Beware: 401k Withdrawals Could Affect Your Medicare

You're ready to take out your money from your 401k and you're also eligible for Medicare. Before you touch that money, talk to an accountant and make a proper plan because the IRS will want some of it. And it could affect your Medicare benefits. In this video you'll learn how it affects Medicare and what to do about it.
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The Medicare Family has been making Medicare and Social Security easy for 40+ years, across all 50 states. And each year, our family continues to help more and more people with how Medicare works, when to take Social Security, and how to find the best Medicare plans. We know that learning about your retirement benefits can be confusing. And it’s hard to find a trusted source of information. We get it! That’s the reason we do what we do.
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[@TheMedicareFamily]

Let me know what you think about the video in the comments below! Get my FREE Cheat Sheet, Workshop, and other tools here: linktr.ee/medicare.mama

[@f1s2hg3]

You never withdraw from a 401k you roll it over into your IRA account and you let it compound unto your 73 years old and then you take out your money and gift it to your children for inheritance or you put it into a tax deferred account.

[@rudeawakening3833]

You are very alluring …

[@thelakeman5207]

I'm 72 and next year I have required withdrawals from my 401K. I retired at 62 and haven't touched my account yet. I plan on taking the minimum out every year. Will this still affect my Medicare?

[@maximumoverload5134]

Do you recommend any reputable fiduciary? What's best way to invest in the market ,with no earned income but living on your savings account at age 64 ?

[@f1s2hg3]

@@maximumoverload5134 I have no earned income also and I invest in my IRA account and max it out every year. I also invest in my real estate projects and then sell them at a higher price and max out my profits. And I invest in Treasury bonds and let my interest and dividends compound monthly and I purchase high yield CD’s at my credit union and hold them for six months. I also invest in constitutional silver coins for my grandchildren to inherit from my estate when God takes me home. 🏠

[@WitaRehbaum]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

[@SasaSchueller]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

[@WitaRehbaum]

@@SasaSchueller That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@SasaSchueller]

@@WitaRehbaum My advisor is *MARGARET MOLLI ALVEY*

[@SasaSchueller]

You can look her up online

[@WilmaHochmuth]

@@SasaSchueller The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@AnnMitt]

Federal government makes money management difficult for seniors.

[@teekay_1]

That's on purpose, BTW.

[@DanielBaleWyatt]

The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.

[@DanöVee]

Pre-tax contributions can help lower income taxes during your working years, while after-tax contributions can reduce your tax burden in retirement. Both have their advantages, but it’s also smart to save outside traditional retirement plans, such as individual investment accounts or with guidance from a financial advisor.

[@Toni__Michelle]

I completely agree. I'm in my mid-40s, getting closer to retirement, with over $2 million in non-retirement funds. I'm debt-free and hold relatively little in my retirement accounts compared to my total portfolio over the last three years. Honestly, you can't ignore the value of a good financial advisor-just make sure to do your homework and find a trustworthy fiduciary.

[@FrankJaaay]

This is the direction I want to take with my finances as I prepare for retirement. Can you recommend the advisor who helped you get ahead?

[@Toni__Michelle]

Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.

[@ToreyLanez]

As a fiduciary, she’s committed to acting in her clients’ best interests. I reached out to her, shared my goals, and scheduled a session-thank you for the recommendation!

[@RobertDamanii]

That's true, talk to a professional before touching that money, before Uncle Sam zaps it off

[@AdamLevcross]

That makes sense. I'm worried about retirement planning and I want to ensure a comfortable future. I've worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I'm really concerned about whether I've saved enough and invested wisely.

[@KwegansHub]

That's completely understandable. Ensuring financial security in retirement is crucial. Have you considered consulting a financial advisor?

[@AdamLevcross]

I have been advised on that. Finding one who understands what I want and can work with me to achieve it is very important to me. Do you have any recommendations?

[@KwegansHub]

Yes, I have been in contact with a CFA that specializes in retirement planning. His expertise can help optimize your savings and investments.

[@KwegansHub]

My CFA, JOSEPH NICK CAHILL, a renowned figure in his line of work. I recommend researching his credentials further. I recommend him to you because I've been where you are and understand your need for an open ear

[@cherialwayslearning4646]

Thank goodness I did a Roth 401k for over 20 years at my company.

