💰 Avoid the IRMAA Trap: Smart Tax Moves for a Stress-Free Retirement w/ Paul Morrison

In this episode, we interview Paul Morrison, an IRMAA-certified planner from Lincoln, Nebraska. They discuss the impact of IRMAA (Income Related Monthly Adjustment Amount) on retirees’ Medicare premiums and Social Security benefits, highlighting how rising taxable income can trigger higher costs. Paul explains the complexities of IRMAA, the importance of proactive tax planning, and strategies like Roth conversions to minimize surcharges. The conversation also covers Medicare Advantage, the “widow’s penalty,” and the need for better financial education. The episode blends personal stories with practical advice for navigating retirement’s hidden tax challenges.

(03:25) – From College Athletes to Retirees

(04:10) – What Is IRMAA?

(06:00) – The Tax Trigger

(10:20) – How the Brackets Are Set

(13:40) – Tax Planning & the SSA-44 Form

(19:45) – Medicare Advantage & IRMAA

(23:15) – Strategies to Reduce IRMAA

(25:55) – The Widow’s Penalty

(29:06) - Long-Term Care, RMDs, and IRMA

(31:21) - IRMA Certification Details

(34:57) - Roth Conversions and Standard Deduction

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