SSDI and Withdrawing Retirement Early

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MsPeliAmour

New member
Hi everyone. This is a follow-up question about the post I created about what to do with retirement funds, but I wanted to focus on the second part of my question and see if I can get anymore information. I'd like to get as much information as I can before I do anything that might affect me being approved for SSDI.<br><div><br></div><div><div>For those of you receiving SSDI payments who withdrew retirement funds (prior to retirement age),  did it affect your SSDI qualification/approval in any way to have this money withdrawn?
 
J

julie

New member
They only count income from WORKING, so no, it will not count. But why don't you call SSA just so you can get the confirmation you need from them?
 
J

julie

New member
They only count income from WORKING, so no, it will not count. But why don't you call SSA just so you can get the confirmation you need from them?
 
J

julie

New member
They only count income from WORKING, so no, it will not count. But why don't you call SSA just so you can get the confirmation you need from them?
 
J

Jessiesmom

New member
If you withdraw funds from your retirement plan prior to 59 1/2 you will incur penalties on the money. Also, when you file your taxes it will be shown on line 15A as an IRA Distribution - which is under the income section. You should definitely call SS to make sure they won't count it.
 
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Jessiesmom

New member
If you withdraw funds from your retirement plan prior to 59 1/2 you will incur penalties on the money. Also, when you file your taxes it will be shown on line 15A as an IRA Distribution - which is under the income section. You should definitely call SS to make sure they won't count it.
 
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Jessiesmom

New member
If you withdraw funds from your retirement plan prior to 59 1/2 you will incur penalties on the money. Also, when you file your taxes it will be shown on line 15A as an IRA Distribution - which is under the income section. You should definitely call SS to make sure they won't count it.
 
J

JennifersHope

New member
It is always best to talk to someone who is a lawyer such as Beth Sufian that is what she went to school for, she is amazing. She has helped me so many times, In fact I have another phone meeting set up with her today to go over some stuff I got confused about.

My personal experience with SSDI is that they looked at how much my income was, They did not ask for my assets until very recently and they wanted to see if I qualify for additional assistance with helping to pay for Medicare. That has nothing to do with the amount of money you will get each month though,

In my unprofessional opinion, unless your disability check is going to be quite substantial it is good to get rid of your assets so you an qualify for more assistance. I had to get rid of my assets well becasue I needed to live off of them while I waited for my disability to come in, I had to pay huge amounts in COBRA etc.... When all my assets were cashed in, I then became available for state assistance, such as Medicaid, and other public assistance programs.

It also depends on how much your assets are, if you are single you can have around 12 thousand dollars and still qualify for some assistance, or at least you can here

I would not take any chances, I would listen to a lawyer...... No one on here has been schooled in this, especially me. I just know what I have lived and am experiencing, I am over cautious to the max because I don't want to end up losing my benefits or having to pay anything back, I am forever calling or emailing Beth or my local agent to find stuff out...

Good luck to you..
 
J

JennifersHope

New member
It is always best to talk to someone who is a lawyer such as Beth Sufian that is what she went to school for, she is amazing. She has helped me so many times, In fact I have another phone meeting set up with her today to go over some stuff I got confused about.

My personal experience with SSDI is that they looked at how much my income was, They did not ask for my assets until very recently and they wanted to see if I qualify for additional assistance with helping to pay for Medicare. That has nothing to do with the amount of money you will get each month though,

In my unprofessional opinion, unless your disability check is going to be quite substantial it is good to get rid of your assets so you an qualify for more assistance. I had to get rid of my assets well becasue I needed to live off of them while I waited for my disability to come in, I had to pay huge amounts in COBRA etc.... When all my assets were cashed in, I then became available for state assistance, such as Medicaid, and other public assistance programs.

It also depends on how much your assets are, if you are single you can have around 12 thousand dollars and still qualify for some assistance, or at least you can here

I would not take any chances, I would listen to a lawyer...... No one on here has been schooled in this, especially me. I just know what I have lived and am experiencing, I am over cautious to the max because I don't want to end up losing my benefits or having to pay anything back, I am forever calling or emailing Beth or my local agent to find stuff out...

Good luck to you..
 
J

JennifersHope

New member
It is always best to talk to someone who is a lawyer such as Beth Sufian that is what she went to school for, she is amazing. She has helped me so many times, In fact I have another phone meeting set up with her today to go over some stuff I got confused about.
<br />
<br />My personal experience with SSDI is that they looked at how much my income was, They did not ask for my assets until very recently and they wanted to see if I qualify for additional assistance with helping to pay for Medicare. That has nothing to do with the amount of money you will get each month though,
<br />
<br />In my unprofessional opinion, unless your disability check is going to be quite substantial it is good to get rid of your assets so you an qualify for more assistance. I had to get rid of my assets well becasue I needed to live off of them while I waited for my disability to come in, I had to pay huge amounts in COBRA etc.... When all my assets were cashed in, I then became available for state assistance, such as Medicaid, and other public assistance programs.
<br />
<br />It also depends on how much your assets are, if you are single you can have around 12 thousand dollars and still qualify for some assistance, or at least you can here
<br />
<br />I would not take any chances, I would listen to a lawyer...... No one on here has been schooled in this, especially me. I just know what I have lived and am experiencing, I am over cautious to the max because I don't want to end up losing my benefits or having to pay anything back, I am forever calling or emailing Beth or my local agent to find stuff out...
<br />
<br />Good luck to you..
 
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