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Need foodstamps but I have 401K

Asked Jun 25, 2009, 07:53 AM — 24 Answers
HI I hope one of you all know the answer to this? I lost my job and I need food for my children,I have one that has been on ssi since he was 3yrs he is 16 now.I tried to get foodstamps,the called to day and told me, I have a 401K from work and they will not give me any. SSI has never held that against before as an asset HELP my kids need food

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ScottGem's Avatar
ScottGem Posts: 58,156, Reputation: 28160
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#21

Jun 28, 2009, 12:30 PM


Quote:
Originally Posted by stevetcg View Post
Absolutely... Once they need it. But if they have savings, they don't need it.
And the law provides for that. The maximum they can have in counted assets is $3K. Anyone with a liquid cash position under $3K is not doing very well. But the law doesn't consider 401(k)s or most other types of retirement savings as counted assets. They also exclude your home and 1 car.

My opinion is that forcing someone to liquidate a 401(k) with the attendant penalties is just adding insult to injury.
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stevetcg's Avatar
stevetcg Posts: 3,694, Reputation: 1824
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#22

Jun 28, 2009, 02:48 PM
Quote:
Originally Posted by ScottGem View Post
And the law provides for that. The maximum they can have in counted assets is $3K. Anyone with a liquid cash position under $3K is not doing very well. But the law doesn't consider 401(k)s or most other types of retirement savings as counted assets. They also exclude your home and 1 car.

My opinion is that forcing someone to liquidate a 401(k) with the attendant penalties is just adding insult to injury.
They are taxes, not a saving account.

If its the penalties that you have an issue with, why not make the withdrawal penalty free in this case.
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AK lawyer's Avatar
AK lawyer Posts: 9,941, Reputation: 4217
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#23

Jun 28, 2009, 06:53 PM
Quote:
Originally Posted by excon View Post
Hello lawyer:

I don't know, but wouldn't a child whose parent died be entitled to receive his SS? That would be so no matter how much money the step parent made, wouldn't it?

excon
No, I don't think a child gets a parent's Supplemental Security Income. "In order to be eligible for SSI, a person must meet the definition of being aged, disabled, or blind." Supplemental Security Income - Wikipedia, the free encyclopedia
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JudyKayTee's Avatar
JudyKayTee Posts: 45,437, Reputation: 23563
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#24

Jun 28, 2009, 07:56 PM
Quote:
Originally Posted by AK lawyer View Post
I'm confused here. You have been receiving SSI for thirteen years, working, and accumulating a 401k? How does that work?

Good catch, good question - also wondering - ?
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ScottGem's Avatar
ScottGem Posts: 58,156, Reputation: 28160
Computer Expert and Renaissance Man
  
#25

Jun 29, 2009, 05:56 AM


Social Security does make payments for a child when a parent is disabled or deceased.
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