It's often beneficial to target income for tax planning purposes while working and even more so during your retirement years when you have more control over how you generate your income. Realizing income in lower brackets while avoiding higher brackets is the essence of this strategy which can quickly get complex.
In this episode, Tyler Emrick, CFA®, CFP®, reviews a recent article from Dr. James M. Dahle of the popular "The White Coat Investor" blog and podcast that suggests planning for the Medicare IRMAA surcharge doesn't matter. Hear Tyler discuss IRMAA and its impact on your tax-smart retirement income planning. And be sure to pay attention to the broader framework of how to think about income targeting, which we'll dive into in more detail in an upcoming episode.
See the reference article from Dr. James M. Dahle of the White Coat Investor here: https://www.whitecoatinvestor.com/irmaa
Here are some of the things we will discuss in this episode:
- What is IRMAA and how does it work?
- What parts of Medicare does this impact?
- Details on the different thresholds.
- The different planning discussions we have with people as we look at specific scenarios.
Check out our previous discussions on Medicare:
Retiree Health Insurance Part 1: Medicare - https://www.truewealthdesign.com/ep-58-retiree-health-insurance-part-1-medicare/
Retiree Health Insurance Part 2: Pre-Medicare - https://www.truewealthdesign.com/ep-59-retiree-health-insurance-part-2-pre-medicare/
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.