Can My Retirement Income Be Garnished?


Can your retirement income be garnished? It’s a question we received. In this video, I’m going to talk specifically
about Social Security benefits. Now generally, your Social Security benefits,
or any federal benefits, are protected under Section 207 of the Social Security Act. This protects your federal benefits from creditors. So if you have auto loans, ou have credit
card debt, you have payday loans, you have medical debt – your Social Security benefits
are protected from being garnished from these sources. Now, there are two very specific other areas
where they can be garnished. The first one is the federal government itself. If you have back taxes or if you have student
loan debt, your first $750 a month that you receive is protected. But beyond that the federal government can
take 15 percent of your benefit. Secondly, a judge can garnish your Social
Security benefits as part of a marriage settlement agreement. If you owe alimony or if you owe child support,
and specifically if you are over 12 weeks pass due, you can be dramatically garnished:
up to 65 percent of your benefit can be reduced. Now, if you find yourself subject to a garnishment,
you should likely go see an attorney. You can also check out the Social Security
Administration Web site at SSA.gov. If you have further questions of any financial
nature, we would love to receive those questions. Please see us at PureFinancial.com.

Paul Whisler

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