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The dreaded Social Security question


rooshy
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My oldest son will turn 18 at the end of the month.  He has another year of high school to go and while he will receive SS payment throughMay of next year, I received a letter today from the SSA asking for any money I saved for him, including investments.  I have been investing half of the money for him and his brother for the last eight years.  I have never told SS that I've saved any of the money.  Do I have to hand it over to SS and they will in turn hand it over to him?  I would feel better knowing that money is making interest for him in an account and will be ready when the payments end next May.  Can SS find out about this?

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Report that you saved NOTHING. No, SS doesn't check but don't say anything to anyone. 

 

If you report you saved any amount over the years, as you said, they can legally ask for it back. If they do clawback any funds, it is NOT distributed to the child of the deceased - it simply goes back into the SS 'pot' for everyone covered by SS. 

 

Thus, I repeat, say/report nothing. :) 

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I spoke to SS on Friday and told the man that I haven't saved any of the money.  He told to write that on the form letter I received and send it back it to them.  Hopefully that's the last that I hear from the until my younger son turns 18 in a few years.

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