Quote:
Originally Posted by kkingston57
Money market proceeds = income. This is going to affect a lot of people who have conservatively invested their money, since these funds and other investments like CD's have skyrocketed in 2023. Saw a credit union CD recently paying 5.6% recently. 2-3 years ago they were below 1%
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Yep……
And……
For those on Medicare, there could be an experience lurking that was not expected…….
“Allow me to introduce myself” —
My name is IRMAA!
The first AGI threshold to worry about this is higher than a lot of us will reach, but be aware. I think even crossing that threshold by a buck will cost you the same as if you cross it by a lotta bucks. (Somebody please correct me if I am wrong about that. I have some letters behind my name, but none of them have anything to do with money.)
Anyway, pay attention to that income. IRMAA can be stealthy. Pay attention if you have had a cap gain, too.
If you are of RMD age and it is starting to look like IRMAA is out to get you this year, you can possibly head her off at the pass with a QCD. Might be worth doing some projecting right now and running numbers if you think IRMAA might even come close. Maybe for you IRMAA is already a done deal. I think for singles, this can happen relatively fast. I am just doing my usual warning because I don’t like to see somebody blindsided by IRMAA.
Boomer
Yeah. I know I call IRMAA “her” but my reason is a story. I will spare you that this morning.
