Here’s some of what we discuss in this episode:
💸 IRMAA can add thousands to Medicare costs
⏳ Why premiums are tied to your income from two years ago
🧾 The role of RMDs, capital gains, and pensions in triggering IRMAA
🛠️ Smart planning moves like Roth conversions to lower exposure
Today’s Hack
Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who’s most at risk, and which types of income can trigger it.
Phil also shares actionable strategies to reduce or avoid IRMAA’s impact, including the smart use of Roth conversions, planning around retirement income, and taking advantage of life-event appeals when circumstances change. Even well-prepared retirees can get caught off guard by these surcharges, but with proactive planning, you can better manage Medicare costs and keep more money in your pocket throughout retirement.
0:00 – Intro
1:06 – What Is IRMAA?
2:40 – Who’s Most at Risk?
5:07 – How Big of a Deal Is It?
7:04 – What Triggers IRMAA?
8:45 – Strategies to Lower or Avoid IRMAA
12:00 – Life Changing Events
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome