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When you can’t manage your own finances & Social Security payments
True, the vast majority of Social Security recipients are perfectly capable of managing their own finances, including their monthly Social Security benefit. But it’s equally true that there is a subset of beneficiaries who simply cannot, for a number of reasons, manage how their monthly benefit is used to take care of their basic needs. That might occur as a result of one spouse’s cognitive abilities declining, or benefits received for a minor child, or those paid for a mentally disabled adult child who lacks the ability to manage their own benefit. It is for situations like these that Social Security’s Representative Payee program - which appoints someone to manage the use of a disabled person’s benefit - exists. In this Motley Fool article by Dan Caplinger, the author examines the Representative Payee program, including who may act as a representative and their responsibilities, including the need to report how funds are used to the Social Security Administration. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.