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Can I keep my Roth IRAs if I get on Social Security Disability,

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Can I keep my Roth...
Can I keep my Roth IRA's if I get on Social Security Disability, or do I have to withdraw them early? Also If I do get to keep them can I put more money in, and is the interest considered earnings?
Submitted: 8 years ago.Category: Tax
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Answered in 9 minutes by:
7/26/2009
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,151
Experience: Taxes, Immigration, Labor Relations
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If you receive your Social Security Disability benefits based on your earnings - your assets including your IRA saving would not affect your SSD benefits.

 

You may not - however add funds to your Roth IRA if you do not have any earned income - wages or self-employment income.

 

If - however all or part of your disability benefits are based on your needs - so called supplemental security income SSI - saving in Roth IRA may reduce your benefits.

 

Let me know if you need any help.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,151
Experience: Taxes, Immigration, Labor Relations
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