Social Security & 401k at Retirement?

Question

Will my Social Security income be reduced when I receive my 401k at retirement ; Or will I be able to receive Social Security & my 401k income when I retire?

Answer 1

Call Social Security toll free @ 1-800-772-1213. No, It will not effect your 401K

Answer 2

Your social security check upon retirement will not be affected by anyother retirement monies.  You get them both.  social Security is not enough to live on. Highest monthly amount currently is less than 1700.  But Medicare part b and D are deducted from this.  So you see about 1550.  Average is 700 a month.  So keep building that 401k

Answer 3

No, SS will not be reduced.  401(k) and IRA distributions are not earned income.  You should be receiving an annual SS benefits estimate by mail.  You can also go to www.ssa.gov.

Answer 4

Social Security income will not be reduced by 401(k) withdrawals.  Social Security sends annual statements showing what your benefits will be at different retirement ages (it's based on your past earnings and assumes you'll earn your current salary until retirement).  If you haven't gotten one, you can go to the link below and request one.

There are online calculators you can use to estimate your retirement financial needs, but you can do a rough estimate on your own based on your current spending.  You have to take into account whether your mortgage will be paid off, what you want to do in retirement (travel the world vs. sitting at home gardening and reading), etc.