Q & A
If I wanted to make a withdrawal from my IRA, would that affect my Social Security? Would that be considered income that could affect my social security, i.e., reducing my monthly Social Security?
Answer: IRA withdrawals do not reduce Social Security benefit amounts or cause benefits to be withheld as might be the case if you received wages prior to your FRA. However, taxable IRA withdrawals do increase income which may affect how much of your Social Security payments are taxable.
Source: Dan Moisand, www.moisandfitzgerald.com, via www.marketwatch.com - 8-10-2015
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.
With a married couple, if the primary delays claim of benefits to his/her 70 birthday, will the spouse (secondary) be eligible for up to 50% of this larger delayed benefit amount?
Thanks,
Rick Sander