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I am approaching Social Security eligibility and I also have a 457 plan from my former employer. I understand the tax implications of 457 withdrawals.

But my question is, how will the 457 plan impact my Social Security payments? Will funds withdrawn from the plan have an effect on my SS payments? Should I withdraw as much as possible before collecting Social Security? Or are 457 withdrawals exempt from any SS offset?

Only compensation income (salary, self-employment, etc.) generates an SS benefit offset. 457 withdrawals are not compensation income.

That said, if the your total income (including 457 withdrawals) is high enough, you could be subject to a Medicare B surcharge which would reduce your net SS benefit.

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