leftwinger
Diamond Member
I don't think whatever a person has in a bank account or an IRA or stock holdings or any other asset has any bearing on your SSA benefits. Not does it matter what your current income is either, your payout depends on how much you contributed and what your age is, and that's it. I believe there is a minimum you can receive and also a maximum; some say we should means test a person's SSA benefits so that rich people don't get it cuz they don't need it. I don't much like that idea but we goota do something cuz the SSA Trust Fund will be bankrupt in 15 years or so.
If you elect to take SS at the earliest time, before your full retirement age (say age 62) then there is a limit on how much you can earn. Or they reduce the SS payment if you make more than say $20K/year.
He tried to tell me IRA withdrawal was a similar situation. I argue IRA withdraw does not affect SS payments.