Question

SSA-1099 Benefits and how much contribute to Retirement

Forum|Forum|4 years ago
March 24, 2022
1 reply
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Hello,

As an older adult /senior with SSA-1099 benefits, is it possible to contribute to a retirement account even though working only part-time? Possible to open a roth-ira or traditional ira? Would having this affect or have a negative impact on SSA-1099 benefits?

Thank you for the help!

C

Cynthiad66

Yes, you can, but only if you have compensation income. Roth IRAs were designed to help people save for retirement with the advantage of tax-free growth. So they're really most useful as a way to invest for growth in the years before you retire. However, you can contribute to Roth or Traditional IRAs as long as you have compensation. This will not affect your SSA benefits.

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