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If a person is receiving ssi disability and is 65, If they…

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If a person is...

If a person is receiving ssi disability and is 65 , If they receive a retirement package does it affect their disability in any way

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

I am receiving disability. the company I did work for has money in a retirement account from when I worked ther. can I get thnis money without loosing disability. I am not working

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

I am on disability and i used to work for a company. they have money on file for me as retirement, can i get this money without loosing disability. i do not work

Submitted: 9 months ago.Category: Social Security
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Answered in 8 minutes by:
9/15/2017
Social Security Expert: emc011075, Tax Adviser replied 9 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,778
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Retirement distribution is not considered earned income for social security purposes. You may not lose your benefits but depending on the amount of the distribution, up to 85% of your disability benefits may be taxable. How much do you plan to take?

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Customer reply replied 9 months ago
I have 36000.in the account and i did get ltd of another 35000.before termination
Customer reply replied 9 months ago
Did you get my info
Social Security Expert: emc011075, Tax Adviser replied 9 months ago

If you take it out all in the same year you will end up in a higher tax bracket and 85% of your disability payments will be taxable as well. You have several options. You can take the lump sum, you can roll it over into IRA or take a smaller distributions from your employer plan to keep your tax bracket low and avoid paying taxes on your social security.

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Social Security Expert: emc011075, Tax Adviser replied 9 months ago

Any questions?

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