What would you like to do?
Can you contribute to your IRA if you are drawing social security?
You can contribute to an IRA if you are not yet 70 1/2 and have some source of W-2 / 1099 self employment income. Social security payments are NOT considered income that can be used to contribute to an IRA.
+ 26 others found this useful
Was this answer useful?
Thanks for the feedback!
No. Someone cannot receive both Social Security retirement anddisability benefits at the same time. Social Security DisabilityInsurance provides monthly benefits to individual…s who are underfull retirement age (age 65 and/ or older) and who can no longerwork because of a severe disability. The impairment must beexpected to last for more than 12 months.
no, to be considered disabled you must not be able to work any jobs in the national economy. If you are illiterate, you can still do manual labor and are therefore not conside…red disabled
Yes, you can draw from your IRA without affecting your Social Security disability benefits. The Social Security Administration only considers earned income and certain governm…ent payments (such as Worker's Compensation) when calculating benefit reduction or discontinuation. There is no limit to the amount of money you can receive from 401k, annuities, most pension plans, gifts, investments and other sources of passive income. These will not affect your eligibility or benefit amount.
Unemployment is offset (reduced) by a portion of SS in only 3 states: Illinois, Louisiana, and Utah.
You can only draw Social Security benefits at age 58 if you are disabled; otherwise, the earliest you can draw retirement benefits is age 62.
If you are a U.S. citizen, you may receive your Social Security payments outside the United States as long as you are eligible for them. However, there are some countries that… the payments cannot be sent, so it would best to contact your Social Security Office to find out which are the ones.
In simplest terms, it is a privately held retirement plan which rewards you for doing something that you should be doing anyway....saving for your old age. Social Security is… mandatory. An IRA is voluntary.With Social Security, your contributions are mandatory. With an IRA, you control how much you contribute.With an IRA, you choose what you want your money invested in and your contributions are tax exempt.With an IRA you can designate one or more beneficiaries, and leave it to whomever you choose.Social Security pays barely enough to survive, which is why many retirees have part-time jobs to make ends meet. A properly managed IRA can set you up in comfort for your Golden Years, that is, if you have enough extra income to contribute.There is one catch. If you take your money out of the IRA before retirement you will pay a 37% penalty for early withdrawal. There is also a Roth IRA in which the contributions are made after income taxes are paid and the money can be withdrawn at any time, tax free. A regular IRA is not tax free, but it is tax deferred. By deferring the taxes until retirement age, the investment grows at a much faster rate. I began mine at age 25, and I wish I had done it at 18, but how many 18-year-olds think about retirement?
If you were married at least 10 years, yes. However, it doesn't decrease the amount that you get.
Social security benefits is not qualifying earned income that you can use to contribute to a IRA account. There are three categories of qualifying income that can be used to m…ake contributions to a IRA account. Amounts earned as an employee, Self-employment income, and Alimony income.
They are both the same thing SOCIAL SECURITY BENEFITS and you only get one check for your SSB amount each month that you qualify for.
If your husband and you both draw Social Security and he dies can you draw a portion of his Social Security?
Social Security rules and regulations, and legislation, vary according to the area in which you live and use these services. You will need to contact your local …Social Security office to learn how you will be affected financially by your husband's death and also by other changes which might affect your allowances in some way. You don't need to give personal detals about yourself to the officer with whom you speak and can, of course, withold your caller ID. Making an enquiry anonymously won't affect in any way the advice you'll be given, but do be aware you must be absolutely honest when giving detals about your situation: if you don't tell the exact truth the advice you receive is worthless.
You can take early retirement at age 62 if you have accumulated the required 40 work credits, but your benefit amount will be reduced to approximately 75% of what you would re…ceive if you postponed retirement until full retirement age (66 for people born between 1943 and 1954) or later. You can collect Social Security disability (SSDI) benefits at any age if you meet guidelines for both work credit eligibility and disability determination.
Yes, to receive SSI or SSDI a person must be considered disabled. Disabled means that the person's impairment will last at least a year or result in death and that they cannot… work any job in the national economy.
It is my understanding that if you & your spouse are living. You can. But! If your spouse is dead. Then SSI let's you decide which check you want to draw from you cannot have… both when one is gone.
You can draw half of your spouse's entitlement if you wait to retire when you reach full retirement age (65 for people born before 1943; 66 for those born between 1943 and 195…4) if your spouse is also retired.