[@valada1893]

@@cherialwayslearning4646 Roth IRAs are great too if you can afford to pay the tax up front. No taxes upon withdraw s

[@kenfrank2730]

Your video helps. I'm 69 and have been retired for 8 months. Already on Medicare. I need a new car but only have half the money needed. Thinking of taking out $40k from my 401k for the car (I have $600k total). Then I would not need to finance the car. But I'll pay income tax on $40k, and my Medicare cost may increase. So much to think about!

[@abravlahsaens6704]

Just calculate the taxes it will cost you vs financing the car and having monthly payments, and make your decision, not out of this world.

[@DavidCrott]

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

[@colonMicheal9]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@tinaishatucker1329]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@colonMicheal9]

I definitely share your sentiment about these firms. Finding financial advisors like *Layan Talia Chokr* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@tinaishatucker1329]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@MrGoodaches]

I agree with you. For a while I had wondered if I was doing something wrong by “quitting” young. But, I also starting working young. And when I realized that it really was most of my 43 year that I worked over time and extra hours traveling. A normal 40 hour/week job would take over 60 years to work as many hours as I did in 43 years. With my perception adjusted by those two realizations I’ve wholeheartedly and unapologetically committed myself to as many fun adventures as I can pack into my calendar every year.

[@lhidalgo8487]

I am impressed with your knowledge, common sense and true understanding of Medicare, tax codes and retirement. I shared your link. That is something I rarely do. But many people I know retiring right now don't have a clue.

[@rosieroberts6738]

Wow!!!😳 That’s incredibly GREAT information!!! Thank you so very much for educating us!!!😊😃😁

[@maw6456]

Just took mine out. To old for the roller coaster on its way.. I'm very happy with my return ❤❤❤

[@lauriek3750]

Scary! Thanks for the heads up.

[@Aarrenrhonda3]

High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[@Peterl4290]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.

[@larrypaul-cw9nk]

Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.

[@Jamaal67i]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@larrypaul-cw9nk]

Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@Jamaal67i]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@cassandrafine6373]

Anyone born in 1960, like me, and after has the age of 67 for full retirement. Been aware of this IRS rule for years re withdrawals, and I act accordingly thanks to my financial planner.

[@theprofessorslover6946]

WOW! You rule! Glad I came across this vid at 3:35am in the morning just messing around on KZbin. Take care.

[@vdoan6583]

Thank you for the information, I am retired at last year at 53, it is good to know so I can plan out for the future.

[@TheMedicareFamily]

Best of luck!

[@leestadtman6511]

This is true. Retired at 67. As planned, withdrew a large sum to pay cash for a truck. It was just enough to push our combined income over the Medicare “threshold”. It doubled “both” of our monthly Medicare fees. We had no clue this would happen. This was a one-time expense so Medicare should reset to a reduced amount after the two year watch period.

[@inquisitvem6723]

So how much was the income threshold?

[@sandrawynn669]

Should start moving it in small increments….like she said talk to a professional not your uncle😂

[@inquisitvem6723]

I’m planning to start withdrawing at 58 next year on my old 401k of my previous employer when I quit the company at 56 yrs old using the 55 rule. I plan to withdraw draw enough to not get taxed so much and continue to do so till I die. I don’t want to wait till 65 to start withdrawing money in big chunks and be in higher tax bracket.

[@6StringJoyStick]

@@inquisitvem6723 I believe, IRMAA would kick in for single filer at $103,000 in 2024, or if you and your spouse collectively earn over $206,000 in 2024.

[@Cmxx1v]

I had no idea of this. We have a Roth. We plan to take about 80k to pay off our house.

[@sirheisenberg4459]

Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.

[@MarcyLoccy]

In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.

[@belobelonce35]

I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.

[@NorthCarolinaForward]

Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?

[@belobelonce35]

"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@dengdelun3109]

I find this informative, curiously explored Rebecca on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated

[@lilliankerr-z7c]

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?

[@LeylahCollins]

Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.

[@Ben_Jacques]

This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

[@Sebastian_Marcos]

It's true, not everyone has access to this kind of information. Lack of knowledge can definitely make people panic. it's amazing that i’ve been able to make over $687k passively through investing with an advisor! Having a great wealth manager can really make a difference, regardless of how the economy is doing. Keep up the good work!

