Martin D. Hauptman, Partner of the Tax Law Practice Group at Mandelbaum Barrett PC, addresses a query on NJMoneyHelp.com regarding the impact of collecting Social Security at ages 62 and 65 on Medicare rates when drawing from a 401(k). Hauptman advises, “Something is better than nothing. The amount of the Medicare premium is determined by your Modified Adjusted Gross Income from the previous year.”
For individuals seeking clarity on their potential circumstances, the Social Security Administration provides charts for income levels and filing statuses. Additionally, it offers guidance on calculating Modified Adjusted Gross Income.