To Top

Can I Invest Social Security?

I'm on SSDI and want to invest in a 401K, is that possible?

Bill from Redding, CA

Ad

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

By Harry (Guest Post)
October 10, 20080 found this helpful

There are plenty of places to get an answer, and some may charge a fee; call an tax accountant, call social security, call a mutual fund, or call the your state taxation bureau.

Reply Was this helpful? Yes
By (Guest Post)
October 10, 20080 found this helpful

A 401k is only available thru payroll deductions at your employer. You can not add outside cash to it. You could however invest in a traditional or roth IRA thru a brokerage firm. Contact a broker in your area and set up an appointment to get advice from a professional. The good ones won't charge you for a consultation.

Reply Was this helpful? Yes
October 13, 20080 found this helpful

You can not invest SSDI or any form of Social Security payment in a 401k. A 401k is an employer sponsored plan and it is for money you earn from THAT employer.

Ad

You can invest that money in either a traditional IRA or a Roth IRA if you want to save it for retirement purposes.

There are other investments you can invest in if you do not plan on saving the money for retirement. You can seek assistance from a broker, financial planner, accountant, financial advisor, or even a insurance agent/company web site.

Reply Was this helpful? Yes

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

Related Content
In This Guide
Categories
Budget & Finance InvestingOctober 9, 2008
Guides
More
🎄
Christmas Ideas!
🍂
Thanksgiving Ideas!
Facebook
Pinterest
YouTube
Contests!
Newsletters
Ask a Question
Share a Post
Categories
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/11/15 08:41:55 in 1 secs. ⛅️️
Loading Something Awesome!