Topic: Auction: Present Value sale of my American Social Security Benefits in Bitcoin. (Read 592 times)

so what are you really selling ? what are we bidding on ?

Starting with your last point first, yes the rate of return risk could be an issue to me if it wasn't the defacto standard to operate the US banking system as too big to fail.

As for whether this "assignment" of SSP will be permissible,  the loop holes to a direct assignment that I can come up with off the top of my head based on the operation manual on assignments from the social security administration linked above are very clear in allowing pre-authorized withdrawals for loan repayment.

Finally for medicare the premiums are not allowed by law to increase faster than the social security benefit its self, and payment can be made in several alternative ways than a benefit deduction.

Although I do very much like this idea, I don't think this is a deal that is going to work.

The first and biggest problem with this proposal is that you do not legally have the right to assign your Social Security Benefits, nor can your creditors seize them/put a lien on them (the Federal government may be an exception to this for taxes -- I think the government will also force you to pay Medicare Premiums out of your SS check). This means that it would be impossible to enforce this kind of contract. Somewhat of a "loophole"/exception to this is that once you receive the funds, the money would be considered to be part of your general assets, and could be seized as applicable -- so if there was a lien on your bank account, and you deposited your Social Security check into that bank account, then the creditor that has the lien would be able to seize those funds once the check clears -- you can however receive a paper check and cash the check at say WalMart. There are similar protections for your other retirement accounts (401k, IRA, ect.) however there are somewhat more "loopholes"/exceptions to this.

Somewhat less of an issue, is that the Social Security Trust Fund does not actually invest or manage your money, it actually puts all of it's excess money in special treasury bonds that can be redeemed at any time when needed. Also the (what is essentially) rate of return assumes no risk of default which means the return is going to be lower then it otherwise would be. If you were to invest this money yourself, then you would (presumably) take on some amount of risk which means that you could potentially end up loosing some amount of money.

You are right.  That was my ignorance.

Thanks for the great questions.

The current estimate from tool at SSA.gov is attached below

The acceptable payments according to SSA guidelines can be found here https://secure.ssa.gov/poms.nsf/lnx/0202410001
So looks like a fee, third party repayment, or financial institution-electronic funds distributor arraignment

FYI, I don't believe you can edit posts in an auction setting meaning the two reserved posts are moot.   

I think we need a lot more information to make any sort of bid.   How much will it be?   How could this even possibly be enforced if there was a default?

SAVED

Have long held the notion that I can manage my own investments better than the Social Security Administration.  So today I would like to offer the life time amortization of my own Social security benefits.  This does not include any dependent benefits should my draw be taken in a family members name prior to me qualifying personally for the payment at age.

Bidding starts in blind auction.  Feel free to request any information you may need to comfortably bid your highest and best. 

Happy Bidding.