4 comments on “How does getting a lump sum of money affect my Social Security Benefits?

  1. I would like to fine out about this lump some from social security.And how it would affect my social security benefits.. So i would know if its worth for me
    to do.
    thank you
    Stephen W. Vajko

  2. I’m on government program benefits due to my low income situation w/ one minor dependent and now unemployed: fs, housing, and medicaid. now, 2-yrs ago, i got injured at work and got a work comp lawyer. after 2yrs of waiting for the settlement, now i finally got the lump sum check. but have not decided to cash it out yet. since im on above mentioned programs federallly funded, do i have to report this changes right away? will i lose the medicaid program besides the fs? how about the housing program, i pay low at this time. but once i disclosed this info about workers compensation lump sum check, how much percentage will my rent be affected on increase? literally my rent is $1450. So calculate from there, how much is the percentage i got to pay starting next month? how soon i have to report changes in this kind of income received? once the lump sum settlement has been released to the claimant, this automatically generates on the government’s systems computer. Please advised on what to do before i cash this lump sum check. I will need to report this changes affecting my status, anyway. But how soon?
    thank you!

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