I kick off 2023 with my first episode of the year talking with Medicare/IRMAA specialist Dan McGrath. Dan is the co-founder of IRMAA Certified Planner, a technology and training company focused on helping financial professionals provide better Medicare advice and data to their clients. In this eye-opening episode, Dan teaches us the basics of IRMAA… The Income-Related Monthly Adjustment Amount (IRMAA) is a surcharge or premium you may pay in addition to your Part B or Part D premium if your income is above a certain level. The Social Security Administration (SSA) sets four income brackets that determine your (or you and your spouse’s) IRMAA. IRMAA costs can surprise many retirees, uninformed of its impact on a retirement budget. And because it’s based on retirement income, tax-deferred income sources can greatly (and unexpectedly) impact a retiree’s budget for healthcare costs.
Dan also shares his insights on why everyone should STOP contributing to tax-deferred accounts such as 401(k)s and opt for tax-free retirement income sources instead. We talk annuities, life insurance, and reverse mortgage too. A lot of ground in just an hour or so episode. We close the episode with Dan telling us why he believes “the financial services industry hates women.” It’s an interesting case study he uses to illustrate his perspective. Grab a pen and paper, as you’ll want to take notes on this episode, or plan to listen to it multiple times. Controversial topics that definitely get you thinking (outside the box).
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