Join tax expert Larry Pon to learn several strategies individuals can consider to lower their Modified Adjusted Gross Income (MAGI) and subsequently reduce their Income-Related Monthly Adjustment Amount (IRMAA) for Medicare premiums.
While Working:
1. Traditional IRA Contributions: If you're still working, contributing to a traditional IRA can reduce your MAGI.
2. Health Savings Account (HSA) Contributions: For those with high-deductible health plans, contributing to an HSA can also reduce MAGI.
3. Maximize Retirement Plan Contributions: If you are still employed, maximize contributions to employer-sponsored retirement plans like 401(k)s.
Pre-65
1. Delay Social Security Benefits
2. Roth Conversions:
3. Invest in Municipal Bonds:
65 and Older
1. Tax-Loss Harvesting
2. Manage Retirement Account Withdrawals
3. Charitable Contributions, to include QCDs
4. Rental Property Expenses
5. Business Deductions
6. Medicare Premium Deductions
7. Life Insurance Policies
8. Gifts and Transfers
9. Reverse Mortgages
