If Social Security has approved you for Supplemental Security Income (SSI) benefits, you will be subject to limitations on what you can have in assets. (Note that this does not apply to those persons getting SSDI benefits: they can save all the money they wish)
This includes savings. Unfortunately, this means that SSI beneficiaries would have to avoid accumulating money at the peril of losing their SSI benefits. Not having any sort of cushion against the unseen events of life could leave SSI recipients in danger of such adverse outcomes as being homeless.
Four Ways To Save
There are at least four ways, however, for those persons getting SSI to save money. A recent report from Michigan State University explains these four options. It is worth reading this study to see if you could benefit from such programs as:
► ABLE Accounts
► Individual Development Accounts
► PASS program
► Special Needs Trusts
These are complicated financial arrangements that no one should enter into without doing all the necessary research. But, if you are on SSI and want the comfort of having savings in the bank, it is worth looking into one or more of these.
Have you opened one or more of these accounts? How did it work? Let me know.
