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Can i still contribute to my 401k and roth ira while

Can i still contribute...

Can i still contribute to my 401k and roth ira while collecting social security

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

I reach full retirement in june and plan to work another 4 years

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

I dont think so

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Answered in 7 minutes by:
3/23/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,752
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide in the next thread(s).

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For the 401k, social security income counts. SEE BELOW:

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You are legally permitted to contribute to your 401(k) at any time, whether you are employed, unemployed or retired. The account can remain with your old employer if you have at least $5,000 in the account. You are also legally permitted to rollover the account to a qualified personal individual retirement arrangement, such as a traditional or Roth IRA, rather than leaving the money within your previous employer's 401(k) plan.

REFERENCE SOURCE:

https://finance.zacks.com/can-add-401k-im-not-working-3173.html

I will check on the IRA matter and get back to you shortly.

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You must have earned income to contribute to an IRA. Social Security benefits do not count as earned income to contribute to a ROTH IRA. Refer to the following link for more detailed information on what counts as income and what doesn't.

https://www.irahelp.com/slottreport/you-must-have-earned-income-contribute-ira

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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Customer reply replied 3 months ago
Thanks for your help. I'm trying to make decisions.

You are very welcome. Thank you for the 5 star rating. I do appreciate it.

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Thank you for the bonus. I appreciate that as well.

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