WRONG INFORMATION ABOUT SOCIAL SECURITY IS ALL OVER THE INTERNET

The following is a posting I found today on the internet. It is misleading.

"How much money can you have in the bank on Social Security retirement?

SSA limits the value of resources you own to no more than $2,000. The resource limit for a couple is only slightly more at $3,000. Resources are any assets that can be converted into cash, including bank accounts. However, some assets you own may not affect eligibility for the program."

This information has absolutely NOTHING to do with Social Security retirement. There is no limit on how much you can have in the bank with Social Security retirement and no limit on other resources, such as property, automobiles, investments, etc. Retirement benefits are not means tested: you do not need to have limited assets or income to receive Social Security retirement benefits.

So, where is this information coming from?

The $2,000 limit on resources (or $3,000 for a couple) refers to eligibility for Supplemental Security Income (SSI), which is a type of welfare. This has nothing to do with retirement benefits!

This is the danger of depending too much on the internet. What is true of one program is sometimes attached to an entirely different program--where the information may not apply at all. You can't take stipulations on SSI and apply them to retirement benefits, or even disability benefits in general.

So, an individual or couple may have unlimited money in the bank and still receive full Social Security RETIREMENT benefits. Resources or wealth do not disqualify you from receiving social security retirement. There is simply no limit on wealth for retirement benefits. (There is a limit on earnings from employment or self-employment if you are below full retirement age, but that's a different story).

You must be very careful when taking advice from the internet. While there is much good, correct information on the internet, there is also a lot of misleading or just plain false information there as well.

What's the best source of information when needing information about a Social Security program: retirement, disability, SSI, survivor's benefits, etc.?

1. The Social Security Administration. You may place a free call to any Social Security field office and ask for information or get a question answered.

2. A Social Security attorney, particularly if you are dealing with a dispute with Social Security--such as a denied claim or appeal.