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I know someone who is about to retire. He has an IRA, but wonders how he can best protect his small retirement?
from being taken by the government via taxes. He wants to work part time, and draw his Social Security. He knows he can't make over $14,100 without the government taking some of his Social Security. He doesn't make a lot of money, and wants to keep as much as possible. Any suggestions?
1 Answer
- ?Lv 71 decade agoFavorite Answer
He should work as long possible to increase his Social Security check to the max (age 70).
He should delay as long as possible taking any withdrawals from his IRA until they are mandatory at age 70 1/2.
Barring that if he works part-time he can earn $6,000 above $14,100 and still not lose part of his SSI by putting it into an IRA - keeping mind of point 2. This must be earned income, not passive income.