ssi and able accounts
WARNING: INVESTMENT IS RISKY. THESE ACCOUNTS ARE LIABLE TO COST YOU MONEY INSTEAD OF SAVE YOU MONEY !!
an able account is a savings account for disabled and retired social security recipients. since investing remotely is a liability, its best to approach social security or your social worker and fill out the appropriate form to start an able account. just like most governments and social security in general, its either underfunded or severly caustic when it comes to doing your stuff in a timely manner. so, if you put in 2k of your money, it wont arrive in your able account until possibly a week later, which means it will be deducted from your account within the week; but there is an option, just like in savings accounts in general, to invest in stocks and bonds, and according to my able account in new york, which i got through my social worker, i can get up to a 5%+ interest rate on savings account, and i believe there are special programs for people who spend their ssi money on certain things; but these need to be discussed with an accountant and possibly a social security attourney, along with your social worker.
i used to spend a significant amount of my money, pretty much living ssi paycheck to paycheck, because due to federal legislation, ssi recipients are not allowed to have over 2k in their bank accounts, but there is a 100k limit to savings accounts, and i believe most interest rates on savings accounts from places like bofa and wells fargo are about 1.5%, which leads me to believe these able accounts are high interest, high yield savings accounts for social security recipients, including retirees and railroad workers.
anyways, i saved up 2k and placed it in my able account, my dads an accountant and he’ll be monitoring my able account and following my investments so i can have something for my credit report; since employees and etc like seeing people with money in their work force.
the downsides to able accounts is theyre very very slow when it comes to transactions, and they might be riskier then investing with a private bank, but most have an investment interface and you can pass the money and account to your descendants.
my 1.2k in my able account should net me a good sum in 2-3 years, and yeah, my dads going to monitor it aside from an occasional 500$ deposit from my account into my able account, and it looks pretty hopeful. i just gotta adjust some settings on the website and see where i can adjust my money after tax season lol
anyways, after tax season my dads going to train me to work at his accounting firm, so thats there on the griddle.
unidef