Today's question is, how will selling my home affect my social security benefits?
Hi, I'm Dawn D'Amico, a realtor licensed in Pennsylvania and New Jersey. I'm here to answer one of the most common questions I receive:
How will selling my home affect my social security benefits?
Social Security is a needs based program, so your eligibility is determined by your income and your assets. If you receive Supplemental Security Income, SSI, selling your home could temporarily make you ineligible for your benefits. I'm going to fill you in on a few things to help you avoid this.
3 Steps to Protect Your Benefits:
1. Reinvest the proceeds from the sale of your home into a new home within three months.
If you do this, your SSI benefits will not be affected.
2. Use the proceeds from the sale of your home to pay off your debts.
This will reduce your assets and make you more likely to be eligible for SSI benefits.
3. Set up a special needs trust.
A special needs trust can help you protect your assets and still be eligible for SSI benefits. A special needs trust known as an SNT is a legal document that helps individuals with disabilities maintain their eligibility for government benefits, such as Medicaid and Supplemental Security Income, while allowing them to receive additional financial assistance from other sources.
If you're thinking about selling your home and you are on SSI, I encourage you to contact me. I can help you understand your options.
So, there you have it friends. The answer to today's question, how will selling my home affect my social security benefits? Okay, friends, don't forget to hit that subscribe or follow button and like this video if you're finding these insights valuable. And of course, share your thoughts and questions in the comments below.
If you are thinking about buying, selling, or investing, or maybe you just have a question about real estate, don't be shy, reach out to me today. I always have time to help you. My name is Dawn D'Amico, your trusted realtor in Pennsylvania and New Jersey. I'll talk to you soon.
📞 Dawn's Mobile: 215-962-9307, eXp Realty: 888-397-7352
📧 Email: dawn.damico@exprealty.com
🔗 More Info: https://bit.ly/3X9Ju4x
