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When receiving social security benefits subject to an earnings limit, will Traditional IRA contributions allow me to offset my earnings to avoid penalty for higher income

Example:  If the earnings limit is $10k & actual earnings are $15k, will a $5k IRA contribution allow me to avoid being penalized for earning too much.

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1 Reply
AmyT
New Member

When receiving social security benefits subject to an earnings limit, will Traditional IRA contributions allow me to offset my earnings to avoid penalty for higher income

Unfortunately, the Social Security Administration (SSA) does not adjust your earnings for a contribution made to a retirement account, including a traditional IRA.

While it will not help with the earning cap for social security purposes, a contribution to a traditional IRA may reduce your taxable income, and therefore your tax liability.

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