I'm just curious..... My husband and I are investing 20% of our income to a 403 retirement plan. We are in our late 20's early 30's. So my question is.... When it comes time to retire, Will the amount of our investment effect wether or not we will be able to collect social security benefits....
I know there's the chance that there won't be any social security benefits at that time, but that's a whole other issue.
2007-09-20 10:24:22 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
Under present law it makes no difference at all... the only penalty is if you work before age 65 if you retire at 62. By the time you are my age, 67, there may not even be a social security system, as you well know.
2007-09-20 10:30:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Under current rules, assets or income that you have does not affect your social security benefits - hard to tell what the rules will be in 35-40 years. If I had to bet one way or the other, I'd bet that by then, it will matter.
Your income other than social security affects, under current rules, whether you pay income tax on part of your social security benefits, and what % of your benefits you pay it on.
2007-09-20 17:31:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I do not think so if SS is still around tou will be to collect.
2007-09-20 17:33:49 · answer #3 · answered by cbryan57 1 · 0⤊ 0⤋