Will I Be Able To Retain My Savings And Draw Out The Interest To Supplement SS?

Category: 
Sep 25 2018 - 10:40am

I have 401K, & Pension that will be available after I retire. Will I be able to keep this in savings and draw from just the interest monthly to supplement SS?

Hi,

Yes. Pension income and 401k withdrawals are not considered as earned income for purposes of Social Security's earnings test, so they wouldn't interfere with your ability to draw your Social Security benefits regardless of your age. Nor is there any limit on the amount of savings and assets you can have and still be able to receive Social Security benefits. Before filing, though, you should strongly consider choosing one of our software options so that you can choose the best possible strategy for claiming your benefits.

Best, Jerry