Six-Figure Public Pension Can Trigger Medicare IRMAA Surcharge
Retirees receiving six-figure public pensions may face higher Medicare Part B premiums due to the Income-Related Monthly Adjustment Amount (IRMAA). These surcharges are triggered when Modified Adjusted Gross Income (MAGI) exceeds certain thresholds, which have remained largely unchanged since 2003. As annual Social Security cost-of-living adjustments push more retirees over these income limits, strategies like Roth withdrawals and charitable distributions can help mitigate the impact.
Topics: IRMAA surcharge Medicare Public pensions Retirement planning