#549 - What Income Sources are Included for the IRMAA Calculation?
You’ve got questions and we’ve got answers. On this episode of Retirement Answer Man, Taylor Schulte from the Stay Wealthy Podcast joins me to answer your retirement questions. Grab your earbuds and join us for this episode full of your questions.
Make sure to listen to the pension or lump sum question to see how Taylor and I arrived at our differing opinions on what this listener should do with his pension.
How do they calculate IRMAA?
IRMAA is a Medicare surcharge that is based on your income. It can take the normal $174.77 monthly cost for Medicare part B and raise it significantly depending on how much money you made two years ago.
One listener asks how that calculation is made since your AGI is different depending on who is calculating it. Listen in to hear the answer, but to be able to easily reference the answer any time, make sure to sign up for the 6-Shot Saturday newsletter where we will share an easy to read 1-page PDF.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
LISTENER QUESTIONS
[2:11] Which income sources are included for the IRMAA calculation?
[10:12] On the retirement podcast network
[12:35] How to use home equity as a retirement resource
[22:35] Which rules to use for this inherited IRA?
[23:39] Why should I do a Roth conversion if I don’t want to?
[30:47] What can I do with my small annuity?
[36:01] Are closed end funds good or bad?
[47:10] Pension or the lump sum?
TODAY’S SMART SPRINT SEGMENT
[57:18] What are you talking about more than doing about? Take action
Resources Mentioned In This Episode
Stay Wealthy Podcast with Taylor Schulte
Retirement Planning Education Podcast with Andy Panko
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center