[@LindamartIin]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@Sebastian_Marcos]

The licensed fiduciary I use is ‘Grace Adams Cook’.Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@AliUSA-ct9ip]

I'm learning a lot from you-Thank you!

[@guzzi95]

The huge mistake would be to Not take Part B. My sister didn't. She said I am an herbalist so I don't need a doctor. Well the first thing that happened what she got a hernia. Herbs won't fix those... Now she is penalized for not taking Part B in the first place. So yes, ask questions from someone that knows instead of your friend.

[@teekay_1]

Here's the shocker... if you don't take medicare, you won't get your social security. Sounds crazy, but it's true. Also realize that if you take Medicare Advantage, and while it seems cheaper, if you're ill, you'll pay a lot more. And here's the kicker... most states have a law that says you cannot change back to classic Medicare once you go on Advantage. Beware.

[@timkinney9690]

Thank you. This is a concern that I have been trying to figure out. Now I know where to begin. I also understand the need to find and talk with an experienced professional. It is sad and scarry when you know more than the person doing your taxes. We had to find a good CPA who was experienced with overseas wages. She was great to work with.

[@AdamGreene222]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[@richardhudson1243]

Pick quality stocks and keep track of them. If that feels too complicated, consider hiring a wealth manager to grow your money. That's what I do.

[@jeromesand]

I agree completely. I’m 66 years old, recently retired, with about $1.95 million in non-retirement investments. I have no debt, but not much in my retirement accounts compared to the rest of my portfolio from the past few years. Honestly, you can’t ignore financial advisors, just take the time to find a good one you can trust.

[@maiadazz]

My husband and i just had a relative conversation this morning. This is exactly how we wish to get our finances coordinated ahead of retirement. Can I get access to your advisor?

[@jeromesand]

I have worked with a few financial advisors before now but i ultimately settled for Annette Marie Holt. She is SEC regulated and licensed in US. You can easily look her up

[@ericmccormick82]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@litrealred6840]

Hi! Thank you! I heard this on your channel, did not know this! Because of you no mistake was made! 🤗🥰

[@stephtraveler7378]

Great points. I did Roth conversion while employed in my 50s for this reason and one other: ACA subsidies. I know doing Roth conversions for Medicare (avoiding IRMAA) and ACA subsidies is highly prescriptive and often controversial, but I've done it and hope it will payoff when I live half on IRA and half on Roths at ages 63 and 64.

[@Fanculo52]

Nice information. I think only planning on taking it out after Medicare signed up and SS , you can take up to a certain amount ( usually) interest earned in annuity) to supplement your SS , pension( if any) and pay taxes based on your current income( very low) means less taxes.

[@majorkelly4642]

Thank you very much for your knowledge on social security. 🙏🏽

[@Martin-og9zg]

My 401k is all roth ($58,xxx at 43 years old).

[@TheMedicareFamily]

Sweet

[@boonedog1457]

A,d just think,people...this awesome information is costing you zero!! Great advice!! Appreciate your channel. 🙏😊

[@TheMedicareFamily]

I appreciate that!

[@boonedog1457]

@TheMedicareFamily, Plus, you could be a model!! 😊

[@Raul-t7k]

Very good advice first time that I heard about this subject thanks

[@austinbar266]

It’s critical for Medicare-eligible individuals to select optimal plans to reduce the likelihood that lack of coverage would prevent smart health care utilization choices, not only for their health outcomes, but also to help keep health care spending in check.

[@rogerwheelers4322]

In my opinion, enrolling in medicare isn’t just a way to get health care coverage when you turn 65, it’s also a major part of ensuring financial security during retirement. Individuals can seek counsel from a certified financial advisor, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $800,000 by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@FabioOdelega876]

@@joshbarney114 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@joshbarney114]

I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@FabioOdelega876]

I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa up and send her a message. You've truly motivated me. God's blessings on you.

[@JohnBowl14690]

If IRMAA limits is $206K per couple, most won't have much to worry about.

[@RichRocketMan]

But the second a spouse dies or a divorce occurs, the IRMAA smashes individual filers. Just another example of how individuals get treated worse than couples. Government needs testing Medicare for those who have paid in for 50 years is a complete ripoff.

