Jun
10
2011
By Guest (not verified)
if you were unable to save any benefit for your child this year will you be in trouble with social security.do they expect you to save a portion of the money.
Savings levels for representative payees
Social Security states the following about using benefits as a representative payee :
First, you must make sure the beneficiary's day-to-day needs for food and shelter are met. Then, the money can be used for any of the beneficiary’s medical and dental care that is not covered by health insurance, and for personal needs, such as clothing and recreation. If there is money left after you pay for the beneficiary’s needs, it must be saved, preferably in an interest-bearing account or U.S. Savings Bonds.
http://www.ssa.gov/pubs/10076.html#how
So, you are not required to save a portion of the benefits, but you must have used all funds for the benefit of the beneficiary.
Additionally, you must show that all funds were used for the beneficiary by filing form SSA-623, SSA-6230, or SSA-6234. You may complete these forms online. In these forms, you must show the amount spent on food, shelter, medical and recreational purposes.
http://www.ssa.gov/pubs/10076.html#changes