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Also while the look back for income is two years....
The income limit they'll use to gauge the two year old income won't be known until they release it for that year's premium.
Right?
The income limit moves with inflation, right?
So while this year -- the person's 150K just to pick a number -- looks like they're hit by IRMAA. By the time the feds figure the premiums two years from now, the person might not be hit by it...because the limit was raised due to inflation.
We don't know yet what the IRMAA brackets will be in 2025. It's only projected. at this point. Some financial websites do have the best guesses based on "previous performance."
For me it's kind of like taxes. IF you're going to bust the bracket, do it big. Don't just go over by $100. Then you lose. But if you earn enough that you're half-way -- or far enough --into the bracket, well then it's still worth it.
Make enough so even IF hit by IRMAA you're still ahead....versus just being over the limit -- and being well -- what's another word for how to twist a top off a jar?
I don't want to say ANY one....but does pretty much anyone who bothers to appeal with a life changing event get approved?
Or it depends on who you get as far as the reviewer is concerned. Get put on the wrong person's desk and you're -- DEnied.
Heck, if retirement counts as a life changing event (which it is) then anyone who retires (or sells property and moves, or inherits certain assets) -- wouldn't pay it.
Any numbers on how many people appeal? and approvals vs denials?
I'm not the appeal type...never appeal property taxes for example. But if's as easy as it sounds like it is, I can do that.
in fact we thought we would ve dead in the water .
she l said as soon as we sat down “ we don’t get many rich people problems here “ended up pretty straightforward…when you go from working. and not retired that is classified as a change of life event that first year. .
quite a few here told of the same thing , where they called and were rolled back for first year
but this only apples to your first year in retirement because they know they do back in to a time you weren’t retired yet ….so when you show that first year in retirement is way below your income before you retired they tend to not count year one.
but after that first year ,forget. getting it rolled back.
but it still has to be approved by your specific auditor.
so you get the increase in january …now remember you haven’t filed your taxes yet for that previous year so they can only go back two years .
so we called , got an appeal date in april ..by april we did our taxes for the previous year so now they didn’t need to go back two years. , plus they saw we went from multiple 6 figures two years prior to under 100k taxable now
Last edited by mathjak107; 08-24-2023 at 03:36 PM..
MJ - Thanks for explaining this. Let me ask you about the gradual retirement situation: My sort of plan is to retire around 66 (when my wife plans to retire from her job). I, however, don't have a job. I have the option of modulating my clients/work and, therefore, income. And, whenever I start to close the tap, it will be a gradual slowdown as there are clients that depend on me. Furthermore, my partnership interests will need to unwind -producing some revenue that may extend into the next year. So, the retirement is not an event but a somewhat longer process of diminishing work and income. And, that's if I stay disciplined and don't yield to really interesting work that might come my way.
Being in the top IRMAA in my full working mode, 2-year look back is bad for me. But, SS-44 process doesn't fit well either as the life-changing event is spread over a couple of years.
I presume one can only file SS-44 one time for the life-changing event of retirement. So, wondering how such a retirement works as far as paying the correct and not inflated IRMAA.
you only get one shot at this as far as the first year goes and there needs to be a drastic difference that second year
Thank you! That's what I thought.
I was thinking that IRMAA is being applied on our income as a couple. So, we might be able to file SS-44 in 2026 when my wife retires (her life changing event). I lower my commitment then and fully retire in 2027 and file SS-44 in 2027 (on account of my life-changing event).
Some delay because some finish & file their taxes in October. So SS has to wait for IRS to share the information. (You may already know if your taxes filed in April),
So a lot depends when COLA data is released in October for changes in benefits & premiums. You may guess everything goes up by same %. 2023 may be the only time to see a reduction in premium.
Best thing to do is have a MyAccount so that you can get Benefit Letter when it appears November-December & payments begin in January. It is always possible for adjustments to be made after that.
My wife constantly complains about what we pay on Medicare to her yenta friends at our +55 community. I told her to back off as our neighbors don’t have the income we do so no surcharges. The only “Irma” they know is “My Friend Irma”.
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