I am the payee on my grandchild's SS account and want to know if he has to return the money I have saved for him when he turns 18. I was told that he does, but that just doesn't sound right to me.
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If you have saved money for him from his survivor benefits, he does not have to return the funds to SSA.
How nice that you have been able to save money for your grandson!!
No to your question. The money does not have to be returned to the SSA but I believe you should think about how and when to turn the money over to your grandson. Hopefully he will know how to use it properly/wisely.
I believe you should pay a visit to the SSA and ask any questions you may have - sometimes it is best to get answers "from the horses' mouth" so to speak.
My daughter received survivor benefits and I was the payee. He absolutely does not have to repay anything. It is very nice you were able to save it for him, as it is intended for his care and support from month to month but maybe it will help with college or a down payment on a house. If there is a sizeable amount you may want to speak with a financial advisor who will help you appropriate the account the best way for him, I recommend this before just handing control of the account over to him.
Thank you Amber E. and thanks to everyone else who responded to my question.I got that information about giving it back from a woman at SSA when I called there.She didn't speak English very well and I don't think she understood what I was talking about.I took Cybergrannies advice and made an appointment to speak to someone next month.
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