Social security checks reduced
I guess I make a mistake which I did not know the results. My daughter in 2019 decided to go for her masters degree. I decided to help her financially so I cashed some saving bonds and with my RMD and my wife’s RMD our over all total was $190,000. In 2020 I decided to transfer 50,000 from my wife’s IRA to Roth IRA. This put us at $190,000 for our total gross income. Social security did not give us a raise but cut our benefits by $86 each month for myself and $86 for my wife this was in 2021. We received one stimulus check f or $186. This year I have cut my total down to under $140,000. Will my SS checks increase? We both waited until 70 to take our SS. I have a pension and so does my wife.
Terry Says
I’m guessing that the reason you received a lower amount in your Social Security payment was the fact that at that higher income you pay more for Medicare! And it will take them a couple of years to catch up with your earnings and adjust the payment for Medicare downward again.
