👴👵 What Are YOUR RETIREMENT CONCERNS today?

Part B went up a little but all other insurances skyrocketed!

@SummerOnTheWay1 Nicole, thanks for the thumbs up. I have read so many opinions that I use both 2034 and 2035. If Congress does not fix the SS Program, we will have a reduction in SS Benefits at some point in the future. SS Benefits will still be payable, but at a revised amount. So, it is a possible setback, but it is not a complete loss. I do not believe we are "old". We may be "old" if you are counting time. Years ago, I heard someone call themselves "seasoned" ;and, I have used that term from time to time. So, we are vibrant, valuable, and "seasoned", but not "old". Thanks.

@k40013h 

If Eligible, you do get a $ 250,000 or $ 500,000 if married, tax sale exclusion on the sale of your personal residence.

IRS.gov - Topic no. 701, Sale of your home 

Of course, you use the modified basis in the house as your starting point in determining your gain.  

Yes, gains reported on your tax return are counted as income for IRMAA (Medicare taxes) computation because any capital gains you make over this exclusionary amount is income that you can use in retirement, just like any other income you get after retirement from wherever. When you add all these income sources together and they go over whatever the higher earner income limit for whatever year, you pay these IRMAA Part B added premiums because you are classified as a higher income earner receiving the Medicare benefit. 

I pay IRMAA Part B added premiums and if I ever sell my home I will also be in this same situation since the amount that I am paying will go up.  I am also a [long term] widow so I only get the $ 250,000 exclusion even though my husband and I shared this house together before his death many years ago.

It is what it is - being old does not exempt us from many tax requirements.  However, sometimes at the state level you can get a break with an additional property tax exemption for being old(er) or a state may be very generous in any retirement income exclusion.  

The income exclusion amount does not cover all of mine in my state but it does cover a fair portion of it.  

I am grateful for at least some offset - we still participate in life in this country so we still have a financial stake in it too.  

Have you ever thought about the fact that when people sell their home and receive thousands of dollars in equity from escalated market values, that it is adding to the affordability of home which so many are having to face nowadays.  I hope that there is never a limit of capital games put on such a sale but that would be an option to create a more affordable home marketplace for the many.  

Just something to think about -