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Can I cash out an IRA if I am receiving Social Security Disability?
I am on disability and Medicare. I have an IRA that I would like to take $50,000 out of to put down on a home (not sure what kind yet). Am I allowed to do this, and if so, can I do it tax free? I would appreciate your answer greatly. Thanks!
If you are receiving Social Security Disability based upon your work activity (meaning that you were approved for SSDI on the basis of the work credits you accumulated versus being approved for SSI which is not based on work history), you can cash out an IRA if you wish to do so with no problems.
Social Security Disability and Medicare are not need based disability programs, therefore they are not subject to income and resource limits as is the case with the SSI disability program.
As to your question about the taxability of your IRA withdrawal, that really is a question for the IRS or your tax person.
I hope this answers your question and that your home purchase goes well.
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For the sake of clarity, SSDRC.com is not the Social Security Administration, nor is it associated or affiliated with SSA. This site is a personal, private website that is published, edited, and maintained by former caseworker and former disability claims examiner, Tim Moore, who was interviewed by the New York Times on the topic of Social Security Disability and SSI benefits in an article entitled "The Disability Mess" and also by the Los Angeles Times on the subject of political attempts to weaken the Social Security Disability system.
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