IRMAA is the Income-Related Monthly Adjustment Amount, a surcharge that raises your Medicare premium based on income from two years ago. Here is how it works, and how a smart year can quietly trigger it. Part three of The Gap Years.
If someone tells you that something is guaranteed to pay off quickly, grab your wallet and head in the other direction.
During the gap years your tax bracket has room in it. A Roth conversion lets you fill that room on purpose, paying tax at today's low rate instead of tomorrow's forced one. Part two of The Gap Years.
The years between your last paycheck and age 73 are often the lowest-tax stretch you will ever see. Most retirees coast through and pay for it later. Part one of The Gap Years.
Most people retire with nearly all their savings in accounts the government still gets to tax. Life insurance can quietly build a third bucket that it does not. Part four of More Than a Death Benefit.
Almost 70 percent of people turning 65 will need long-term care, and Medicare will not cover most of it. Some life insurance can step in while you are still living. Part three of More Than a Death Benefit.