Do Kids Continue to Get Social Security Survivors Benefits After 18
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What Happens to Minors' Saved Survivor Benefits When They Turn 18 My granddaughters recieve death benefits from their mother, we use what we need but save most of it, my concern is that more than one person has told me that when my granddaughters turn 18 that SS wil take anything that we have saved for them, is this true ?
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18
Told by who? The grocer, the auto mechanic, the pool boy?
Unless you were told by somebody at the SSA office, I would seriously doubt anything anybody else tells you.
So far, all I can find on the SSA website is that children can receive survivors' benefits until they are 18 (or 19 if still in high school full time).
I haven't found anything to indicate that anything gets taken away when they turn 18, other than the benefits just stop.
http://www.ssa.gov/pubs/EN-05-10084.pdf
If you are saving up portions of their monthly benefits that they have already been entitled to it doesn't make any sense that the money would have to be returned to SSA when they reach 18.
Does it make any sense to you?
I suggest you call the SSA office to clear this up.
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18 No, its not true.
Quoting roggietwo
My granddaughters recieve death benefits from their mother, we use what we need but save most of it, my concern is that more than one person has told me that when my granddaughters turn 18 that SS wil take anything that we have saved for them, is this true ?
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18
The handling of conserved funds is described here. If funds were conserved then returned to the SSA, they will be reissued to the beneficiary (or the beneficiary's current representative payee).
Given the amount of survivor benefits, a better approach would be to use the benefits to support your grandchildren while making contributions to their savings from your own money, rather than subsidizing their support with your own money such that they have survivor benefits "left over".
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18 Have you ever heard of the "swimming pool" analogy? I suspect that it would apply here. Quoting Mr. Knowitall
The handling of conserved funds is described here. If funds were conserved then returned to the SSA, they will be reissued to the beneficiary (or the beneficiary's current representative payee).
Given the amount of survivor benefits, a better approach would be to use the benefits to support your grandchildren while making contributions to their savings from your own money, rather than subsidizing their support with your own money such that they have survivor benefits "left over".
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18
Custodians for the funds of minor SS recipients file an annual report with SSA describing how the funds were spent or whether they were saved. If they have been reported as saved, then the SSA will expect to receive the money for re-issuance to the now adult recipient, who is the owner of the funds. If they were subsequently spent prior to the recipient turning 18, an accounting for how those funds were spent will be required.
- Re: What Happens to Minors' Saved Survivor Benefits When They Turn 18
Survivor benefits can be applied to expenses including food, housing, education, clothing, medical care, dental services, and recreational activities, and the expectation is that the money will be spent. Yes, if previously reported savings are spent that would have to be explained on subsequent accountings.
roggietwo, the 'swimming pool analogy' to which llworking alludes refers to the fact that money is fungible -- that is, if you're spending (let's say) $1,200 per month to support a child, a pretty typical figure, the money is all coming out of the same pool. You can choose to spend $1,000 of your own money, spend $200 of the child's survivor benefit, then "save" the balance of the survivor benefit -- in which case you would report the savings to the SSA. In the alternative, you can spend the entire survivor benefit, pay the difference out of pocket, and then put whatever you want of your own money into a savings account for the child without having to report any savings to the IRS. The child ends up with the same outcome, but you save some paperwork when the child turns 18.
Source: https://www.expertlaw.com/forums/showthread.php?t=185601
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