Are you paying too much for Medicare? You might be, especially if you’re overlooking the IRMAA surcharge. This little-known fee can quietly eat into your retirement savings if you’re not careful.
In this episode, certified retirement counselor Mark Struthers breaks down the top 10 strategies to help reduce or avoid this hidden tax on Medicare premiums. Listen in to learn how smart tax planning, like Roth conversions, tax-efficient withdrawals, and charitable giving, can save you thousands in retirement.
What You’ll Learn:
- What IRMAA is and how it can quietly raise your Medicare costs.
- Why tax planning in your 60s can impact your Medicare premiums in your 70s.
- The top tax-smart strategies to reduce or avoid IRMAA.
- How Roth conversions, HSAs, and charitable giving can protect your retirement income.
- The critical role of tax-efficient withdrawals and investment choices.
- How a little proactive planning can save you big on hidden retirement taxes.
Ideas Worth Sharing:
- “IRMAA is an income-related monthly adjustment amount. It is a fee applied to your Medicare Part B and D premiums when your income gets too high.” – Mark Struthers
- “Even with all these taxes—even if it’s 50% of something—it’s still more than zero. You still need to make sure, unless this is part of a longer-term strategy.” – Mark Struthers
- “The health savings account is probably the best account out there, triple or even quadruple tax advantaged.” – Mark Struthers
Resources:
- Work with Mark Struthers
- Subscribe to our Healthy & Wealthy newsletter and get our 2025 Tax Cheat Sheet: Subscribe here
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Disclosure:
Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document.
This video or article is for educational purposes only and is not exhaustive. Nothing discussed during this show/episode should be viewed as investment advice. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but is intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax, or financial advice. Please consult a legal, tax, or financial professional for information specific to your individual situation.
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