[@Ezq95]

The reason why U.S. independence from Britain was taxes. You can't own anything in the U.S. without paying taxes first. If buy a house you must pay taxes and when you sell it you must pay taxes. If you buy land you have to pay taxes every year. If you save money and make some interest, you have to pay taxes. We are no better than England taxing us. 😢

[@dj3114]

Yep, the saying is why should I worry about one tyrant 3000 miles away when I have 3000 tyrants here.

[@sfstucco]

Oh, so you people would prefer to live in an undeveloped country, it sounds like. Nice. 🙄

[@starsmoon0216]

You can’t own anything ANYWHERE in the world without being taxed!!!!

[@susanhardin5182]

Leave it to the government to make it so confusing and stupid😡

[@MrDavkoz]

Sad really. Somebody that's been honest their entire life can be penalized and not even know it, while others knowingly cheat on taxes and get away with it.

[@JustinCase-em6ql]

​@@MrDavkoz They cheat and shaft everybody on everything! All of these scumbags and freeloaders out there, we're making up for! We get penalized while they get rewarded at everything in life. We're actually the stupid fools. We should be freeloading scumbags, too. But, you know what? I can't be a freeloading scumbag, dammit! It's ridiculous how backwards and difficult life in this country is for good, law abiding, hard working people.

[@ljosephdumas3113]

What really irks me is, I'm turning 65 this month, so TRICARE (military medical program) is throwing me onto MEDICARE (there's a whole separate story there). Because my wife, who's 56, has the AUDACITY to work, our MEDICARE Part B premiums are higher - even though She Can't Use MEDICARE because she's not yet 65!

[@JustinCase-em6ql]

@@MrDavkoz Welcome do liberal America.

[@sandooch6465]

@@JustinCase-em6ql at least Liberal America wants you to keep your social security. conservative American wants to cut it and gut medicare.

[@jena2664]

Good point. Never thought about that.

[@TheMedicareFamily]

I’m happy to help!

[@radaroskeel8328]

Well, I just had an ugly surprise this month when I had to sign up for Medicare. I had to sell the family home in 2022 when my brother died. Apparently that counts against me now. They say I have to pay more than double the premium . I don’t even want Medicare. Never understood what IRMAA was or dream it would ever affect me. I don’t have the words to describe how this has made me feel. I am so done with this world. What was supposed to be a blessing has been nothing but a financial and taxable curse. I just wonder what else is out there lurking to get me.

[@TheMedicareFamily]

I teach about this a lot. IRMAA (the surcharge the rich pay for Medicare Parts B & D)

[@johnc2438]

Mr. Death is out there "lurking" to get you! "Death and taxes!"

[@dmulvany]

Normally there would be a step up in the value of the house. Did you talk with an accountant specializing in estate issues about how to calculate the value of the property? Expenses can also be deducted. You might check to see if the profit from the sale was handled properly.

[@tomulator]

Better vote TRUMP then.

[@epk2027]

@@tomulatorthese were Trump tax laws,no new tax laws were passed under Biden

[@gingerkilkus]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[@fadhshf]

This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

[@hasede-lg9hj]

Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $187k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@lowcostfresh2266]

@@hasede-lg9hj I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.

[@hasede-lg9hj]

I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about 2 years now, and her performance has been consistently impressive. She's quite known in her field, look her up.

[@leojack9090]

Thanks a lot for this recommendation. I just looked her website up, and I have sent her an email. I hope she gets back to me soon.

[@MultiLJ1]

Thank you! Great information!! 😊

[@sstjacques]

It should be illegal to effect anything by withdrawing your money after retirement age, you should not have to pay taxes after retirement age either.

[@Fanculo52]

Blame the GOP for that

[@Gator777]

It is all taxed even after you are dead.

[@kurtbecker9609]

@@Fanculo52 and has not THIS Democratic POTUS candidate (Harris) put forward the idea to tax UNREALIZED GAINS? are you paying attention?

[@darrylkilburn9782]

@@Fanculo52Go ahead and live in your make believe world. Most adults deal with issues instead of blaming someone else.

[@archiebunker7688]

Vote Trump 2024, no social security tax. Joe Bidumb did Social Security Income Tax Bill back in 1984. Social Security isn't income, it's an insurance policy you pay premiums into by force. The national debt can be wiped out with tariffs and drill baby drill selling our great clean natural gas.

