Can creditors snatch one's pension or Social Security ? Or is one or both protected ?

STEVEN F

If they have a garnishment order all non-government pensions are fair game. Social Security can't be DIRECTLY seized, but if it is placed in the same deposit account as other funds, the account balance can be garnished.

RICK

Social Security is protected pensions are not However if both go to the same account the SS is no longer protected and creditors can access your bank account with a court order. Also if the debt is back child support or if the money is owed to the government then none is protected

StephenWeinstein

Social security is protected from being taken by most creditors before it gets to your bank account. However, your bank account is not protected, so the money can be lost once it gets there. A few creditors, including student loans and child support, can get social security even before it reaches your bank account.

Judy

Not SS. Pensions, maybe. But money that you have somewhere like your bank acct can be taken even if it came from ss.

Jay

But the IRS WILL garnish SSI for outstanding tax debt.

KaleyK

Social Security is exempt from a bankruptcy trustee ... it's exempt from any collection action as well. The pension depends on the type, but about 98% of pensions are exempt as well. Sep-IRAs and SIMPLEs are not protected by federal exemption but may be by state law.

real estate guy

you use the word "snatch" as if you are a victim. WRONG. You are a dead beat for not paying your bills. Lets just get that straight

Anonymous

Depends on who you owe the money to.

danxp2

Those are mostly safe from creditor garnishments, see the link below for the details.

babyboomer1001

Yes. Neither are protected.