In the event my home or condo is foreclosed by the bank, can they touch my ira or social security benefits

Quote:

---

Originally Posted by maa4546

in the event my home or condo is foreclosed by the bank, can they touch my ira or social security benefits

---

should I notify social security?

Social Security benefits are not subject to levy, and "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ... extended significant protections to IRA assets.

"The Act replaced a patchwork of state laws that, depending on where you lived, provided IRAs various levels of protection from creditors. Under current law, all money rolled over to an IRA from a qualified retirement plan and up to $1 million in assets you accumulate through annual IRA contributions are off-limits-- in most cases."
See: IRS Grabs IRA, One-Way Roths, and Conversion Caps