Reply to What is your "magic number" for retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Have you looked into how much IRMAA will hit you, if you take Medicare Part B? Be forewarned .[/quote]
How do I learn what this means? [/quote]

https://www.nerdwallet.com/article/insurance/medicare/what-is-the-medicare-irmaa

Here are the current premiums, per month:

https://www.irmaacertifiedplanner.com/2024-irmaa-brackets/

[/quote]

So what does this mean? if joint filing for $204,000 or less, the premium for Part B is $174.80

I assume this is one person per month. So if married, you pay 174.80 x 2. Is there anything else I need to pay? $350 per month for couple doesn't sound too bad. [/quote]

As a single person, I can only earn 103K per year in retirement. That seems unlikely, especially  after Required minimum distributions kick in (age 73).

I had hoped to continue my private (Fed subsidized) medical insurance to fill in  Medicare Part B gaps (for example, Part B does not cover drugs). I also have a long term care policy. So it is unlikely you will only have Part B (which covers doctors visits, and some other services ). [/quote]

Don’t a lot of retiring feds just not enroll in Part B?[/quote]

70% enroll in Part B, but that may just be for security reasons (ie, they may be over insured). If you sign up later, you are financially penalized for the rest of your life. [/quote]

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