If the Social Security Administration considers you a “high-income beneficiary,” you’ll pay a surcharge known as the Income-Related Monthly Adjustment Amount (IRMAA). That means, if your modified adjusted gross income is more than $103,000 for single filers or more than $206,000 for those who are married and filing jointly, you’ll be paying the IRMAA penalty.

However, as Sean explains to Erin, there are 3 strategies you should consider to reduce that penalty. They are:

1. Roth IRA Conversions

2. Health Savings Accounts

3. Qualified Charitable Distributions

There are also instances when you can apply for an IRMAA waiver. To avoid that IRMAA penalty, proactive planning is key. If you’d like to talk through these strategies with Sean, give him a call at 603-715-2335 or click HERE to schedule time directly on Sean’s calendar.