When it comes to saving for retirement, the common advice is to take full advantage of your company’s retirement plan and invest for the future. However, if you are truly planning for tomorrow, relying on a Traditional 401(k) is not a good idea. Federal laws dictate that saving in a Traditional 401(k) can lead to: […]
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IRMAA 2025 In retirement your money is subject to new taxes, especially if you have “too much income” while you are in Medicare. This new tax is Medicare’s Income Related Monthly Adjustment Amount or IRMAA for short. What is IRMAA 2025? To quote the Social Security Administration (SSA), IRMAA is “an additional amount you may
The Qualified Medicare Beneficiary (QMB) Program according to the Centers for Medicare Services (CMS) is a “Medicare Savings Program sponsored by Medicaid”. This program helps helps low-income Medicare beneficiaries cover their Medicare costs and the key is that anyone who qualifies for it will also avoid IRMAA automatically. For those qualifying for the QMB coverage
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In retirement the single biggest expense for the majority of people will be the costs of health coverage and, unfortunately, the 2025 Retiree Health Care Cost is now higher than ever. A 65-year-old couple, both non-smokers, both retiring in 2025 and planning to live until age 85 for the female and 83 for the male
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The Centers of Medicare Services (CMS) is reporting that 2025 IRMAA and Medicare Costs will fall in line with the projections of the Board of Trustees. This is extremely good news as health insurers will have the correct pricing for coverage during the Annual Enrollment Period which will help many retirees. That bad new, however
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