[@mezzogirl1763]

WOW! I didn't know some of this information. Thank you.

[@NanetteWoolston]

Very important information, thank you! I would consult a financial advisor and create a plan before taking any action as it relates to retirement accounts.

[@TheMedicareFamily]

Absolutely!

[@V.stones]

No doubt being financially free and not having to worry much about health care and other expenses especially after retirement cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

[@V.stones]

Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.

[@camela8445Mar]

Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,

[@camela8445Mar]

It's crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively.

[@Deitricklaverne]

Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.

[@Deitricklaverne]

Consulting with a financial professional can provide personalized insights and help align your investment strategy with your retirement goals.

[@robertsimmons8029]

I learn something from every one of your videos. Exceptional! Thank you

[@TheMedicareFamily]

My pleasure!

[@thomascabral8443]

thank you for the 401k as well ira medicare connection,,,

[@TheMedicareFamily]

I’m happy to help!

[@guzzi95]

I took monthly draws off of my 401k for two years, since you have to be disabled 2 years before you can get Medicare coverage. I also had the taxes taken out of the with drawls. At the end of the year, when I filed taxes, I got almost all of it back. So it wasn't a big deal.

[@RebeccaSimmons-s4x]

I want to take my whole Annuity out. My job paid the federal, have to pay the state. At 62. 🤷

[@Franky-j6e]

Medicare premiums are income-based, and large withdrawals can push you into a higher bracket. Many retirees make this mistake because they don’t plan their withdrawals properly.

[@Will54rol]

So, what do I do? I’ve always relied on my 401(k) for retirement income. It’s my biggest asset, but now I’m worried about the penalties.

[@roseyfischer]

It’s about timing and strategy. You might want to consider withdrawing smaller amounts over time or balancing it with other income sources, like Roth IRAs. That way, you can avoid unnecessary hikes in premiums.

[@louisahernandez]

I don’t have a Roth IRA. I’ve been managing things on my own, and honestly, I feel like I’m making a mess of it

[@Sanchyfab]

That’s a common feeling. When I faced similar issues, I consulted Joseph Nick Cahill, CFA. He’s incredibly experienced in portfolio management and retirement strategies. He guided me on how to optimize my withdrawals and even helped me grow my investments significantly. He offers free consultations, so there’s no harm in reaching out.

[@Robby767]

I wish I had known this earlier. Last year, I withdrew a large chunk from my 401(k) to cover home repairs, and my Medicare premiums shot up. Now, I’m paying for it.

[@rafaeldiazus]

Guess what? I learned something. Thank you.

[@JacqueScherrer]

Turned 59.5 at the beginning of the year and rolled most of my 401k into a tax advantaged brokerage IRA so that I could have a financial advisor create an income plan. No tax implications.

[@MargaretOlivia2u]

I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025

[@HenryLucask5l]

Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.

[@RobertAnthonyD2]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@BarbaraMarks7s]

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

[@RobertAnthonyD2]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@BarbaraMarks7s]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@Lisa-nl9fi]

Thank you for always sharing the facts!!!

[@TheMedicareFamily]

My pleasure!!

[@ghilly_one1720]

excellent info. thank you.

[@JimFrye-ub3kq]

The purpose of a 401k is to supplement your retirement income in fairly small increments to keep your taxes low. Untaxable bond funds, Roth IRA s, etc are also good parts of a strategy.

[@CrazyArt-r5e]

Great info to know.

[@BradleyMaurice226]

I admire your dedication to educating your audience. We all aim for financial stability and a better life. Achieving this is possible through wise investments, frugal living, and careful budgeting. I'm grateful that I learned the importance of working hard for financial freedom at a young age.

[@JeffWilliamfick]

My advice to new investors: Buy and hold stocks in good companies. Ignore forecasts and market opinions-they're often just clickbaiting but not helpful. In the last 30 days, my ROTH IRA gained $70,000. You might also consider getting a financial advisor with your capital.

[@EdwinBoettcher]

I agree, investing with the help of an advisor set me up for life with about $1.6m currently in stock portfolio. I max out my 401k and have few properties. I worked hard as a language tutor for 32 years, and my salary was just over 80k annually. It all boils down to consistent regular investing to minimize risks and maximize growth.

