7 Ways to Lower Your Income and Avoid the IRMAA Medicare Surcharge

In This Video:

The last thing retirees on a fixed income want is expensive monthly healthcare costs. If you’re not careful, you could unintentionally trigger higher Medicare Part B and D premiums through an IRMAA surcharge. On this episode, I’m going to show you how to lower your Medicare costs by lowering your taxable income.

Things to COnsider:

Reducing your taxable income is another great way to fight an IRMAA Medicare surcharge. One strategy is to convert traditional IRA and 401k monies to a Roth IRA before the age of 73. Essentially, you’re paying tax now on the Roth funds so you don’t have to pay later, and anything you withdraw will not be considered taxable. Listen to this episode for more on MAGI limits and reducing your taxable income to decrease Medicare costs!

Key Points in this Episode:

0:00: Intro

1:25: Understanding MAGI Limits

5:33: The IRMAA Appeals Process

8:08: Donate Money to Charity

9:20: Contribute to Retirement Accounts

9:48: Contribute to a Health Savings Account

10:23: Take Distributions from Roth Accounts

10:50: Tax-Efficient Investments and Strategies

12:56: Consider a Roth Conversion