Ask Larry

What Happens If I Sell My Property And I Don't Buy Another House?

I currently receive Social Security Disability and am wanting to sell my property. If I didn't buy another house, what happens with the money I receive from the sale?

Hi. If what you're drawing is Social Security disability (SSDI) benefits, then selling your property won't have any effect on your benefits no matter what you do with the money. The only type of benefit that Social Security administers that could be impacted by the sale of property is Supplemental Security Income (SSI). SSI is needs based, so the conversion of an excluded asset like a home to a non-excludable asset like cash can make a person ineligible for SSI benefits.

Best, Jerry

Posted: 
Sep 30 2021 - 3:34pm
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