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SSI and opening a reitrement account

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sophielp

Junior Member
Michigan
Hello,
I had a few questions. I have been on SSI for years now and been trying to find work. I know that there is a 2000 assest and resouce limit so my question is when I do find a job is it a good idea to contribute to a retirement account or not? I know later on after I establish myself in a career it would make sense to contribute, but right now if I ever loose my job getting back on ssi with a retirement account over 2000 would be impossible. Any advice would be appreciated.
 


commentator

Senior Member
So lets see. You have a disability such that you are receiving SSI. But you are looking for work. You don't have work yet, but you're looking. So you're worrying that if you DO get a job, should you contribute to a retirement account. Is your SSI eligible disability by any chance a mental one? Why on earth would you worry now about something that has not happened and may never happen? If you get a job, more power to you, and you keep that job, whoopie, and you can decide about contributing to a retirement account when it all happens. Why worry about that now?
 

Onderzoek

Member
Michigan
Hello,
I had a few questions. I have been on SSI for years now and been trying to find work. I know that there is a 2000 assest and resouce limit so my question is when I do find a job is it a good idea to contribute to a retirement account or not? I know later on after I establish myself in a career it would make sense to contribute, but right now if I ever loose my job getting back on ssi with a retirement account over 2000 would be impossible. Any advice would be appreciated.
It is your decision. But having a retirement account and being on SSI is the same as having a savings account (non-retirement). As soon as you are over the $2000 limit, you are ineligible for SSI and Medicaid through SSI. If you are ineligible for over 12 months, you have to reapply and a new finding of disability will be made. Spending down your savings would not be hard if you were no longer working.

What is your plan for health insurance when you return to work? May want to read up on 1619b eligibility


http://www.socialsecurity.gov/disabilityresearch/wi/1619b.htm
 

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