Quote:
Originally Posted by kbace6
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.
The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?
I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.
Thank you in advance for your informed answers.
|
Income tax rates are relatively low right now and that may not always be the case. So, we have been doing accelerated withdrawals out of our IRA's, well above the minimum needed, so we have been really taking it in the shorts on Medicare premiums. The increases are substantial. We won't know for at least a couple more years how automatic the drop back to normal will be.