Does 401k withdrawals affect Medicare premiums at 65.

Forum|Forum|4 years ago
April 18, 2022
1 reply
15 views

1. Husband wants to withdraw about 780,000$ from his traditional 401k to buy a home this year in 2022. I will be 65 in Sept 2023 , he will be 65 in Feb. 2024. Will this this high income affect Medicare premiums when it comes time for us to apply?
2. if yes, how.?
I heard Medicare reviews tax returns from 2 years back to determine premiums.

LudwigVan_fan

Alumni - Champ

According to the SSA.gov medicare web page, they use the most recent tax return. It looks like to determine 2022 premiums, they're looking at 2020 income.

Here is a link to SSA and Medicare

https://www.ssa.gov/benefits/medicare/medicare-premiums.html

Also this link

https://www.medicare.gov/your-medicare-costs/part-b-cost

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**