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Retired? Avoid Unexpected Medicare IRMAA Penalties

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Transcript:
Retiring, you could be hit with a surprise penalty, possibly thousands of dollars in Medicare surcharges. Here’s how to stop it before it happens. Hi, I’m Hunter Brockway, founder of Boca Retirement Strategies, here to guide you to a successful, stress-free retirement while keeping more of your money and avoiding unnecessary taxes. Why retirees get hit with an unexpected Medicare penalty. Medicare penalizes higher income retirees with IRMA surcharges, income-related monthly adjustment amounts. The problem, they look at your income from two years ago when you were still working and earning wages. So if you just retired, your income is likely lower now, but Medicare doesn’t know that. So here’s how to fix it and remove the IRMA surcharge. There’s a little-known form that lets you request a reduction in these surcharges. It’s called the Medicare IRMA Life-Changing Event Form, Form SSA-44. This form allows you to claim an exemption if you’ve had a major life event change.

Retirement counts as one of those changes.

The steps you can take right now. Step one, check if you’re refracted. Did you retire recently? Has your taxable income dropped significantly? Are you paying extra for Medicare? Step two, fill out the form SSA-44. Select work stoppage as the qualifying life event. Submit it to Social Security to request a lower Medicare premium. Step three, decide if it’s worth it for you. This could save you a thousand, sixteen hundred dollars, even several thousand dollars per year. If you’re in a higher IRMA bracket, this is a big deal for your retirement budget. Take action and keep more of your retirement money. Most retirees don’t know about this form and overpay Medicare premiums for no reason. Don’t let that beat you. If this is the first time you’re hearing about this premium or this form, hit the like button so more retirees can see this video. I’m Hunter Brockway, founder of Boca Retirement Strategies. Enjoy your successful retirement. Thank you for watching. Bye.

Before you go, if you’re looking for a free, tax-smart retirement plan tailored to your unique specific situation, you can head over to our website at BocaRetirement.com, enter your information in the pop-up, and we’ll build you a plan tailored to your unique specific situations at no cost or obligation. If for some reason that pop-up doesn’t show for you, if you click out of it, no worries, just send us an email at contact at BocaRetirement.com. Again, that’s no cost, no obligation, we’ll put together a simplified plan for you to help you take the next steps towards a successful, stress-free retirement with more money and fewer taxes. See you over there, bye.

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