I just retired from my real job and I'm getting social security. I also have a small business that now makes more money then I am eligible for with social security. If I start a self employed 401K, does the money I contribute reduce my adjusted gross income to avoid the problem with social security?

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I just retired from my real job and I'm getting social security. I also have a small business that now makes more money then I am eligible for with social security. If I start a self employed 401K, does the money I contribute reduce my adjusted gross income to avoid the problem with social security?

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