Think Medicare is free once you hit 65? Not quite. If your income’s too high, there’s a hidden surcharge that can quietly shrink your Social Security check by thousands a year. It’s called IRMAA. And most people don’t see it coming. Let’s break down who’s impacted and how to avoid it.
As you approach retirement, understanding how income levels affect Medicare premiums becomes crucial. The IRMAA is essentially a surcharge imposed on those whose income exceeds certain thresholds. This video will break down those different income levels and what it could cost you. Plus, we’ll talk about strategies that could help you lower that payment so that you can keep more of your money in retirement.
Here’s some of what we discuss in this episode:
💰 IRMAA is a Medicare penalty based on income—not assets
🔙 It looks 2 years backward to determine your premiums
💥 One-time income events like property sales or Roth conversions can trigger IRMA
🧾 You can appeal the penalty with a simple SSA-44 form
🎯 Strategies like QCDs and tax-aware conversions help reduce exposure
0:00 – Intro
1:42 – What is IRMAA?
2:48 – Income Thresholds
4:22 – What Triggers It?
7:18 – Strategies
11:33 – Importance of Planning
Resources:
Book an appointment with us: http://bookachatwithjohn.net
Get in touch with us: https://mearsmoney.com/
Watch the Podcast on YouTube: https://bit.ly/3PmcOPM
Check out John’s FREE Books: https://je9gekmc.pages.infusionsoft.net/