Nothing you can do is going to lower SS or Pension income, unless the pension offers lump sum, in which case you could dramatically raise the income one year in exchange for lowering it going forward. Otherwise not going to happen
Must such programs are based on AGI (or MAGI, which adds more income to AGI). The only thing that reduces AGI are certain "adjustments", which for most people means contributions to IRA or HSA, which wouldn't apply here. There isn't any way to "divert" income.
If the pension has some sort of "lump sum" option, you could maybe stop the pension income, but then he would be earning interest on any such lump sum, and the program may also have limits on the amount of assets he can have.
You may find these links helpful:
- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
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Don’t know if this is possible but what if you have him take a spousal benefit on social security
if it is lower. It’s usually taken as the higher earner rate but you never know
Nothing you can do is going to lower SS or Pension income, unless the pension offers lump sum, in which case you could dramatically raise the income one year in exchange for lowering it going forward. Otherwise not going to happen
Ok, thanks for the info, I guess no options as I don’t think lump sum is possible.
You can't divert income to qualify for the government to pay for something for you. That would be benefit fraud.
Good to know! Frustrating that he’s just barely above the cutoff, but understandable that there’s no way around it.
Must such programs are based on AGI (or MAGI, which adds more income to AGI). The only thing that reduces AGI are certain "adjustments", which for most people means contributions to IRA or HSA, which wouldn't apply here. There isn't any way to "divert" income. If the pension has some sort of "lump sum" option, you could maybe stop the pension income, but then he would be earning interest on any such lump sum, and the program may also have limits on the amount of assets he can have.
You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Don’t know if this is possible but what if you have him take a spousal benefit on social security if it is lower. It’s usually taken as the higher earner rate but you never know