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Is it legal to collect social security and money from my…

Customer Question
Is it legal to...

Is it legal to collect social security and money from my 401k? If so are there limits?

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I am 65y/o. If I collect $2000/month from social security retirement. Can I also take money out of my 401K. How much? Are there tables that can help me determine how much?

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. Is there anything else the Retirement Accountant should be aware of?

Not much help.

Submitted: 7 months ago.Category: Social Security
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Answered in 3 minutes by:
12/12/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
Verified

As long as you qualify - yes - you may collect social security benefits and receive 401k distributions at the same time.

There is no any limits for that.

ONLY earned income (from wages and self-employment income) and ONLY if you are below your FRA - full retirement age - may affect social security benefits.

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Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

However - large 401k distributions may result in additional tax liability.

So you may want to estimate your liability before asking for distributions.

Let me know if you need any help with that.

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