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Angie
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.
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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 benefits...my 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 much...you 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!