Dec
12
2011
By Guest (not verified)
Hello, Could you tell me if I were to collect social security benefits would I be allowed to save the money you send me monthly so I could use it towards fixing up my current vehicle or does Social Security expect me to use it all during the month that I receive the benefit?
Thank You for your time
Restrictions on use of Social Security benefits
If you receive Social Security retirement, "normal" disability, or survivor benefits, I an not aware of any restrictions on the use of the funds. You can save it to use for your auto.
If, however, you receive SSI, there are restrictions. First, if you save and have more than $2,000 in savings ($3,000 if married), your SSI benefits may be affected.
http://www.ssa.gov/pubs/11000.html#part3
http://ssa.gov/ssi/text-eligibility-ussi.htm