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Jerry’s post reminded me of something I’ve been wondering about. We both hit 65 this year and started Medicare. We pay a hefty IRMAA up charge because it’s based on our 2023 income, when we were both working.
I retired in July. Though I’m drawing pension income, my gross income has obviously dropped. However, between my pensions, my husband’s pension, and his current salary, I’m guessing that filing for a change in status reconsideration wouldn’t adjust the big picture.
BUT—my husband has now settled on retiring next year (October 1). That means that as of 2027, our income will drop substantially, and it should lower our IRMAA hit considerably. My question is: Do I need to file the form now (having retired) about my change in status, even if it won’t change the IRMAA charge for 2026? Will it be too late to ask for the adjustment after he also retires?
In order to ward off surprises, I always adjust my RMD not to be to high, as it could put IRMMA in a higher category. Pay attention to detain could save you over $10,000 a year in future years.
Tell us more about how do you adjust an RMD?
$10,000 a year seems quite high.
My wife and I typically do a Qualified Charitable Distribution of 10,000 each year. Does not show up as income.
Oops I see you fixed it. 😁
I think you mean qualified charitable distribution, but I get your point. Although it may not count for IRMAA, you don’t get to use the money either way.