Question: I am retiring at 62 and want to use my income from my retirement accounts. if i draw social security will this count as income and will the money i draw out from my ira’s count as income? i plan to sell 66k from my ira’s each year till 65. is this 66k considered income and thus will disallow me from a subsidy? i would augment this 66k from my ira stock sales with 20k from social security. thanks for your help
Answer: This is a correction. I answered this question incorrectly previously. Your IRA withdrawals are taxable and if the amount withdrawn is $66,000, then at least some of your social security income will be taxable as well. All of this income will be considered thus may disallow you from a subsidy depending on the size of your family.