Do we need to start a separate acct for our son's Social Security payouts (retiree, married)

[thatsallrightmama]

I know that kids who get SSI or Disability, their parent(s) are required to put their kids' monies in a separate acct. Is this the case on SS for a minor child of a retiree? The benefits acceptance letter for our children indicated that our child's monies would be deposited into my fiance's acct (same acct that will receive my fiance's SS payments).

[CSD610]

Ask Social Security but one would think if what you are asking is a requirement then Social Security would not be depositing two monies into one account.

[selhars]

You're very trusting….I'd rethink having your child's Soc. Sec. -- put into your fiancé's account?

1) you're not married, yet….. though obviously you don't have to say why young doing that.
2) I certainly hope that not only is you name on the account as a joint owner, that you also have your own access to that account.

[alpineprince]

YES, My children's benefits are paid into my account. I keep a separate spreadsheet for each of their expenses to file at year end.

[loves2read]

If you are worried about fees at the bank, try a local credit union