IRA options

Slee4405 — Wed, 22 Oct 2025 18:43:17 GMT

I’m 64 and just stopped working. My husband still works. Should I start taking money from my IRA or should I sign up for Social security. Does it matter?

Re: IRA options

K M W — Wed, 22 Oct 2025 20:04:38 GMT

The decision on when to stop working is a complex one, and is made even more complex when you consider the tax implications of when to collect social security, what retirement accounts, after-tax investment accounts or savings accounts to tap into, etc.

There is no one-size-fits-all answer to your question. You certainly can start taking distributions from your IRA - assuming all your contributions to the IRA were pre-tax contributions, then the entire amount of any distributions you take will be considered taxable income to you. When it comes to the decision to collect social security, there are a ton of factors to consider before proceeding.

Based on your comment that you are 64 years old, your full retirement age for Social Security Benefits would be age 67 (if born in 1960 or later, full retirement age is 67; if born before then, full retirement age is somewhere between age 66-67, depending on the year of your birth). That doesn't mean you have to wait until age 67 to start collecting social security - you can start collecting as soon as age 62. However, collecting social security "early" means that the amount you receive each month will be lower than if you waited until your Full Retirement Age. Likewise, you can choose to defer taking social security even when you hit full retirement age. For every year you delay benefits past full retirement age, up to age 70, your monthly benefits can permanently increase by about 8% per year.

Additionally, there is the consideration of spousal benefits, i.e. collecting social security based on your spouse's work history, instead of your work history. Under spousal benefits, the maximum you can receive is half of the amount your spouse would receive if they claimed at their Full Retirement Age. If your spouse is deceased, you can receive up to 100% of their benefit, depending on your age at the time you claim the survivor benefit.

How does all that work in your situation? The answer is dependent on a lot of factors, as you can guess from the above information. I recommend you contact a local qualified financial advisor planning specialist or the Social Security Administration and discuss your specific situation to understand the various options and ultimately pick the one that is best suited for you.

topic IRA options in Retirement tax questions

IRA options

Re: IRA options