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IRMAA Surprise: Why Your Medicare Bill Skyrockets | Durham News
Medicare bills can shock even the most financially savvy retirees—thanks to IRMAA, an extra premium based on income from two years prior. If your income hit certain thresholds, you could pay hundreds more each month, adding up to thousands annually. Big capital gains, retirement distributions, or a final high-earning year can trigger this charge. But there’s hope: strategic Roth conversions, timing asset sales, or adjusting distributions can help keep you under the threshold. And if your income has dropped since the trigger year, you can appeal to Social Security for a potential adjustment…
The skinny
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