"Should you have the good fortune to become a millionaire during your lifetime, the good news is that most of your money problems go away. The better news is that even if you are a retired millionaire, there are still several government programs you still qualify for regardless of your income level. You might have thought you didn't qualify for Medicare or a Health Savings Account, but you very much do, and these aren't the only programs available."
"In the case of social security benefits, this dollar amount is owed to you regardless of your net worth. The benefit amount might be capped, and there are some tax implications (up to 85% of benefits may be taxable for higher-income recipients), but you still qualify for payouts as soon as they begin. The good news is that payouts start at 62, but there is a caveat."
"Not to be confused with Medicaid, which is for low(er)-income individuals, Medicare is essentially medical care for aging individuals regardless of their net worth. As a government-sponsored program, Medicare is available to every citizen of the United States. The downside is that as a higher-income individual, you will likely be subjected to more pay for premiums. This Income-Related Monthly Adjustment Amount (IRMAA) means you will likely pay more for Medicare Part B and Part D"
Millionaires remain eligible for multiple government programs regardless of net worth, including Medicare, Social Security, and Health Savings Accounts. Social Security benefits are owed regardless of wealth, can begin at 62, and can be deferred until 70 for a larger payout, with tax implications and up to 85% of benefits potentially taxable for high-income recipients. Medicare is available to every U.S. citizen regardless of net worth, but higher-income beneficiaries often pay larger premiums via the Income-Related Monthly Adjustment Amount (IRMAA) for Parts B and D. Updates clarified Medicare Part A, Roth IRA rules, and taxation of long-term investments.
Read at 24/7 Wall St.
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