Traditional IRA/ Roth Conversations
Hi Terry, I’m 64 years old. I will be 65 in January. However, I am on Social Security disability the last time I spoke with them I will remain on this until the age of 67. I have a traditional IRA, which was left by my husband, I have 233,000 in there now I I take a draw at the beginning of the year to pay my large bills. ( such as homeowners and auto insurance) no my medication costs went off and I will have to take that out as well in order for me to live comfortably. Am I better off converting this now so my medicare B does not go up next year? What tax bracket do I wanna stay out at my age? Thank you.
Terry Says
While there is no income limit on “unearned income” for SSDI, I would think you might want to avoid the chance that they look at a bump in income for a review of your account.
The IRMAA limits for 26 can be found here. https://www.kiplinger.com/retirement/medicare/medicare-premiums-2026-irmaa-brackets-and-surcharges-for-parts-b-and-d
If you only collect Social Security and take some withdrawals from the IRA, I doubt that your Medicare premiums would rise. And since IRMAA looks back two years to rate your income, it’s probably too late to do that now anyway.