[@KimberlyFlores-kr1bz]

I'm interested in trying this out. Who is your advisor, and how can I contact them?

[@EdwinBoettcher]

I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with “Becky Lou Gordon” for years and highly recommend her. Look her up to see if she meets your criteria.

[@KimberlyFlores-kr1bz]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@karenturner7983]

Thanks

[@djpartybusservicesllc8864]

Very good Video full of info thank you

[@michelletrevino443]

Thanks for always giving such great information.

[@TheMedicareFamily]

So nice of you

[@jhors7777]

Thank you for posting this helpful video

[@TheMedicareFamily]

Glad it was helpful!

[@JimFairchild1]

Thanks!

[@henrymarquez4044]

I'll take my money when I feel like it

[@ginag6410]

So what type of professional are we looking for if it’s not your certified financial planner or your accountant? I’m confused as to what kind of person. I’m looking forward to help guide my certified planner and my accountant in all of this.

[@madstarr2]

My CFP referred me to a Tax Wealth Planner or Tax Advisor and you can also use a CPA but it has to be one that specializes in taxes.

[@Judes121]

Especially difficult when you sell a home to downsize and you find out your Medicare premiums go extremely high 😡

[@FavoriteMovieDate]

This happened to me. I had to pull money out for my deceased sister’s taxes and I went over a certain amount. I had no idea there would be a penalty. Not only did I lose the small amount of social security I was getting I now have to pay quite a bit per month for Medicare. Too bad I am not an illegal alien.

[@JoliR424]

Thank you for your knowledge, i’m 65 1/2 years old. On my 401(k) if I take it out, you think they don’t charge me tax? i’m on Medicare.

[@d3signbiz]

I'm a fan, thank you for insight

[@jerseyguy1274]

It shouldn’t affect anything. The people need to stop letting officials put these ridiculous rules on you to stop you from getting ahead. That’s what it’s all about….they don’t want you to get ahead! They don’t want you to retire! They want you to work until you’re a hundred and five. They gotta have that class system! Fuck the government.

[@GuyDownUnder]

The USA employment, medical, retirement laws are just beyond crazy

[@RobinHood_62]

It's ridiculous we ne CPAs, advisors etc to figure out how to manage our old age

[@ernstpeischl9365]

Only if you don't want to put the time into learning for yourself.

[@ZiggZagg11]

It feels like more and more that it isn't even our money... No you can't have your own money you saved for... 😡

[@maybee...]

I pay for my medicare myself, part A is not free. It is deducted from my Social Security. It is NOT FREE... I pay for the Part B as well, now my part D has gone up to almost $50.00, that is also deducted from my Social Security... when will this insanity stop?????

[@jorgevelasquez9955]

can i pay my medicare monthly payment with an HSA account?

[@PolyThumper]

Looking at the cheat sheet it looks like so long as we don't have more than 206k in income as a couple, we get the lowest Medicare Part B premium. This confirms what I had read earlier. What's new to me from your video is that I need to stay below 206k every year (that number may increase not withstanding). If I took out say 300k at age 65 and another 300k age 66 - at age 67 I'd be paying $559/mo for Medicare part B instead of the 179/mo. Do I have that piece right?

[@peanuts1173]

Gosh that is just highway robbery. The wealthy get penalized.

[@rickburgoyne2443]

That's what I read. I thought it was 106,000 if single and 212,000 if married?

[@valada1893]

It’s taxed when you earn it and taxed when you take it out.

[@nickt.2825]

Not the regular 401k. It's taxed as you take it out. When you contribute, taxes are taken from the rest of your check. A Roth 401k you contribute after paying taxes, but it grows tax free.

[@elibennett6168]

Maybe I'm being simplistic, but it seems like a good strategy is to take out money each year but not so much that you are pushed into a high tax bracket, and set aside what you don't need to live on. You can invest that money so you pay ordinary capital gains or convert to ROTH or another investment vehicle. It seems like leaving a lot in a deferred account subject to RMD could be counter productive once you establish a lower tax bracket.

