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Retirement Roadmap
Is your retirement plan rock solid? At MasterPlan Retirement Consultants, we specialize in constructing retirement plans designed to meet the challenges you could face in the course of a 20, 25 or 30-year retirement - or longer. Our tax planning, income planning, Social Security maximization, estate planning, healthcare planning, pension maximization, long-term care planning and other strategies are designed to maximize your retirement savings and income, while minimizing taxes and protecting your assets from outside forces that can disrupt your retirement.
On this podcast, we share videos about the issues retirees face.
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.
Retirement Roadmap
Avoiding the IRMA Trap: Strategic Income Planning for Medicare
The Income-Related Monthly Adjustment Amount (IRMA) is a Medicare surcharge that can significantly increase your healthcare costs in retirement based on income from two years prior.
• IRMA 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 IRMA
• Higher premiums due to IRMA do not provide better coverage - everyone gets the same benefits
• You can appeal IRMA 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 IRMA in retirement
• Qualified Charitable Distributions (QCDs) and donating appreciated assets directly to charity can reduce MAGI
• Tax laws affecting IRMA change regularly, requiring ongoing review of your retirement strategy
Schedule 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 info@masterplanretire.com or call 770-980-9262.
https://masterplanretire.com/
Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodes
Listen 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/events
Purchase Mark's Book, The Road Less Traveled: Turning Your Retirement Worries Into an Excursion of a Lifetime on Amazon.com 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.