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Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who’s most at risk, and which types of income can trigger it.
Here’s some of what we discuss in this episode:
💸 IRMAA can add thousands to Medicare costs
⏳ Why premiums are tied to your income from two years ago
🧾 The role of RMDs, capital gains, and pensions in triggering IRMAA
🛠️ Smart planning moves like Roth conversions to lower exposure
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