Medicare Surcharges: Avoid IRMAA with Roth Conversions
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Medicare costs in retirement can be a financial burden, with Part B premiums ranging from $202 to $491 per month, depending on income. High earners face additional surcharges called IRMAAs, which can significantly increase premiums. Withdrawals from traditional IRAs or 401(k)s count towards MAGI, potentially pushing retirees into higher IRMAA brackets and increasing Medicare costs. A smart strategy to avoid this is to do Roth conversions before retirement, shifting traditional funds to Roth IRAs to minimize taxes and avoid increasing MAGI. This approach allows retirees to withdraw more money without facing Medicare premium hikes.
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