-$300 a month into our son's savings account? (He cannot touch same until he turns 18...he is 3 right now).
Because we are required from Social Security to fill out a paper once a year that tells how much we spent on groceries, clothes, entertainment, etc., and savings. We have to keep copies of receipts and detailed records of how we spend his money.
Because we are required from Social Security to fill out a paper once a year that tells how much we spent on groceries, clothes, entertainment, etc., and savings. We have to keep copies of receipts and detailed records of how we spend his money.
In that case, call or visit your local SS office and ask them if the savings account is allowed.
Quote from link above: "You must save any money left after you pay for
the beneficiary’s needs, preferably in an interest-bearing
account or U.S. Savings Bonds."
It is more about the quantity of his Social Security dollars that we are putting into savings that I am concerned that they may have a problem with. After he starts school, there may be times that this amount that we put into savings may be $50-$100 some months, but lately we put in $200-$300.
money is fungible. Once you cash the check, so to speak, how can you distinguish from "his" money and your money? You can't. Now, if you tell me that you can support a kid on less than $655...but what about housing, his share of meal costs, and so forth?
money is fungible. Once you cash the check, so to speak, how can you distinguish from "his" money and your money? You can't. Now, if you tell me that you can support a kid on less than $655...but what about housing, his share of meal costs, and so forth?
His dad gets his own Social Security and a pension, then our son gets a separate Social Security check for being the minor child of a retiree. We use it on part of the rent, clothes, and food. We anticipate we will be using it soon for school uniforms, school supplies, etc as well, starting next year.
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