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If I Receive Annuities Or Cash Out My Pension Will It Affect My SS Or Medicare Payments?
I just retired in December 2022. My SS payments will start 4/1, I delayed to obtain an increased amount. I would like to know if I can receive and payment from annuities monthly or cash out my pension and if that would affect my SS or Medicare payments
Hi. Any income that you receive from annuities or pensions won't affect either your Social Security benefit rate nor your ability to be paid Social Security benefits. Only earned income (i.e. wages or self-employment earnings) counts for purposes of the Social Security earnings test (https://www.ssa.gov/benefits/retirement/planner/whileworking.html), and even earned income doesn't affect a person's ability to collect benefits once they reach their full retirement age (FRA).
However, the amount of both a person's earned and unearned income can have an impact on their Part B Medicare premium rate. For more information in that regard, refer to the following Medicare website: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly.
Best, Jerry