Return to Blog

What is IRMAA?

You may be wondering, what exactly is IRMAA? IRMAA is your income-related monthly adjustment amount. In short, your Medicare premium is affected based on which tax bracket you fall within after age 63. This premium is based on a two year look back period. If you have been working the two years prior to retirement, you have the chance to file an appeal. However, if you increase your income due to making a lump sum withdrawal or selling a business, you cannot make an appeal.

Fortunately, your income bracket resets annually, which means there’s a chance your premiums could decrease. Overall, it is important to keep an eye on your income so you can manage your Medicare premium effectively in retirement.

Have more questions? Contact Us

Matthews Barnett, CFP®, ChFC®, CLU®
Financial Advisor

Click here to schedule a consultation with one of our financial planners.

Download our free guide: "Your Pre-Retirement Checklist"

Listen to Our Podcast:

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Happy Birthday to Kylie, our Marketing Assistant! Kylie works hard behind the scenes on our website, podcast, social media, and so much more.

Meet Daphne, our Financial Planning Intern. She is studying Finance at The University of Georgia. We are excited she's joined us for the summer!

https://conta.cc/3Ov1Fub

Your Medicare premium is affected based on which tax bracket you fall within after age 63. IRMAA is your income-related monthly adjustment amount. Watch today's video to learn more about how IRMAA works.

https://conta.cc/3zK9WGw #irmaa #medicare

The big question is, will we have a recession in 2022? Watch this video to find out!

https://conta.cc/3Mz2z7D #recession2022 #recession
https://youtu.be/45TvHaZf4z4#recession2022

Happy birthday to LJ our Video Production Manager! LJ works behind the scenes producing all of our podcasts and videos that we post every week. 🎉

Company

Services

Client Access

Firm Information

Schedule a Meeting
678-905-4450[email protected]
Google Rating
5.0
Based on 71 reviews
js_loader