Do Retirement Withdrawals Impact Social Security?
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- Опубліковано 18 жов 2024
- When you make withdrawals from your retirement accounts, does that have an impact on your Social Security?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Hello Roth Conversions and hold on for IRMAA subsidies/penaties!!!
Mike would love to see you and your team break down Medicare MSA's
Question, for the 63 year old collecting Social Security before FRA, is any of her SS reduced because of her other income? (in addition to the tax implications)
The only way she would get reduced SS is if she is working and taking SS. SS will be reduced after earning $22,360 from work for 2024.
It depends on how much provisional income she receives.
Retiring at 56 will give me 14 years of Roth conversions before taking SS at 70
Why does everyone wait until retirement? You lose out on the greatest benefit of all…tax free compounded growth. 🇺🇸
@@Abraham.Lincoln22 Totally agree. Just young and stupid. I did buy rental properties at 21, 22, and 23 years old. So, I'm not a complete failure. 😜
@@alphamale2363Will be getting a Bronze high deductible + HSA plan. As long as I keep my MAGI under $55,700, it will be completely subsidized. Not to mention, the additional $5,150 towards the HSA.
@@Abraham.Lincoln22 Many pre-retirees are in the 35%+ tax bracket and it is not worthwhile and the conversions maybe of 401k’s that are not convertible until separation of service. I agree with you that you want it in Roth. I retired at 51 and am covering at 32% to maximize my estate value. Since I will be in the 33%+ tax bracket in my 60’s and 70’s, it is worth it for me.
Too young to retire.