The Income-Related Monthly Adjustment Amount (IRMAA) is a Medicare surcharge that can significantly increase your healthcare costs in retirement based on income from two years prior.• IRMAA 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 IRMAA• Higher premiums due to IRMA do not provide better coverage - everyone gets the same benefits• You can appeal IRMAA 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 IRMAA in retirement• Qualified Charitable Distributions (QCDs) and donating appreciated assets directly to charity can reduce MAGI• Tax laws affecting IRMAA change regularly, requiring ongoing review of your retirement strategySchedule 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.Have a topic or question you'd like Mark and Evan to address in a future episode? Email us at [email protected] or call 770-980-9262.https://masterplanretire.com/Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodesListen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3FM WFOM.Sign up for one of our upcoming events at https://www.masterplanyourretirement.com/eventsPurchase Mark'sSend us a textVisit masterplanretire.com to access our retirement checklists, podcasts, and schedule a complimentary consultation.Call 770-980-9262 to speak directly with someone about your retirement planning needs. https://masterplanretire.com/Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodesListen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3 FM WFOM.Sign up for one of our upcoming events at https://www.masterplanyourretirement.com/eventsPurchase Mark’s book, The Road Less Traveled: Turning Your Retirement Worries Into an Excursion of a Lifetime, on Amazon: https://a.co/d/4fx94Al Advisory services offered through MasterPlan Retirement Consultants, Inc., a Registered Investment Advisor in the state of Georgia. Insurance, tax and commodities services offered through Fricks and Associates, Inc. dba MasterPlan Retirement Consultants. The aforementioned are affiliated companies.

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