Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

kitp

(188 posts)
10. Q about "income"
Mon Nov 4, 2013, 07:51 AM
Nov 2013

My wife and I are considering retiring next year - ages 61 and 62 - and living off of money we have set aside in an annuity.
The annuity is post-tax and we have paid taxes on its earned interest over the years.

Will this money be considered "income" for the purpose of receiving help in paying for our insurance. I called the 800 number but they were unable to give me an answer.

On edit:
The link above to MAGI does mention annuities, but I know that some annuities are pre-tax and therefore are income when you draw from them. Ours is not. We paid income tax on the money in the annuity and on the interest earned and so its basically a savings account.

Recommendations

0 members have recommended this reply (displayed in chronological order):

Latest Discussions»General Discussion»Trying to understand the ...»Reply #10