There’s so few advisors out there that say they’re planners and say they’re retirement planners that don’t even realize they exist, and all of a sudden they trigger these big premiums for one, two, three years and the clients are like, “Why has this happened?”
MARK FRICKS
And the advisors like, “I don’t know.”
That’s why you really got to make sure you work with the retirement planner that understands. All the aspects.
ATLANTA – The Income-Related Monthly Adjustment Amount (IRMA) is a Medicare surcharge that can significantly increase your healthcare costs in retirement based on income from two years prior.
• IRMA affects both Medicare Part B and Part D premiums, potentially adding over $500 per month per person
• The surcharge is based on your Modified Adjusted Gross Income (MAGI) from two years prior
• Income thresholds begin at $106,000 for individuals and $212,000 for joint filers
• One-time income events like selling property or Roth conversions can trigger IRMA
• Higher premiums due to IRMA do not provide better coverage – everyone gets the same benefits
• You can appeal IRMA if you experience life-changing events like retirement or divorce using Form SSA-44
• Strategic planning between ages 59½ and 64 may be critical for minimizing IRMA in retirement
• Qualified Charitable Distributions (QCDs) and donating appreciated assets directly to charity can reduce MAGI
• Tax laws affecting IRMA change regularly, requiring ongoing review of your retirement strategy
Schedule your complimentary consultation at masterplanretire.com or call our office at 770-980-9262 to create a holistic retirement plan that addresses these hidden costs.
