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I am on Social Sec, had to Draw $13,000.00 from my mutual fund. Will this affect my Social Security payments?? |
Will I lose my Social Security For withdrawing money from my Mutual Fund???? Will my payments Stop as a result?? Is this counted as income??? I had no choice, my other car was a 1988 pontiac bonneville. It totally quit on my last week, I HAD to have money to buy a 1998 Honda Accord for $10,950.00, but had to withdraw $13,000.00 to make sure I could cover the taxes, DMV, etc. Hi again, Stef. The $13,000 is not income per se. The interest you made on the principle (the original amount you deposited into the fund) is income. I do not know what you re doing with the dividends you make on the fund. Are you reinvesting it? Unless you are talking big, big, bucks here in dividends, you have no worries. However, I am concerned that you were charged so much for an 8 year old car. |
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