An often overlooked issue on the death of the first spouse hits not on the income side but on the expense side. Specifically the Medicare IRMAA contributions. When the tax return transitions from married to single, the IRMAA contributions increase dramatically for the same income level. This is something to plan for.
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Not exactly a financial figure: Clark Howard.
Post: Which financial figure—dead or alive—would you most like to spend an hour with?
Link to comment from February 27, 2022
Perfect!
Post: Cheap Talk
Link to comment from February 27, 2022
An often overlooked issue on the death of the first spouse hits not on the income side but on the expense side. Specifically the Medicare IRMAA contributions. When the tax return transitions from married to single, the IRMAA contributions increase dramatically for the same income level. This is something to plan for.
Post: After You Leave
Link to comment from February 23, 2022