Reported about 13 hours ago
Converting funds from a tax-deferred retirement account to a Roth IRA can significantly increase Medicare premiums due to the connection between income levels and premium rates. When a substantial amount is transferred, it may elevate a recipient's income bracket and lead to higher costs for both Part B and Part D Medicare premiums. To mitigate potential increases, strategies like timing the conversion prior to signing up for Medicare and reducing income through various tax strategies can be effective. Consulting a financial advisor may also aid in navigating this complex decision.
Source: YAHOO