Can I Receive Medicare & Keep My 401(k)?

Yes. You can have both a 401(k) and Medicare. Medicare should not be confused with Medicaid. There is no net worth test for Medicare eligibility, so owning a 401(k) has no effect on your eligibility for this program.

Can I contribute to my 401k, even if I'm collecting Social Security?

If you are eligible, you can contribute to a 401(k) or other tax-deferred workplace savings plan, a health savings account (HSA), and an IRA, even if you are collecting Social Security. You can even make catch-up contributions, which enable you to set aside larger amounts of money for retirement.

Do 401k withdrawals count as income for Medicare?

The Medicare Part B Premium charged by the government changes based on your income. Taking tax-free Roth withdrawals won't affect this Medicare premium. But the distributions you take from traditional IRAs count as income for your Part B Premium.

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