How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Angie Your Own Question
Angie, Tax Preparer
Category: Social Security
Satisfied Customers: 226
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
Type Your Social Security Question Here...
Angie is online now
A new question is answered every 9 seconds

I'm retiring in November, at age 65...I've opted to take my

Customer Question

I'm retiring in November, at age 65...I've opted to take my Widow question is, I have a small IRA...I like to take a portion of that money to buy me a new car...will that effect my social security, if I take it next year?
Submitted: 2 years ago.
Category: Social Security
Expert:  Angie replied 2 years ago.

It will not affect your social security payments if you withdraw money from an IRA. You may owe taxes on the IRA withdrawal, but if you have no "earned" income, your Social Security will not be affected by an IRA distribution.

If the IRA is a traditional, the money you withdraw will be subject to Federal Income Tax. If it is a ROTH IRA that money will not be additionally taxed.

I hope this helps!

Customer: replied 2 years ago.
Thank you so were very helpful...thanks again
Expert:  Angie replied 2 years ago.

You are more than welcome! If I can help with anything else please don't hesitate to send me a message.

Have a great day!