Demystifying IRMAA: Strategies to Protect Your Retirement Income with Paul Morrison

Unlock the secrets to protecting your retirement income as we tackle the complex world of Income-Related Monthly Adjustment Amounts (IRMAA) with Medicare expert Paul Morrison. Ever wondered how your taxable income might be silently eroding your Social Security benefits? Our discussion shines a spotlight on the little-known IRMAA and its potential to reduce your net retirement income, urging both retirees and financial advisors to be more aware of these hidden costs.

Together with Paul Morrison, we examine the intricacies of IRMAA surcharges and their relentless impact on Medicare premiums. Discover how stagnant income thresholds have pushed many retirees into higher surcharge brackets, even without changes to their real income. Our conversation covers practical strategies like Roth conversions and cash value life insurance to help you navigate these financial hurdles. Listen for insights from leading tax planning advisor David Brooks and IRA specialist Ed Slott, who share their expertise on managing retirement costs effectively.

As we approach 2025, the landscape of Medicare and Social Security is rapidly evolving, with potential for Medicare costs to outpace Social Security benefits for those in higher IRMAA brackets. Through our engaging exploration of annuity contract disclosures and retirement planning, we emphasize the importance of strategic financial decisions in safeguarding your future. Don't miss our detailed analysis and actionable advice designed to empower you with the knowledge to make informed choices about your retirement assets.