Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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IRMAA got you. (Income-Related Monthly Adjustment Amount) IRMAA shows up two years after your income crosses the threshold. The first threshold for 2022, I think is $182,000 AGI, married filing jointly and $91,000 filing single. There are further thresholds. That means 2022 will drive what happens to your Medicare in 2024. IRMAA can come as a big, ugly surprise. A lot of people don’t know about it until it’s too late. Big IRA withdrawals can trigger IRMAA. When RMD age comes, it can be wise to project income to see how close you are to crossing that income threshold, and if it looks like you are going to — and if you are feeling charitable — you can use a QCD. (Qualified Charitable Distribution) The amount of the QCD does not get added to the AGI, so giving some money away can help to avoid IRMAA. (But you have to follow the QCD rules perfectly and keep good records.) One of the maddening things about IRMAA is that — as I understand it — once you enter IRMAA’s territory, it’s all or nothing — even if you cross over that threshold by just a few bucks — so if you think you might come close some year, it can be worth doing some projecting. (Disclaimer: I am not an accountant, so check with yours if anything I am saying interests you in knowing more. ) If you are not to RMD age yet, you might want to think about doing some conversion to Roth along the way. It’s pay now or pay later, but paying now can pay off. I did that. BUT, my only regret is not doing more conversions. Later on, if you are into a big spending year, you can dip into that Roth and not be taxed……. Doing these conversions is another thing that requires learning how to do it right — and that is not from some other retired teacher on TOTV. …… Pay an accountant — although I have found it really helps to do a little reading on the subject first, pick up some of the tax vocabulary, and then your time with your accountant will be so much better used. In other words— do your homework first. Boomer Last edited by Boomer; 08-31-2022 at 09:07 PM. |
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#32
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Ohiobuckeye
Don’t think the Seniors are being short changed the S.S. is running out of money thanks to one of our Presidents who saw there was so much money in it that he thought he could make it a general fund. Hope TOTV see’s that I didn’t use any names! Hope I didn’t break any rules.
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#33
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#34
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SS survival benefits
From the ssa.gov website:
If You Are The Survivor Just as you plan for your family's protection if you die, you should consider the Social Security benefits that may be available if you are the survivor — that is, the spouse, child, or parent of a worker who dies. That person must have worked long enough under Social Security to qualify for benefits. How Your Spouse Earns Social Security Survivors Benefits A worker can earn up to four credits each year. In 2022, for example, your spouse can earn one credit for each $1,510 of wages or self-employment income. When your spouse has earned $6,040 they have earned their four credits for the year. The number of credits needed to provide benefits for survivors depends on the worker's age when they die. No one needs more than 40 credits (10 years of work) to be eligible for any Social Security benefit. But, the younger a person is, the fewer credits they must have for family members to receive survivors benefits. Some survivors can get benefits if the worker has credit for one and one-half years of work (six credits) in the three years just before their death. Each person’s situation is different and you need to talk to one of our claims representatives about your choices. |
#35
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Interesting conversations about dual enrollment....and we wonder why the social security system is going bankrupt?
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#36
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Don't forget SSI crazy checks.
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Closed Thread |
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