Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
SS on 401k withdrawals?
Old 12-14-2018, 08:02 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2018
Location: Solon
Posts: 58
SS on 401k withdrawals?

I can't find this an answer to this so I'll ask: If I retire at 59 1/2, I can take distributions from my 401k without the penalty. I understand I will need to pay income tax.

But, will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

__________________

Murph is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-14-2018, 08:12 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 11,693
No, you only pay FICA (SS) on earned income.
__________________

__________________
You probably mean principal not principle. Judgment only has one "e".
travelover is offline   Reply With Quote
Old 12-14-2018, 08:27 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jul 2015
Location: Beaverton
Posts: 1,159
Quote:
Originally Posted by travelover View Post
No, you only pay FICA (SS) on earned income.


+1. Your SS earning days are over unless you get or have a job
__________________
Jump in, the water's warm.
Bir48die is offline   Reply With Quote
Old 12-14-2018, 09:49 PM   #4
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,581
Quote:
Originally Posted by Bir48die View Post
+1. Your SS earning days are over unless you get or have a job

... or a small business aka self-employment income.
gauss is offline   Reply With Quote
Old 12-15-2018, 08:59 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,500
Quote:
Originally Posted by Murph View Post
I can't find this an answer to this so I'll ask: If I retire at 59 1/2, I can take distributions from my 401k without the penalty. I understand I will need to pay income tax.

But, will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

No SS taxes on your 401k distributions. You paid those taxes when you earned the income that went into the 401k. Only the income taxes were deferred, except I do recall in the mid-80's 401k contributions were not subject to SS taxes either. That was changed pretty quickly.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 12-15-2018, 12:35 PM   #6
Recycles dryer sheets
 
Join Date: May 2007
Posts: 432
You will have to have taxes withheld on a 401k distribution but if you roll it over to a ira then you can choose any withholding you want.
homestead is offline   Reply With Quote
Old 12-15-2018, 03:52 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 6,251
Quote:
will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?

Shhh...they may be monitoring this thread. It is best not to give the folks in D.C. any new ideas.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 12-15-2018, 04:12 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 4,027
And just in case, your 401k where you are now may allow you to make normal withdrawals as long as you are 55 at retirement.
Animorph is offline   Reply With Quote
Old 12-15-2018, 05:13 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 11,693
Quote:
Originally Posted by Animorph View Post
And just in case, your 401k where you are now may allow you to make normal withdrawals as long as you are 55 at retirement.
This early withdrawal depends on the rules for that particular 401(k) plan - the IRS allows it generally but the plan does not have to allow it.
__________________
You probably mean principal not principle. Judgment only has one "e".
travelover is offline   Reply With Quote
Old 12-15-2018, 05:37 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Jul 2015
Location: Beaverton
Posts: 1,159
Quote:
Originally Posted by homestead View Post
You will have to have taxes withheld on a 401k distribution but if you roll it over to a ira then you can choose any withholding you want.


True but doesn't have anything to do with SS
__________________

__________________
Jump in, the water's warm.
Bir48die is offline   Reply With Quote
Reply

Tags
401k, social security


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
401k Loan for General Purpose and Primary Residence; In Service Withdrawals nico08 FIRE and Money 10 02-26-2011 09:03 AM
Strategy for Roth 401k to Roth IRA conversion and withdrawals sweng85 FIRE and Money 9 04-21-2009 11:28 PM
401K & IRA withdrawals bobbee25 FIRE and Money 18 09-23-2008 07:48 AM
401k withdrawals vincemal Health and Early Retirement 7 06-01-2008 10:54 AM
401k withdrawals at age 55 w/o penalty Calissidy Hi, I am... 9 02-07-2005 08:29 AM

» Quick Links

 
All times are GMT -6. The time now is 05:01 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×