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    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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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 dont 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.
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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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 it's the penalties that you have an issue with, why not make the withdrawal penalty free in this case.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #23

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

    I dunno, 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
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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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 - ?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    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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