Ask Terry Questions Affordable Care Act premiums and Social Security

Affordable Care Act premiums and Social Security

By Terry Savage on June 30, 2022 | Financial Planning / Retirement

I was approved for the affordable care act in 2022 and I receive a $600.00 credit each month. I will turn 65 this August. I will than switch to Medicare. My question is: I would like to start taking my social security at that time. But by doing that it will increase my income for the year. Will I need to payback part of that credit when processing my taxes for 2022 or should i just wait till 2023 to take SS. Just need some clarification.

Terry Says

Please, please wait a year to start taking SS benefits. It will make a big difference in your check. And if you possibly can, please wait until your Full Retirement Age — just before 67. I promise you will be glad you did!!

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