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Will Withdrawing Money From An IRA Affect My Benefits?
I will be 62 years old in September, 2018. I have two IRA which I will be withdrawing money from, will they cause my Social Security to be reduced or taxes paid because of these withdrawals? My income from those accounts would be approx $60K annually.
Hi,
No, withdrawing money from an IRA wouldn't affect your Social Security benefits. I'm not an expert on tax rules, though, so I can't advise you about taxes other than to say that Social Security benefits can be taxable depending on your income level (https://www.ssa.gov/planners/taxes.html).
Before filing for benefits, you should consider using our maximization software in order to determine your best filing strategy.
Best, Jerry
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Posted:
March 1, 2018