Solutions 4 Financial Independence: 05/02/17

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BRIDGEPORT, W.Va (WDTV) - Question: "I am 62 and plan to retire in the next couple of months. I will have a company pension, investment income, and early social security. Will my social security be reduced because of my pension and investment income?"

Answer (John Halterman, Beacon Wealth Management): "I think it's wonderful that you're able to retire at 62 and I also understand your concern about receiving early social security.

"The IRS looks at things in two ways. We have passive income and earned income and what you're talking about from your pension and investments is considered passive income. So passive income does not count against you in terms of social security.

"Now if you go out and get a part-time job and you earn money then you have limitations on how much you can earn. You can earn up to about $16,000 without having to take a reduction.

"In your situation you will not have to reduce your social security because of the passive income from your pension and your investments."