Dear Liz: If someone is currently receiving Social Security disability payments, does the monthly dollar benefit change when they reach age 62 or at full retirement age?
Answer: Social Security disability payments convert to a retirement benefit when the recipient reaches their full retirement age, which is currently 67. The dollar amount doesn’t change, although recipients continue to get cost-of-living adjustments.
I think you better double check your advice here. Parents don’t have to report money in 529 accounts but do have to report it on the fafsa if money is used the prior year. Money in grandparents accounts does have to be reported on fafsa. This is my understanding. Please check
The FAFSA rules have been updated recently. Parents do have to report 529s they own as a parental asset on the FAFSA for the beneficiary. Parent-owned 529s reduce federal aid by a maximum of 5.64%. Qualified withdrawals aren’t counted against the student. 529s aren’t counted at all if they’re owned by non-custodial relatives such as grandparents.