Millionaire's children are collecting Social-Security
This is a great way to get a big fat allowance from dad or mom?
Back in 1939 when they created social-security the rule was set in place for those families whose older dad could not work and was collecting social security.
The kids would not have to go to work in factories or off onto a farm at age 12 to work to help support the family but could finish some school with a social security payment and the family could eat.
Big money still gets social security
Although now that rule seems a bit more out of place in a family where dad has a thirty million dollar bank account and is collecting social security.
The kids are getting a fat allowance free of charge from mom or dad's wallet.
Social-Security tells us that ...
Currently in the USA about 4.4 million children receive approximately $2.5 billion each month because one or both of their parents are disabled, retired or deceased.
I did the math and that works out to a payment that averages $568.18 a month per child. Not bad for a kid going to school.
Technically the child of the retiree or disabled person has to be unmarried, as old as 18 - 19 years old and a full-time student but only up through the high school years (up to grade 12) of education.
There is an exception for those who are disabled whereas they can continue with payments or get payments with a disability that started before age 22.
The child can get up to a half of the parental benefit, but the family limit is from 150% up to 180% above the full amount the parents would get.
If there were several kids involved in collecting, they would have to share from 150% to 180% of the total kids payout.
It's not a bad deal for the retired or disabled parents and their kids.
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