where i live if a retired person collecting social security money makes over $17,000 per year, they will get penalized and social security will stop giving them money. so if a 62 year old retired person gets an ira account, can they work at a job that pays over $17,000 per year except put money that goes over $17,000 into an ira account to prevent getting penalized and causing social security to stop giving this person money? can this be done with an ira account?
Retired person, ira account and social security money?
Good question! I would think you should be able to but I am not positive. I hope someone who is familiar with this situation is reading your question as I would like to hear the answer too.
I am thinking you should be able to up to the amount allowed annually. Then maybe, you could direct any additional income into an education account for grandchildren that comes off the top of your income also.
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