Medicare Costs and Surcharges

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This video is about Medicare Costs and Surcharges. • SUBMIT YOUR QUESTIONS: https://app.precisefp.com/w/dfvu7p • OUR WEBSITE: http://www.unitedwealthmanagement.com • Medicare Premiums Pamphlet (2019): https://www.ssa.gov/pubs/EN-05-10536.pdf • • Channel Overview: • Welcome to my YouTube Channel • 1. Five Key Issues with Retirement Tax Planning: • Tax Planning Overview - Five Key Issues • 2. Four Stages of Retirement Tax Planning: • Four Stages of Retirement Tax planning • 3. Taxation and Surprises of Social Security: • Taxation of Social Security and a few... • 4. Working and Social Security: • Working and taking Social Security • 5. Medicare Costs and Surcharges: • Medicare Costs and Surcharges • 6. RMDs: Avoid this 50% Tax Penalty: • RMDs: Avoid this 50% Tax Penalty • 7. Tax Efficient Withdrawals: • Tax Efficient Withdrawals • United Wealth Management specializes in PRAP Management and financial planning for pilots at United Airlines. Dan Lohmar and Alan Bewley are the advisors at UWM and both of them are United pilots. United Wealth Management has no affiliation with United Airlines. • People far too often pay more taxes in retirement than they need to or get surprised by the confusing rules they come into. Did you know that $1 extra dollar, just $1 extra dollar of income above certain thresholds can cause your Medicare premiums to go up for a full year. In this video I will tell exactly what you need to know so you know how to prevent it. • Hi Folks I’m Dan Lohmar CFP with United Wealth Management where we specialize in PRAP management and financial planing for pilots at United Airlines. And like may of you, my partner Alan Bewley and I are both pilots for United. WELCOME to my video on Medicare and taxes. • If you want to learn to manage your taxes and grow your money so that you enjoy the retirement you deserve and help your money last longer, then subscribe now and hit the bell icon so that you know when new videos come out. • • So in this video I’m talking about Medicare costs Ana’s surcharges - how to avoid the medicare cost cliff. Unlike tax brackets where your taxes go up progressively with income. Medicare can impose a surcharge for an entire year if your income falls only $1 dollar above certain thresholds. It’s called IRMAA and you need to know what it is about. • So how is it possible that $1 dollar of additional income can cause Medicare premiums to go up for a full year? Well medicare has a base cost and then it imposes surcharges if your income goes above certain thresholds. Unlike a tax, which is a percent of income, the medicare surcharge is simply an additional higher cost. So going above these income thresholds by only ONE dollar can cause a substantial increase in medicare premiums for an entire year. It’s literally an income “Cliff” not a marginal tax. This surcharge has the cute little name of IRMAA and it is very important to plan ahead for it. • The best way to talk about this is to show you an example of how Medicare and “IRMAA” can effect the early years if retirement and beyond. • • ————— • As you can see, it pays to be aware of these Medicare IRMAA thresholds. In the example here a stock sale increased their Medicare costs far more than the gain of stock itself. In this example there were ways to prevent it - and number one way would just to be aware of it. • And remember you can file form SSA-44 to reduce your Medicare costs, but only for life changing events. • • My next video is about withdrawing money from different types of accounts in the most tax efficient manner. You will see that the order from which you draw from tax-deferred, taxable or tax free accounts can make a big difference in your life time tax bill, it may prevent income from surpassing Medicare thresholds when RMDs kick in, and it can effect how long your money lasts. • And So you know when that video comes out go ahead and subscribe and hit the bell icon to get notified. • • I’m Dan Lohmar CFP professional with united wealth management where we specialize is PRAP management and financial planning for pilots at United airlines. On be half of myself and my business partner Alan Bewley, in vest with a plan based on science and evidence, everything else is just guessing.

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