Ask Larry

Can I Borrow From My Social Security?

I'm in need of a loan asap can i borrow from my ssi

Hi,

No. Social Security is a social insurance program, not an individual retirement account that you can borrow against or withdraw. The contributions that you make to Social Security are taxes, and those taxes fund the payment of benefits to people who meet the requirements. That includes people who are disabled or are at least age 62, their dependents, and dependent survivors of a deceased parent, spouse, or child. There is no way to receive anything in return for the Social Security taxes that you pay unless and until you qualify for Social Security benefits.

Best, Jerry

Category: 
Posted: 
Oct 7 2020 - 8:22am
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