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Originally Posted by stevetcg

Absolutely... once they need it. But if they have savings, they dont need it.

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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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Originally Posted by ScottGem

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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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.

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Originally Posted by excon

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

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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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Originally Posted by AK lawyer

I'm confused here. You have been receiving SSI for thirteen years, working, and accumulating a 401k? How does that work?

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Good catch, good question - also wondering - ?

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