Published in the Baltimore Business Journal on October 30, 2023
As individuals approach retirement and Medicare eligibility, it becomes essential to understand the potential impact of the Income-Related Monthly Adjustment Amount (IRMAA) tax on their Medicare premiums. IRMAA is an additional premium charged to individuals with higher incomes, and it can significantly affect retirement budgets. In this blog post, we will delve into what IRMAA tax is, how it affects newly retired individuals' Medicare premiums, and discuss two strategies to mitigate its impact.