Hi Mustachians,
I have a younger relative (30) who is currently receiving social security (SSDI/SSRI) due to discovering a neurological brain disorder (Chiari Malformation) about 7 years ago. He recently cashed out some bitcoin that he had for a long time for a 5 figure amount, it is currently sitting in a CD account collecting interest. He would like to invest it, however, he believes that due to the SSDI, he is forbidden from having any "investment" accounts and if he invests it, any gains will be deducted from his SS payments. This does not seem right to me, so I am hoping that someone here might know if there are rules like this for people receiving SS payments. It does not make sense to me that he would be punished for having an investment account.
He does not have much money and it would be very good for him to be able to put this money away for future medical bills, etc. He has asked for my advice because he knows that I have investing experience, but I have no experience with SS rules, so any advice would be greatly appreciated.
Thanks in advance!!