Here’s a hard truth: Most American’s are not going to have happy retirements. The reason for these unhappy retirements? They have failed to account for the true cost of Medicare in their retirement plans. If you are watching this video, it is because your financial advisor recognizes the gravity of what we are about to talk about and is concerned that it may seriously affect your retirement. By watching this short video, you are taking the first step to secure your retirement and enjoying a future of financial freedom.
Here’s the problem.
Medicare costs are on the rise and are going to devour Social Security benefits. According to the government’s own data, Medicare costs are inflating at twice the rate of Social Security benefits. This means as your retirement progresses, you are going to receive less and less Social Security money. If you plan to derive income from Social Security, your retirement is in trouble.
Unfortunately, it gets worse.
Medicare has a little-known fee that can as much as triple your monthly payments. This fee is known as the Income-Related Monthly Adjustment Amount or IRMAA. IRMAA is a surcharge added onto the monthly Medicare premium of people who have higher taxable income. If you become subject to IRMAA, your social security benefits will deplete at an alarming rate. Many retirees think they don’t have high enough income to become subject to IRMAA. The issue is that IRMAA applies to taxable income and the government’s definition of taxable income is very broad. Many traditional retirement accounts, investments, and properties are taxable. This means that people like you who have carefully planned and built diversified retirement portfolios are in a position to get broadsided by outrageous Medicare premiums. IRMAA, combined with rising Medicare costs, can destroy your retirement. In some cases, you can lose all your Social Security benefits and owe the government additional money!
So what should you do?
If you’ve made it this far, good job. You’ve already taken the first step which is understanding that there is a problem. The next step is to find out how much Medicare will cost you throughout your retirement and determine if you’ll be subject to IRMAA. We recommend you contact the advisor who sent this video to you. If they sent you this video, It means they have the technology and knowledge to calculate what your future Medicare costs will be. Once you’ve determined your Medicare costs, you can work with your advisor to craft a plan that’ll save your retirement. With the proper plan, you can keep yourself exempt from the retirement-killing IRMAA, minimize your monthly premium, and put your time and money towards the people and activities you love. If you are watching this video, the time to act is now. Contact your financial or retirement advisor and ask them to help you calculate your future Medicare costs. Your retirement will thank you.