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Lev
Lev, Tax Advisor
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Can I keep my Roth IRAs if I get on Social Security Disability,

Resolved Question:

Can I keep my Roth IRA's if I get on Social Security Disability, or do I have to withdraw them early? Also If I do get to keep them can I put more money in, and is the interest considered earnings?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

If you receive your Social Security Disability benefits based on your earnings - your assets including your IRA saving would not affect your SSD benefits.

 

You may not - however add funds to your Roth IRA if you do not have any earned income - wages or self-employment income.

 

If - however all or part of your disability benefits are based on your needs - so called supplemental security income SSI - saving in Roth IRA may reduce your benefits.

 

Let me know if you need any help.

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