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Ask an Advisor: I Withdrew $60k and My Medicare Premiums Increased. Will They Go Back Down?
Yahoo Finance·2025-09-25 14:00

I'm 71 years old and my current Thrift Savings Plan (TSP) balance is 315,000afterwithdrawing315,000 after withdrawing 60,000 this year. This is putting me in a higher tax bracket and I must pay a large amount of federal/state taxes. In addition, my monthly Medicare premium will increase. Will the Medicare premium increase permanently or only the year of withdrawal? Is it too late to develop a strategy to reduce taxes? I don't need the money right now. What should my withdrawal strategy be? – Joyce I’m sorry to hear about the t ...