Thinking of retiring in the next 3-5 years? Then you’ll want to know all about the “Income Related Monthly Adjustment Amount,” or IRMAA. That’s the formal name for the additional premium that some individuals and couples who are enrolled in Medicare must pay for their coverage.
Many retirees aren’t aware these surcharges even exist, or don’t understand how they’re triggered. A recent Wall Street Journal article, “Why Medicare Surcharges Can Shock Retirees” explains the need for careful planning at least two years before you expect to retire.
Mike Miller of American Wealth Strategist explains IRMAA in greater detail including what you need to know now and what you can do to avoid the unpleasant surprise in this video, How to Avoid a Medicare Charge That Can Eliminate Your Social Security Checks In Retirement.
Click through to watch it now, and let us know if you’d like to learn more about how you can get relief from or lessen the impact of Medicare surcharges in retirement.