Do my IRA distributions affect my social security income and how do the taxes work on this? We here this question quite a bit, and since we don’t give investment or Social Security advice, we were hesitant about answering it. But we finally found someone on Market Watch who did an excellent job of answering the question.
Watch the video to hear the answer from Dan Moisand who answers a 63 year old’s question about pulling funds from his IRA and how it will affect his Social Security benefits and taxes.
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To read the full article and question on Market Watch, click here – …(read more)
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I'm on Social Security disability that would like to invest very small amount in a Roth IRA or something is there anything that you recommend.
Almost no married couple whose only retirement income is Social Security owes income tax on Social Security benefits.
If you have a fair amount of private pension income (including IRAs, Keoghs, 401ks etc.), 85% of your SS benefits will be taxable as ordinary income. I believe that SS benefits will, sooner or later, become fully taxable. This isa gentle way to partially means test SS.
Thanks that was informative, but at the end I didn't really understand…the part about
"and personal exemption $3,950 per person exceeds $10,000…not sure what you mean by that?!