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Level 3
posted Apr 18, 2022 3:45:53 PM

Does 401k withdrawals affect Medicare premiums at 65.

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.

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1 Replies
Alumni
Apr 19, 2022 1:55:52 PM

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