Does the amount I get paid from Social Security change if I win a large amount of money in the lottery?
2007-01-23 02:03:44 · 4 answers · asked by Michael T 2 in Business & Finance ➔ Personal Finance
The only effect it would have would be on how the SS benefit would be taxed. Not on how much you would receive. Your benefit is based on your earnings and your taxes are based on the income you have after you retire. So, you would still receive the same benefit, but depending on how you received the lottery winnings, it could cause you to pay taxes on what you receive.
2007-01-23 02:12:36 · answer #1 · answered by deep5223 4 · 0⤊ 0⤋
I don't believe so your social security is based on how much you pay in and what you are eligiable for, I don't think that winning the lottery will change that unless you stop paying in, I hope that this helps I think that I am right but not totally sure that I know excactly how this all works, Best of Luck finding the answer that you were looking for!
2007-01-23 02:07:54 · answer #2 · answered by randyssgirl25 2 · 0⤊ 0⤋
It wouldn't change. Retirement benefits from SS is not government money (like a welfare), it is insurance that you pay into while you are working. The more you earn working, the larger amount per month you'll earn when you retire.
2007-01-23 02:13:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No,but if you won a large amount of money you wouldnt even need the pennies you would get from SS!
2007-01-23 02:06:55 · answer #4 · answered by Jim C 6 · 0⤊ 0⤋