Can I Borrow Money From Social Security. It rules out the need for filling in a plethora of forms or submitting a bunch of documents. No, you cannot borrow from your current or future social security.
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In this way, you can use your social security as an interest free loan. People have this conception that their social security contributions go into a special account for them, like a savings account for college. You can take money out of your social security once you're eligible to receive benefits, and then pay back this amount to hold off payments to a later date.
Think of it as a slippery slope that could put your retirement security at risk.
While you cannot borrow directly from the supplemental security income program, you may be able to use the money that you receive to qualify for a traditional loan. In this way, you can use your social security as an interest free loan. The borrowing averts inflation losses and gives social security billions in interest earnings. However, any funds that you borrow which you do not spend in that month will count toward your ssi resource limit of $2,000 for an individual (or $3,000 for a couple) the next month.
