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Exploring the Reality of IRMAA in Light of a Real-life Situation
Medicare’s income-related monthly adjusted amount (IRMAA) regulation can, and often does, catch seniors in specific situations unaware. LA Times columnist Liz Weston, a Certified Financial Planner, offers an explanation of how this regulation impacts beneficiaries taking a large one-time withdrawal from IRA accounts to fund the purchase of a retirement home. As Ms. Weston notes, there are some bases for appeal that could result in a waiver of the IRMAA penalty, but this specific situation, unfortunately, is likely not one of them,
Check out Ms. Weston’s post to learn about this IRMAA issue. Then, read on through the post to learn about a handful of Social Security-related topics, including divorced spousal benefits and the intricacies of Health Savings accounts (HSAs). Access the piece here.