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12-14-2018, 07:02 PM
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#1
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Recycles dryer sheets
Join Date: Oct 2018
Location: Solon
Posts: 175
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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?
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12-14-2018, 07:12 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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No, you only pay FICA (SS) on earned income.
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12-14-2018, 07:27 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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 Quote:
Originally Posted by travelover
No, you only pay FICA (SS) on earned income.
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+1. Your SS earning days are over unless you get or have a job
__________________
Jump in, the water's warm.
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12-14-2018, 08:49 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,432
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Quote:
Originally Posted by Bir48die
+1. Your SS earning days are over unless you get or have a job
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... or a small business aka self-employment income.
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12-15-2018, 07:59 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 7,879
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Quote:
Originally Posted by Murph
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?
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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.
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12-15-2018, 11:35 AM
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#6
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Thinks s/he gets paid by the post
Join Date: May 2007
Posts: 1,372
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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.
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12-15-2018, 02:52 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,620
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Quote:
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will I have to pay into SS until I reach retirement age on those withdrawals? If so, how much?
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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.
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12-15-2018, 03:12 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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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.
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12-15-2018, 04:13 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by Animorph
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.
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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.
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12-15-2018, 04:37 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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Quote:
Originally Posted by homestead
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.
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True but doesn't have anything to do with SS
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Jump in, the water's warm.
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