Never Keep More Than This in One Bank Account After 65 — 5 Rules Most Seniors Miss

📘 Get the guide → The exact forms, phone scripts, and deadlines Social Security, Medicare, your bank & the IRS never explain in plain English: https://www.franklinlaw.shop Two men, both 68, both retired, both keeping their savings in the account where their Social Security lands. One sleeps soundly. The other woke up to find $14,000 of his own money frozen, and he had done nothing wrong. The difference was one rule almost nobody over 65 has been told about. Your bank account feels like a private box with one key. In law, at least seven other hands can reach into it. Some only look. Some count what’s inside and change what you’re owed. And some can freeze or take your money without a single phone call. In this video, Franklin walks through all seven, in plain English: 🔹 $2,000: the SSI savings limit that can switch your payment off on the 1st of the month, and why giving money to family doesn’t fix it. 🔹 $25,000: how interest on your savings can make your Social Security taxable, and how the new $6,000 senior deduction helps (through 2028). 🔹 $9,950: the Medicare Savings Program limit that decides whether your $202.90 Part B premium is paid for you. Many states don’t use a savings test at all. 🔹 Any amount at a bank where you owe money: how your own bank can take money from your account for a loan, and the credit card exception most people never hear about. 🔹 A court judgment: how a debt collector can freeze your account without ever speaking to you, and what to do in the first 10 days. 🔹 3 to 5 years without activity: when a quiet account is turned over to your state, and how to get it back free. 🔹 $250,000: FDIC insurance per person, per bank, per ownership category, and the 6-month clock that starts when a spouse dies. 💡 The bottom line: US law protects two months of directly deposited Social Security from most creditors, automatically. So keep no more than about two months of your benefit in the account where Social Security lands. Move the rest to a separate account at a bank or credit union where you owe nothing, and keep every account within its insurance limit. 📞 Free, official help: Social Security: 1-800-772-1213, ssa.gov Medicare: 1-800-633-4227, medicare.gov Free Medicare counseling (SHIP): shiphelp.org FDIC: 1-877-275-3342, fdic.gov Consumer Financial Protection Bureau: 1-855-411-2372, consumerfinance.gov Free legal help for people 60+ (Eldercare Locator): 1-800-677-1116 Unclaimed money search, free: MissingMoney.com and unclaimed.org 📚 Sources: Social Security Administration: SSI resource limits and 2027 COLA fact sheet (3.6% COLA announced October 14, 2026) IRS Publication 915: Social Security and Equivalent Railroad Retirement Benefits IRS: the enhanced deduction for seniors (tax years 2025–2028) Medicare.gov: Medicare Savings Programs U.S. Treasury, 31 CFR Part 212: garnishment of accounts containing federal benefit payments CFPB and Regulation Z, 12 CFR 1026.12(d): offsets against credit card debt FDIC: deposit insurance coverage and the six-month rule after a depositor’s death (12 CFR 330.3(j)) National Association of Unclaimed Property Administrators (NAUPA) 🔔 If this helped, subscribe and tap the bell. Several of these rules change in January, and Franklin covers each change as it lands. Type your age in the comments, because every comment is read and helps decide the next video. ⚠️ Disclaimer: This video is for general education only and is not financial, legal or tax advice. Rules and limits vary by state and change over time. Figures are current as of October 30, 2026. Before moving money, speak to a qualified professional about your own situation. Names and stories in this video are illustrative. #Seniors #SocialSecurity #Retirement #Medicare #SSI #BankAccount #RetirementPlanning #SeniorFinance #FDIC #OlderAmericans