Social secuity and annuities are 2 different things. Just make sure it is the right time and you are the right age before you start getting anything from your annuity. If not you will be taxed and penalized like crazy.
If you are on Social Security Disability (Title 2), there shouldn’t be any penalty. There are no asset limits for Disability. BUT, there are penalties if you are on Supplemental Security Income (SSI, Title 16). You could lose your benefits then. If you are getting $603/mth and Medicaid, then you’re on SSI. If you are collecting off of your’s or a parent’s or spouse’s earnings, you are getting SSDI.
5 responses so far ↓
1 smgray99
It will not affect social security disability but it will affect ssi disability as the first is an earned program and the second is a welfare program.
2 sheandike
Social secuity and annuities are 2 different things. Just make sure it is the right time and you are the right age before you start getting anything from your annuity. If not you will be taxed and penalized like crazy.
3 rayklej
as long as its social security disability and not SSI it will not affect it
4 Frank Castle
I suggest you to stay away from annuities.
Top 3 Answerer in Business & Finance. (Vote for me)
5 SLCSand
I’m sorry for your loss.
If you are on Social Security Disability (Title 2), there shouldn’t be any penalty. There are no asset limits for Disability. BUT, there are penalties if you are on Supplemental Security Income (SSI, Title 16). You could lose your benefits then. If you are getting $603/mth and Medicaid, then you’re on SSI. If you are collecting off of your’s or a parent’s or spouse’s earnings, you are getting SSDI.