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I will be getting a pension plan disbursement in August. I…

Customer Question
I will be getting...

I will be getting a pension plan disbursement in August. I am 64 and on SS. I can take a$115. A month single life annuity payment or a lump sum payment of$19443

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.

How would the lump sum affect my SS payments

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I am 64 years old and have an earnings cap

Submitted: 7 months ago.Category: Social Security
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Answered in 5 minutes by:
12/21/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,301
Experience: Taxes, Immigration, Labor Relations
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Your pension plan disbursement will NOT affect your social security benefits.

Only earned income - from wages or self-employment - may affect your social security benefits.

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

The pension plan disbursement is NOT earned income and the amount of your social security benefits will NOT change.

HOWEVER - that pension plan disbursement will be TAXABLE income and as a side effect - a part of your social security benefits will become taxable as well.

That is why it is recommended to avoid large distributions in any single year.

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