Does contributing to 401k reduce social security wages

As mentioned above, pre-tax contributions that you make to an employer-sponsored retirement plan such as a 401 (k) reduce your income tax, but they do not reduce your Social Security tax. The same goes for traditional …

Your 401 (k) and Social Security are both sources of income in retirement. However, your contributions to your 401 (k) plan won’t affect your Social Security withholding, regardless of whether you contribute to a traditional 401 (k) plan or a Roth 401 (k) plan. Contributions to a traditional 401 (k) plan, however, will be excluded from your taxable income, …

Do 401k and IRA Contributions Reduce My Social Security …

Official Site: https://obliviousinvestor.com/do-401k-and-ira-contributions-reduce-my-social-security-benefits/

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Mike Piper, author of The Oblivious Investor Blog, explains: “pre-tax contributions that you make to an employer-sponsored retirement plan such as a 401 (k) reduce your income tax, but they do not reduce your Social Security tax. The same goes for traditional IRA contributions, as well as contributions to a SEP or SIMPLE IRA.

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