In this episode of Safe Money Radio, Brad Pistole and Paul Morrison delve into the often-overlooked topic of IRMAA (Income Related Monthly Adjustment Amount) and its significant impact on retirement planning. They discuss the history of IRMAA, its financial implications, and strategies to avoid it. The conversation highlights the importance of understanding how IRMAA can affect Social Security benefits and the necessity for proactive financial planning to mitigate its effects. Real-life examples of IRMAA letters illustrate the potential financial burden retirees may face, emphasizing the need for education and awareness in financial planning.



Chapters

00:00 Introduction to Safe Money Radio and Guest Introduction
01:49 Understanding IRMA: The Hidden Risk in Retirement
09:17 The History and Impact of IRMA on Medicare Costs
15:28 The Financial Implications of IRMA Surcharges
20:08 Strategies to Avoid IRMA and Protect Your Income
23:59 The Power of Life Insurance in Retirement Planning
28:07 Understanding IRMA: Income-Related Monthly Adjustment Amounts
34:55 The Future of IRMA and Its Implications
43:52 Planning for Retirement: The Importance of Early Preparation

Takeaways

IRMAA can lead to a loss of up to 100% of Social Security net benefits.
The financial services industry has a low level of education on IRMAA.
IRMAA surcharges have been inflating by an average of 7.5% per year since 2007.
Understanding IRMAA is crucial for effective retirement planning.
Roth conversions can be an effective strategy to avoid IRMAA.
Medicare costs are projected to continue inflating, impacting retirees' finances.
Real-life IRMAA letters show significant reductions in Social Security benefits.
Financial professionals need to be educated about IRMAA to better serve clients.
The government collects billions from IRMAA surcharges, impacting retirees' income.
Planning for IRMAA should start at least five years before retirement.



#IRMAA, #Medicare, #retirementplanning, #socialsecurity , #financialrisk , #taxplanning, #inancialeducation, #retirementincome,

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