My husband died nine years ago. I can draw his social security now.Will taking money out of my IRA to pay my house off effect me drawing social security?
2006-12-03 10:38:37 · 4 answers · asked by Anonymous in Politics & Government ➔ Government
According to ira.com:
No, but it may cause your benefit to be taxed based on your total income.
You may want to think about getting a reverse mortgage when you are 62 as that will definitely not affect your benefits. For more information, click on the following link:
http://retireplan.about.com/cs/financialplanning/ht/reverse_mort.htm
All the best to you!
2006-12-03 11:05:44 · answer #1 · answered by Me, Thrice-Baked 5 · 0⤊ 0⤋
Need some more information.
What kind of IRA?
Drawing from a regular IRA will be counted as "income" when you draw it out.
SO that might effect the amount, and will effect the taxes.
Drawing amount to make the mortage payments....shouldn't be THAT much of an effect. But if drawing the entrie IRA out (depending on the amount) could have a dramatic effect.
2006-12-03 10:45:32 · answer #2 · answered by t S 4 · 0⤊ 1⤋
I don't see how using your own saved money would have any effect on your SSI benefits. Whether or not they are "available" to you when you are of the right age or disability to receive them is another question.
2006-12-03 10:41:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
no.
2006-12-03 10:41:11 · answer #4 · answered by on my way 2 · 1⤊ 0⤋