Is This An: Asset and/or Income? According to SSI

Submitted by Anonymous (not verified) on Sat, 04/30/2016 - 07:59

I found an app recently called Acorns which provides micro-investment. It takes the change from your day to day transactions and invests it and you receive some dividends as well.

Now I am curious as to if I was to sign up for this app would this effect my SSI?

I don't intended on investing huge amounts as I barely survive with my SSI and SSDI as it is but I can spare some change. I however don't want to sign up and loose my benefits just for some "beer money".

I know you typically have to report stocks and investments as assets but I am not exactly sure about this. You do have to give them Social Security Number as they comply to Federal law. If you invest $30 a month, after 10 years you will end up with a Portfolio worth around $6,000 based on everything... So it's not a high end aggressive, investing for retirement kind of company.

Based on the account value/investment/ earnings would that count as assets and income as well?

If anyone could provide an answer that would be great.

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