SSA IRMAA
Hi Terry I will be 63 in October my wife is 65 and collecting SSA. I have 200,000 in the market with Scarborough. I took out 100,000 last year to buy a small farm so we know have three including hunting property we’ve owned for 30 years . We paid 120,000 for it and now is worth 450,000. We will sell our primary residence once we move to the new property this summer. we are planning on moving into my mom’s farm at a later date she’s 83. My pension money is 129,000 per year. The wife’s SSA is 10,800 per year. If I pull my money out of the market to buy equipment for the farm how do I keep from paying IRMAA penalties? Thanks
Terry Says
Well, from what you wrote, you are not yet collecting Social Security. And you should wait until at least your full retirement age to collect yours (about age 67). It’s a shame your wife took reduced SS before her full retirement age.
But this is NOT about Social Security. The impact of income that is most dramatic is on Medicare premiums. Is your wife on Medicare?? If not, and she is on your insurance, there is no concern about your income level impacting her Medicare Part B and D premiums!
But if she IS on Medicare, then yes an influx of taxable income will definitely impact her premiums. It strikes me that you two could really benefit from some smart financial planning –right now, before you make any more moves.
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