I’m 63 and retired from work, but not drawing Social Security. I have accumulated just over $300,000 in my rollover 401K IRA. My wife is still working full time, so we have medical, dental and vision coverage. I have a few questions:

1) When I take IRA distributions throughout the year, do those dollar amounts get reported to Social Security as income?

2) If not, will my SS benefit change (will I be penalized?) for not working and having zero income as I continue to withdraw investments and show no income?

3) If my benefit will drop because of the last few years of no income, would it be advisable to start drawing Social Security now? Signed: Planning Ahead

This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.