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How do I spend my backpay?

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Unread 08-21-2010, 03:06 PM   #1
Cblue
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Default How do I spend my backpay?

Hi everyone,
I have read some things about backpay spending, but I am in such a panic I can not understand it. Can anyone tell me in a childlike manner how I am to spend my backpay? I know how I am to spend my kids backpay, and I have kept receipts for everything so far.
I didn't think there were rules to my personal backpay. I really am in a panic. Had to take meds.
Thank you so much for any info you can give me.
Thank you!
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Unread 08-21-2010, 06:51 PM   #2
Janke
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are you on SSDI? If yes, do whatever you want.

Save it, give it away, pay your debts, gamble, travel, bury it in the backyard, buy a HDTV and Blue Ray DVD player and a nice recliner and subscribe to Netflix, get your teeth fixed, get your roof fixed and a new furnace for your home. Whatever you want. It may be the last time in your life that you have a lump sum of money, so making good choices for your comfortable future may be in your best interest.

Are you on SSI? If yes, do whatever you want but keep receipts and don't give it away (like share the wealth with the adult children) unless you don't care if SSI penalizes you for a few or many months for giving away your money. Also, if you want to stay on SSI, don't buy a second house or a second car or any other countable resource that exceeds $2000. Also, the retroactive benefits are excluded from the $2000 resource limit for 9 months so you don't have to spend it all today.
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Unread 08-22-2010, 11:30 AM   #3
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Hi again Janke!
No, I am not on SSI. I am on SSDI.
Thank you so much for your reply!
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Unread 08-22-2010, 04:33 PM   #4
Jimking
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Originally Posted by Cblue View Post
Hi again Janke!
No, I am not on SSI. I am on SSDI.
Thank you so much for your reply!
Can you imagine if there were rules on retroactive pay spending ofter paying 15% of your income for this benefit for years? I've never heard of rules on spending your money that you are entitled to, but it wouldn't suprise me one bit if SS or some other bored angency would attempt it.
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Unread 08-22-2010, 06:39 PM   #5
Janke
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Forgot to add that you probably should save something for income taxes in case you owe any. Ask your tax preparer.
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Unread 08-23-2010, 09:55 AM   #6
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Jimking, I didn't even think of that! Youa re so right!
Janke, yup! I spoke to the tax preparer about my taxes on it.

Thank you!
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Unread 09-21-2010, 07:00 PM   #7
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Quote:
Originally Posted by Janke View Post
are you on SSDI? If yes, do whatever you want.

Save it, give it away, pay your debts, gamble, travel, bury it in the backyard, buy a HDTV and Blue Ray DVD player and a nice recliner and subscribe to Netflix, get your teeth fixed, get your roof fixed and a new furnace for your home. Whatever you want. It may be the last time in your life that you have a lump sum of money, so making good choices for your comfortable future may be in your best interest.

Are you on SSI? If yes, do whatever you want but keep receipts and don't give it away (like share the wealth with the adult children) unless you don't care if SSI penalizes you for a few or many months for giving away your money. Also, if you want to stay on SSI, don't buy a second house or a second car or any other countable resource that exceeds $2000. Also, the retroactive benefits are excluded from the $2000 resource limit for 9 months so you don't have to spend it all today.
I just found out today that I was approved for SSI, and have a question. You can't give any of it away without being penalized? So if I wanted to give a portion of my back pay to my mom for rent for living here with her, I cannot do that? If so, I will accept it--I just want to know for sure either way. I would like to give her the money I haven't been able to because I haven't had any income.
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My name is Sarah and I am 25 years old. I have a lot of chronic health problems. Peripheral neuropathy and POTS (postural orthostatic tachycardia syndrome) keep me bedridden the majority of the time. I also struggle with degenerative disc disease, disc desiccation, spondylolisthesis, arthritis, polycystic ovarian syndrome (PCOS) with insulin resistance, allergies, sound sensitivities, and other health problems.
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Unread 09-23-2010, 10:21 AM   #8
walkerslbje
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Quote:
Originally Posted by Cblue View Post
Hi everyone,
I have read some things about backpay spending, but I am in such a panic I can not understand it. Can anyone tell me in a childlike manner how I am to spend my backpay? I know how I am to spend my kids backpay, and I have kept receipts for everything so far.
I didn't think there were rules to my personal backpay. I really am in a panic. Had to take meds.
Thank you so much for any info you can give me.
Thank you!

hi there , Im soo glad to here you got your backpay ijust got mine like 2 weeks ago and am so happy it took over 4 years!! as how to spend it ? that is up to you just remember you will have some tax to pay on half of what you got for yourself! do what ever it is you want i put most of mine in a moneymarket acct for now but i did get my wife a newer car 2006 camry! are old one blew a head gasket like a week before we got my backpay it is so nice to know i can pay the bills and not be broke so i'm gonna try to be careful with my money that i have left! just don't go and blow it all if you don't have to, put as much as you can away! save it for just in case money cuz we both know things happen you have no control over! im so happy to see u got paid
so don't stress over it just enjoy it! you take care it was good to here from you

walkersdlbje P.S if there is something you have been wanting for a long time treat yourself you deserve it!!!!
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Unread 10-04-2010, 06:32 PM   #9
kristbjorg
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What is back pay?
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Unread 10-04-2010, 09:25 PM   #10
Victor H
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Cblue:
HERE IS SOME ADVICE FROM A CPA
- Act like you never got the money.
- Put it in a safe deposit box as cash.
- You will need it for something down the road, so treat it with respect.
- Do not spend it, other than buying 6 months of emergency food.



Sarah Mae:You can use the SSI for your living expenses (food, clothing, shelter), and therefore you can pay your mom the rent with the SSI.


kristbjorg: "Back Pay" is the amount that you should have received between the time you applied for the benefit and the time it wa awarded. For instance, if you applied for benefits two years ago (24 months) and you just received an "Award Letter" today, then the "Back Pay" is the amount of your monthly award x 24 months.

-Vic
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