IRMAA and retirement planning may have a much bigger connection to your Social Security, Medicare costs, and retirement income than you realize.
What if you've spent decades doing exactly what you were told to do with your retirement savings — only to discover that some of those decisions could have unexpected tax and Medicare consequences later?
In this episode of Sip on This, I sit down with Jim Capuano, President of The Integrity Life Brokerage, IRMAA Certified Planner, and one of the founders of The Great American Retirement Myth.
Jim breaks down IRMAA — the Income-Related Monthly Adjustment Amount — and explains his argument that the traditional, “cookie-cutter” approach to retirement planning may leave people unprepared for the way taxes, Medicare premiums, and retirement withdrawals can interact.
We talk about:
• What IRMAA is and why you've probably never heard of it
• Why Medicare premiums can affect the Social Security check you actually receive
• The “5, 15, 20” concept behind The Great American Retirement Myth
• What Jim means by becoming tax diversified• Traditional retirement accounts vs. Roth accounts
• Required minimum distributions and taxable retirement income
• Why Jim calls tax deferral “cannibalizing your retirement income”
• Annuities and cash-value life insurance — including why both can be controversial
• Questions to ask your financial professional• Why Jim says it is not too late, even if you're already in your 50s, 60s, or beyond
• His upcoming book, The Great American Retirement Myth.
One thing I appreciated about this conversation is that Jim isn't asking you to blindly agree with him. He's asking people to understand the system, ask better questions, and make informed decisions about their own financial future. Because if your retirement plan is based on assumptions you've never questioned, it may be time to start asking some questions.
☕ Learn more about JimCapuano
[email protected] - www.theintegrityLB.com
www.retirementmythbook.com
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DISCLAIMER: This episode is for educational and informational purposes only and does not constitute individualized financial, tax, investment, insurance, or legal advice. The views and projections expressed by the guest are his own. Consult appropriately qualified professionals regarding your individual circumstances.
#IRMAA #RetirementPlanning #Medicare #SocialSecurity #Retirement #RetirementIncome #FinancialPlanning #GreatAmericanRetirementMyth
