0
If you are referring to making Social Security pay out your total account, then no it is not possible.
If you are referring to a settlement from a lawsuit or a lottery winning, then yes you can still draw Social Security. However, you must be past 70 1/2 to not have it affect your current amount from Social Security. Under that age, you will be required to return one dollar of Social Security for every two dollars that the settlement paid out. In addition, you are still required to pay Federal and State taxes on the settlement amount that you receive.
If this is a very large amount, consult your accountant and a lawyer to determine what your best course of action is. It might be that an annuity until you reach the "magic age" would be the best course.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Will the court take a social security settlement after charter 7?
When Social Security receives notice of the bankruptcy action, we stop all actions to:Approve or disapprove a fee agreement
If a person on Social Sec Disability (CA)is diagnosed with Mesothelioma, can Social Sec take $$ received as a legal settlement When this person passes away, can Social Sec liquidate their assets such as a car or motorcycle and take the money?
Social Security is not designed to take money from a persons estate unless there is fraud involved
If you are on social security and working does your employer still take out social security taxes?
Yes.
How much will gov take from disability and social security checks?
= How much will gov take from disability and social security checks?" =
I take care of your dad full time will social security pay you for this?
No social security does not pay anyone to take care of any one.
Do draws from a 401K count against the annual earnings cap for Social Security benefits below full retirement age?
No, draws from a 401(k) do not count towards the annual earnings cap for Social Security benefits before reaching full retirement age. Only earned income from work or self-employment is considered in determining whether Social Security benefits are subject to the earnings limit.
Can creditor take social security disability?
no
how long will it take to recieve my new borns social security number?
It will take minimum three weeks to get social security number for your new borns.
How can you find your daughters social security number?
take her birth certificate to the social security office and file for a new social security card. if she is in school they should also have that number.
What is the percentage of Social Security Disability income a collections agency can take in Kansas?
Social Security Disability cannot be garnished.
Do you need a social security number to take a GED test?
No. It says right on a social security card, for social security purposes only. Not for identification. If some one ask for your social security for something else, tell to give your a letter from the Social Security Administration telling you that they require the number for that purpose.
Can social security take IRS refunds?
YES
