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.