IRMAA Surcharges: Protect Your Retirement Income
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Retirees beware: Medicare premiums can skyrocket due to IRMAA, hitting higher-income individuals with surcharges. These surcharges are based on modified adjusted gross income from two years prior, creating a cliff effect where just one dollar over a threshold triggers the full hike. New retirees often get blindsided as premiums reflect peak earning years, even after income drops. Additionally, working in retirement can trigger Social Security benefit reductions or make benefits taxable. Strategies to fight back include timing Roth conversions, using qualified charitable distributions, and appealing via Form SSA-forty-four. Check your twenty twenty-four return now and talk to an advisor to lock in lower premiums before its too late.
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