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Can You Get a Loan from the SSA Against Future Benefits

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  • 01-11-2012, 09:59 PM
    horseman18702
    Can You Get a Loan from the SSA Against Future Benefits
    Hello to all,
    Here is my issue and I am sure I probably wont like the answers given because all I have read isnt giving me much hope. I have worked all my life and paid every tax and enrolled in 401's but a year and a half ago I lost my last "best" job and started to collect (I am in PA). After exhausting my unemployment in June of last year (2011) I had no real choice but to leave my former residence and move back to my mothers home where I didnt have to worry about bill other then my Jeep payment and incidentals (now how embarrsing is that when I am 38). After barely getting by, I decided to try to start a business (all eCommerce) since the area I live in, you actually feel like you went back in time 18 years, and NO its not in the country, its actually a fair sized city. Our unemployment rate is garbage and there are no jobs for anyone that used to make $38k here. Our average is only like $17-$18k and any employer looking at my resume automatically figures if I were hired, that career would be short lived so why bother hiring at all.
    Hence the reason for me to start my business. This past year I went through every penny I ever had including buying a Laser Engraver for the mere cost of $20k, plus licenses, plus tons of materials to learn with and try to sell, plus milage trying to go to shows to aquire customers. All in all I have spent over $35k and now I am pennies away from defaulting on the car, any loans, and all credit cards that I worked so hard to achieve. I had a good credit score but as of recent it dropped all the way down to 540 and more than enough bad reports on my credit reports.
    When I worked at a hospital locally I left with something like $10k that went into my 401 and according to newsletters sent to me from Social Security, there is over $30k there. I havent had medical or dental in over 2 years and do have issues but wont go to the docs because I cant afford the cash to do so. At the same time I have looked into the local PA assistance programs, but since I am not a low life or drug dealer, I dont qualify for anything at all since I dont know the same tricks they do to live off of what I have always paid into.
    If I did accept ANY job then that is bad for 2 reasons, first my resume would go from heading IT departments to working at McDonalds so I am sure the future employers (if I ever fold the business) would really love to hire someone who started his working career @ $20k 20 years ago and last job with $38k, all of sudden making $18k. Second would be is that I just want to make my business work and it is finally starting but I have NO capital and thought about researching how to get my money from Social Security paying penalties and all but every article or forum is very vague. I even tried to contact my former company (the one with the $10k) and they offered no help.
    IS THERE ANYTHNG I CAN DO to get this money from the SSA because that will at least keep me going without having to claim bancruptcy and loose everything I have worked so hard for.
    Thanks in advance with any to all help offered,
    JJ
  • 01-11-2012, 10:17 PM
    Mr. Knowitall
    Re: Can Yoy Make the SSA Refund Your FICA Contributions
    Social Security is not a savings program. It's an insurance program. As a single adult, you can qualify for benefits prior to retirement age if you have a qualifying disability. Otherwise, you qualify for benefits when you reach retirement age.
  • 01-11-2012, 10:32 PM
    horseman18702
    Re: Can Yoy Make the SSA Refund Your FICA Contributions
    i fully understand what you are saying but after enough conflicting research, i have seen and read where people have abosulutely no other source of income and cant get state or local extensions for any unemployment, can submit 'something' to the SSA and to try to get a 'loan' (using the term loosely) and pay a substantial penalty of 20% or so.
    Second, why did my post title change and mispelled at the same time while not pertaing to what i was asking?

    Please change my title back since this is not what i asked and you should have the courtesy of asking me before just changing.
  • 01-11-2012, 10:52 PM
    Dogmatique
    Re: Can Yoy Make the SSA Refund Your FICA Contributions
    I suppose I'm not understanding why accepting ANY job is a bad thing. A job is a job. The majority of people in the US currently can't afford to be picky.


    I'm sorry, but you're choosing to remain unemployed by your own words.

    (And trust me - potential employers are much happier to see "Okay, he was laid off, worked two low-paid jobs just to keep going" than "Hmm.. there was work available but he didn't take it...why?")
  • 01-12-2012, 07:05 AM
    Mr. Knowitall
    Re: Can Yoy Make the SSA Refund Your FICA Contributions
    Quote:

    Quoting horseman18702
    View Post
    i have seen and read where people have abosulutely no other source of income and cant get state or local extensions for any unemployment, can submit 'something' to the SSA and to try to get a 'loan' (using the term loosely) and pay a substantial penalty of 20% or so.

    That would be called "fiction".

    I suspect your title was changed because it was nonsensical mess. You are instructed when posting to make the title a short version of your question. I doubt that the moderators are happy when you don't follow the forum rules and waste their time by making them clean up after you.
  • 01-12-2012, 07:57 PM
    Janke
    Re: Can You Get a Loan from the SSA Against Future Benefits
    You were right about one thing. You won't like the answer.

    No, there is no loan from SSA. Ever. Under any circumstances. Just like your car insurance won't be refunded to you if you didn't have an accident.

    I agree with other posters that a job is a job is a job. And every company has a little room for upward mobility. Bigger companies have more.
  • 01-16-2012, 05:55 AM
    jarchack
    Re: Can You Get a Loan from the SSA Against Future Benefits
    You'd have better luck with the SBA. Also, for someone that "ran IT departments" you don't seem to utilize empirical data well. Why dump all of your capital into a business that requires equipment and training instead of marketing what you already know? I do live in a rural setting in the Midwest, have no vehicle yet and was able to make some income by running a $30 computer repair ad in the local newspaper. I never ran an IT department but have over 15 years in IT and have taught myself everything from SEO to photoshop. The only equipment I need is a screwdriver and a flash drive loaded with utilities.
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