[@Lgca26]

Great stuff thank you

[@TheMedicareFamily]

Glad you enjoyed it

[@Detailer63]

Mine gets taxed both federal and state but mine was 7800

[@macclark4112]

One of the many reasons I chose not to be in the 401K. From the get go it was a control factor. And it’s playing Roulette with my retirement. I put it all into my personal Investment that has now given me 600% return and about to expand Far Far greater.

[@tonioyendis4464]

Roll it over to a self-invest inside an IRA type account.

[@MichelleVoegtline]

Here is the thing. Once you pay taxes when you roll it into Roth IRA and invest the money in stock and your stock goes down… what happened then? Can you deduct the loss on your income tax?

[@signeanthony3625]

Thanks for all you do!

[@TheMedicareFamily]

My pleasure!

[@cookmaster3626]

I am over 65, on Medicare, and retired. Am I allowed to open a HSA account to save on my taxable income. Also if allowed, can the HSA funds be used to pay for Part B premiums? Thanks.

[@lizettedieres1397]

What about if you are 67 already taking Medicare and your income is not enough that you have to get medical this is in California and he doesn’t pay anything or his medical. The high cost of living in California it’s very high and we need much. My husband has only two 401(k) one is $12,000 and the other one is maybe $18,000 in we can barely make ends meet at the end of the month, so what do you think we should do because nowyou’re charging for a transaction fee so it’s less money coming to you pretty much everybody takes it cut your money. I hope you can answer this question. I didn’t see you when this video came out but I’m glad I saw your video. Thank you.

[@josephthomas2226]

I LOVE the enthusiasm. many videos are informative but too boring

[@joedirt5521]

I dont have to take it out when i quit they mailed me The Chek from my Retirement savings

[@happy3813]

The wise thing to do is to receive your 40lK in installments when you decide to completely retire oppose taking out a big lump sum. Right?

[@dl7281]

Lucky for me, after working for 44 years, I have 5K in my 401K/retirement. I’m golden. 😂

[@TheMedicareFamily]

Omg

[@wayneguy6043]

It’s a sin that you have to pay more for Medicare

[@jimm4260]

Transferring money from a 401k to another qualified account (like an IRA) does not create a taxable event correct? I would do so because the investment opportunities are better in a self managed IRA. Thanks

[@MuzixMaker]

Have to say people have no idea how to handle their money.

[@dfarrell2269]

They got me!

[@jameseroh6544]

Federal taxes were always due. But before 1983, Medicare or Social Security were not affected by deferred income plans.

[@TheMedicareFamily]

True !

[@Packer1290]

I can see how this is going to go. My wife and I are right in that slot where we make too much to qualify for any breaks. An example is Roth IRA. We're right above the limit for income to participate. We 're no brain surgeons or lawyers though so its not like we're rich. We got screwed over with my daughters college FAFSA stuff and I see we're going to get screwed over in retirement too.

[@TL-s1b]

It sounds like you’re at the very bottom of the “rich”. You are very blessed, more than most but I can understand your frustration.

[@Packer1290]

@@TL-s1b Right. I'm not complaining really . Its just an annoying place to be in as I feel a little punished for being a good saver mostly. Most kids get some money for college including myself when I went and my daughter got zero and wasn't even offered a government loan.

[@Captkirk9190]

The same thing can happen with the sale of a house.

[@TheMedicareFamily]

Yes

[@davidbowers1797]

So when you're withdrawing out of a 401k is the threshold you want to avoid going over net or gross income?

[@tt8820b]

It’s counted on Adjusted Gross Income.

[@LIWYMA]

Can you do a video on being able to stop you SS in the first year after you accept it. You have to pay it back but I don’t think a lot of people know u can do this.

[@arthurshingler2025]

Watch out for Medicare premiums!

[@TheMedicareFamily]

IRMAA (the surcharge the rich pay for Medicare Parts B & D)

[@AnnMitt]

​@TheMedicareFamily do retired congress members pay for Medicare and the surcharges or is that just for the peasants? 😕

[@QuallsJohn]

How do you feel about a person 59 1/2 withdrawing the standard deduction amount for single 16k or married 32k from IRA or 401k to wash the taxes owned?

[@lonestarintn9137]

Yep Fed is gonna take 10%

[@Riggsnic_co]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[@JacquelinePerrira]

If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.

[@Jamessmith-12]

I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

[@kevinmarten]

Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.

[@Jamessmith-12]

Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@kevinmarten]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance