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 – The Details Medicare’s Income Related Monthly Adjustment Amount or IRMAA for short is a progressive tax on a retiree’s income through Medicare if they happen to be earning “too much income”. How IRMAA works: In 2025 for individuals earning over $106,000 or couples earning over $212,000 in Modified Adjusted Gross Income (MAGI) the
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The 2026 IRMAA Brackets with inflation remaining in check should slightly increase in terms of the Income Thresholds while the Surcharges will jump a little bit higher. Why the Change in the 2026 IRMAA Brackets – Income Thresholds The corresponding IRMAA Income Thresholds are set to adjust according to the change in the Consumer Price
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Is Social Security Going Broke? When it comes to the Social Security program, there’s a persistent alarm from both the government and the media, warning that the system is on the verge of going broke. These claims suggest that Social Security could run out of funds sooner rather than later. Data from the Trustees of
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When it comes to appealing IRMAA you need to have a Qualifying Circumstance and you will also need to fill out an SSA 44 Form which you can download here When filling out the form please fill in the fist page information at the top Name Social Security Number From here please fill in the
2025 Medicare Advantage Plans or MA Plans are private health insurance plans that provide Medicare benefits for retirees and directly compete with Original Medicare. Private Health Insures, like Aetna, Cigna, Wellcare and United Healthcare create the these plans but the Centers for Medicare Services (CMS) regulates them. What Medicare Advantage Plans provide: Medicare Advantage Plans
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Here is a quick overview of the Medicare Part D Low Income Subsidy from ChatGPT. The Medicare Part D Low Income Subsidy (LIS), also known as “Extra Help,” is a federal program designed to assist individuals with limited income and resources in covering the costs associated with Medicare Part D prescription drug coverage. This subsidy
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When it comes to your drug coverage in retirement there is only Medicare and if you choose to stay in Original Medicare things have become even more complex with the 2025 Medicare Part D Plans. According to the Centers for Medicare Services in 2025 there will be only 788 Part D Plans available throughout the
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IRMAA and your Social Security benefit IRMAA can impact your Social Security benefits if you are subject to the surcharge. If you receive Social Security benefits, the additional amount for the IRMAA surcharge will be deducted from your Social Security check. This means that your monthly Social Security benefit will be reduced by the amount
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Come every fall Medicare’s Open Enrollment kicks off for about 51 business days. This is the only time where you, the Medicare beneficiary, can shop for new health coverage and it strongly recommended that you do, especially if you have a stand-alone Part D Plan (drug coverage). Since the inception of Medicare’s Part D which
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