UNDERSTANDING SOCIAL SECURITY IRMAA: WHAT YOU NEED TO KNOW BEFORE RETIREMENT

In this episode, Emlen discusses the Income Related Monthly Adjusted Amount (IRMAA) as it relates to Social Security benefits. He breaks down the five key things to be aware of when considering IRMAA and its potential impact on retirement planning.

Key Points:

#1 Understanding the Income Bracket Determination: Learn how the IRMAA is calculated based on modified adjusted gross income from the prior two years.

#2 Being Aware of Different Income Tiers: Explore the income thresholds and updates that may affect premium payments for high income earners.

#3 Impact on Premiums: Understand how IRMAA will increase Medicare Part B and Part D premiums based on specific income levels.

#4 Notifications and Appeals: Be informed about the notification process and the opportunity to appeal elevated premiums based on current year earnings.

#5 Retirement Planning: Consider the potential impact of IRMAA on Medicare premiums when approaching retirement and consult with financial and tax professionals for effective income management strategies.

Host’s Advice:

Stay informed about changes in rules and regulations related to retirement planning and understand the implications of drawing Social Security benefits at different ages. Additionally, carefully plan for retirement income to avoid unexpected financial burdens during retirement.

For personalized assistance with retirement planning, visit www.gennexwealth.com to schedule an appointment with the expert team.

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