This article, "Angry at IRMAA", isn't financial information. It's an opinion piece about tax policy. First such article I've seen at HumbleDollar. I hope it is the last one.
The federal government subsidizes Medicare premiums. IRMAA merely reduces the size of that subsidy for some Medicare recipients.
Don't dismiss the apparent opinions of most commenters here that we should be grateful to our benevolent federal government for "subsidizing" us. Apparently IRMAA is just a reasonable, charitable donation by the privileged.And, remember as the article states:
More than half of Americans feel the wealthy don’t pay their fair share in taxes.
Agree on re-adjusting financial behavior from accumulation to decumulation. A friend nearing retirement told me he had spent his life learning how to save. Once he retired he was going to have to learn how to spend.
Extremely good article. Personal finance budgets are a drag.
And very good insight: "budgets get the savings process backward". Rule 1: Spend less than you earn. Rule 2. Set up automatic withdrawal to savings account every paycheck. You look at life differently once you have at least $5000 in a savings account. Rule 3: Pay off all your credit card balances in full every month. If you don't, you are violating Rule 1. Jonathan better watch out. He's got you gaining on him.
A possible advantage to having a balance due when filing your federal income tax return (and not getting a refund) is avoiding the problem of having to verify your identity with the IRS. Several years ago I wound up filing a return with a small refund. I got a letter from the IRS indicating my return and refund were on hold until I verified my identity. I learned I was among millions of taxpayers requesting refunds who received ID verification notices that year (pre-Covid). Since I was unable to create an IRS online account without verifying my identity, I had to call the IRS to resolve the matter. I spent hours telephoning the IRS, usually getting a "agents busy-try again later" message after spending more than 5 minutes on each call. Finally managed to get through to an agent and got my identity verified. My understanding is that returns with refunds are the target of such identity verification screening.
Wow. I thought you were the Michael Flack who posted here that he did not have a permanent home and changed residential locations every couple of weeks - not a guy who posts every local MLS sales transaction in a spreadsheet.
I enjoyed your recent interview on Consuelo Mack's Wealthtrack program. I had to laugh at Consuelo's repeated questions to you prompting what to do differently in today's "different" financial situation. Most of your responses were the same advice you have been giving for years, including your same "one investment for a long-term portfolio" of VG Total Stock Market index fund. At the end of the program Consuelo laughed and mentioned your repetitive advice. I'm glad she has had you on her program over the years, despite your advice being too repetitive, unsophisticated, and not newsworthy enough to sustain a weekly TV show like hers. My favorite article of yours is "Make a Child a Millionaire, Just Take Your Time", WSJ, April 22, 1994. I still have the clipping, which I've shared with many other parents.
Comments:
And, another political opinion piece on tax policy from Humbledollar. With reader & site owner comments about immigration policy, too. What a joy.
Post: Myths That Won’t Die
Link to comment from February 18, 2023
This article, "Angry at IRMAA", isn't financial information. It's an opinion piece about tax policy. First such article I've seen at HumbleDollar. I hope it is the last one.
Post: Angry at IRMAA
Link to comment from February 8, 2023
Dan, the article states:
Don't dismiss the apparent opinions of most commenters here that we should be grateful to our benevolent federal government for "subsidizing" us. Apparently IRMAA is just a reasonable, charitable donation by the privileged. And, remember as the article states: LOL, who can argue with that? It's democracy.Post: Angry at IRMAA
Link to comment from February 8, 2023
booch221, your comment made me laugh. Thanks.
Post: Death to Dividends
Link to comment from January 14, 2023
Agree on re-adjusting financial behavior from accumulation to decumulation. A friend nearing retirement told me he had spent his life learning how to save. Once he retired he was going to have to learn how to spend.
Post: Save First Then Spend
Link to comment from January 7, 2023
Extremely good article. Personal finance budgets are a drag. And very good insight: "budgets get the savings process backward". Rule 1: Spend less than you earn. Rule 2. Set up automatic withdrawal to savings account every paycheck. You look at life differently once you have at least $5000 in a savings account. Rule 3: Pay off all your credit card balances in full every month. If you don't, you are violating Rule 1. Jonathan better watch out. He's got you gaining on him.
Post: Save First Then Spend
Link to comment from January 7, 2023
A possible advantage to having a balance due when filing your federal income tax return (and not getting a refund) is avoiding the problem of having to verify your identity with the IRS. Several years ago I wound up filing a return with a small refund. I got a letter from the IRS indicating my return and refund were on hold until I verified my identity. I learned I was among millions of taxpayers requesting refunds who received ID verification notices that year (pre-Covid). Since I was unable to create an IRS online account without verifying my identity, I had to call the IRS to resolve the matter. I spent hours telephoning the IRS, usually getting a "agents busy-try again later" message after spending more than 5 minutes on each call. Finally managed to get through to an agent and got my identity verified. My understanding is that returns with refunds are the target of such identity verification screening.
Post: When Late Is Okay
Link to comment from December 14, 2022
It's this Michael Flack, but posted on his website: https://report44.wixsite.com/theafteractionreport/faqs
Post: Bought to Be Sold
Link to comment from December 10, 2022
Wow. I thought you were the Michael Flack who posted here that he did not have a permanent home and changed residential locations every couple of weeks - not a guy who posts every local MLS sales transaction in a spreadsheet.
Post: Bought to Be Sold
Link to comment from November 19, 2022
I enjoyed your recent interview on Consuelo Mack's Wealthtrack program. I had to laugh at Consuelo's repeated questions to you prompting what to do differently in today's "different" financial situation. Most of your responses were the same advice you have been giving for years, including your same "one investment for a long-term portfolio" of VG Total Stock Market index fund. At the end of the program Consuelo laughed and mentioned your repetitive advice. I'm glad she has had you on her program over the years, despite your advice being too repetitive, unsophisticated, and not newsworthy enough to sustain a weekly TV show like hers. My favorite article of yours is "Make a Child a Millionaire, Just Take Your Time", WSJ, April 22, 1994. I still have the clipping, which I've shared with many other parents.
Post: News You Can’t Use
Link to comment from October 29, 2022