How to spend

[batyam]

Hi,
my dad is approaching retirement age and will be applying for SS in Jan of next year. We have run the numbers and he should be eligible for SSI but last year he had car accident and part of the settlement was 25K granted to him. I believe according to SSI rule he can't have more than 2K in his accounts, is there an efficient way to "spend" this money?

Thanks

[Gone Fishing]

Use it for living expenses then reapply once it is exhausted.

[batyam]

His wife makes 30K a year which is enough for them to live on. She is planning to retire next year too. Of course they can take an expensive vacation but why?? they have been traveling frugally lately off CC sign ups.

[Drifterrider]

Hi,
my dad is approaching retirement age and will be applying for SS in Jan of next year. We have run the numbers and he should be eligible for SSI but last year he had car accident and part of the settlement was 25K granted to him. I believe according to SSI rule he can't have more than 2K in his accounts, is there an efficient way to "spend" this money?

Thanks

He could look into buying an annuity, paying down debt, funding a trust for himself with someone other than his wife as trustee. 

[seattlecyclone]

Are you sure he's going to be on SSI, not the regular social security retirement benefits? They're two different things. Social security retirement benefits don't have any sort of asset test.