Social Security Q&A: Military retirement; IRA withdrawals
zimmytws, Getty Images/iStockphoto
Q: Will my military retirement affect my Social Security benefits?
A: No. You can get both Social Security benefits and military retirement. Generally, there is no offset of Social Security benefits because of your military retirement. You will get full benefits based on your earnings. The only way your Social Security benefit may be reduced is if you also receive a government pension based on a job in which you did not pay Social Security taxes. You can find more information in the publication Military Service and Social Security at www.socialsecurity.gov/pubs. Or call us at 1-800-772-1213 (TTY 1-800-325-0778).
Q: I'm retired and the only income I have is a monthly withdrawal from an Individual Retirement Account, or IRA. Are the IRA withdrawals considered "earnings?" Could they reduce my monthly Social Security benefits?
A: No. We count only the wages you earn from a job or your net profit if you're self-employed. Non-work income such as pensions, annuities, investment income, interest, capital gains and other government benefits are not counted and will not affect your Social Security benefits. For more information, visit our website at www.socialsecurity.gov or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778).
(This column was prepared by the Social Security Administration. For fast answers to specific Social Security questions, contact Social Security toll-free at 800-772-1213. For more information, visit www.socialsecurity.gov. )
© 2014, McClatchy-Tribune News Service
Distributed by MCT Information Services
- The most expensive homes in Utah in 2014
- Gift Guide: 3 ways to watch streaming video...
- How actress Blake Lively's family saves money...
- Why you need to stop buying your kids so many...
- Ford's new F-150 to get 26 mpg, tops among...
- 5 reasons not planning could help you in the...
- How are holiday shoppers spending their money...
- Could Facebook at Work create more...
- Robots will replace 50% of today's... 13
- 15 organic fruits and veggies that... 7
- 'Red warning lights' flashing for... 5
- Pope demands just distribution of... 5
- What's next for dead malls? 5
- Gift Guide: 3 ways to watch streaming... 3
- Are credit cards or consumers to blame... 3
- Minivans do poorly in new crash tests 2