The IRS Treats Age 63 Differently From EVERY Other Age—Retirees Find Out Too Late

Comments · 276

• GO

  @gofasters1 · 1 month ago

  62 should be the age you can get health care not having to wait 3 years

  17

• PI

  @Pirates1657 · 3 months ago

  Ok, start the next video using as example someone who has $2,500 saved, is $25,000 in debt, and still working at 61.

  144

• GD

  @gddrew · 3 months ago

  All the rules and regulations around retirement are illustrative of a big problem that we have in this country, which is codified theft by our own government. The mob should have such a racket.

  131

• MI

  @mikeliu106 · 3 months ago

  it;s not just 63, it's every year later, for example, your income at 64 will determine your IRMMA at 66, etc, unless  you retire at 63.

  60

• JO

  @jonroberts3827 · 3 months ago

  That is robbery. They want you to not take your social security till 67 but they punish you for on Medicare because you kept working till 67.

  23

• HE

  @HeavyK. · 2 months ago

  This is the most confusing thing I've ever heard.

  25

• GE

  @GenZMamma26 · 3 months ago

  Oh shit, I am 62, starting a new great-paying job and my birthday is in January! Looks like I am screwed.

  13

• DA

  @darin7784 · 3 months ago

  I want to know why so many of these videos start with couples who have millions of dollars saved?

  157

• TA

  @taliesin1977 · 3 months ago (edited)

  Another tip to convert more money if you're in good health early in your retirement.   Get a Bronze plan from ACA or any other health insurance that qualifies as a high deductible plan.   If you can get by on 84k as a couple or 62k single,  you can rollover an additional amount into an HSA and still have some ACA subsidies.  You don't need earned income to contribute to an HSA.   So each person can contribute $4400 per year to an HSA ($8750 per couple) plus a $1000 per year catch up at age 55+ (need separate accounts if you want +1000 each).    With the catch up and individual accounts, you can rollover an $10,800 per year.   Withdraw from 401k/IRA (normal income) and then contribute to HSA (deduction against income).   You can also contribute a little less and leave some buffer to contribute by April 15 of the following year.   So, if a surprise special dividend took you over $84k at the end of December, you can contribute to your HSA by the following year to protect your ACA subsidies

  8

• LO

  @lokigt-sctpk · 1 month ago

  So as usual, the Government figures out a way to take back what we earned over our lifetimes, this system has become so over bloated/complicated the average person is phucked when they try to retire.

  8

• GI

  @gimcrack555 · 2 months ago

  I will never hit above 12% so I'm good. Retiring at age 65, not going to wait until FRA of 67. The numbers between those two, don't impress me what so ever. All my numbers are good to retired at age 65, when my medicare benefits kicked in.

  5

• KJ

  @kjFL1 · 3 months ago

  So sick of these YouTubers not telling the whole story.  Although your salary may have been high at 63, if you no longer have earned income when you begin getting social security, you technically have a “life altering” event and may NOT have to pay the surcharges.  You need to submit form SSA-44.  Look it up.

  139