If you are reading this, you may have recently been awarded funds for SSD and/or SSI. If so, congratulations. We hope that your settlement provides for your long-term needs and those of your family. Now that you have received your settlement, it is important to take steps to maintain your long-term financial stability. Here are a few things to keep in mind:
- Create a budget — Creating a budget is probably the most important thing you can do to protect your long-term financial security. Start by assessing your regular monthly expenses against your earnings. This can be challenging if you have received a lump sum settlement. Our law firm can help you identify resources that can help you create and follow a budget.
- Be careful about loaning money — You may be tempted to loan money to family and friends now that you have extra cash on hand. Loaning money can be financially risky when you don't know when or if or when you will be able to return to work. Consider your SSD settlement your own and stick to your budget.
- Social Security funds are not garnishable — Depending on your assets, there may be no reason to use your Social Security money to pay off debt. This money is meant to replace income, cover future medical expenses other essentials. Your Social Security Disability earnings, as well as Supplemental Security Income (SSI), are non-garnishable. This means that credit card companies and other lenders cannot touch this money. You must keep these monies in a separate account in order to avoid garnishment or attachment.
The law firm of Shifrin Newman Smith Inc. understands the financial challenges clients face before and after receiving an SSD settlement. We are available to assist clients during and after the application process to ensure that their financial interests are being protected.
Contact an Ohio SSD Settlement Attorney
To learn more about managing your finances after receiving an SSD settlement, contact a lawyer from our Akron, Toledo, or Cleveland law offices. We represent clients throughout the state of Ohio.
