Episode Transcript
[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
Welcome to Reyna Retirement. Reyna Reyes has dedicated her career to helping people make smarter financial decisions. Reyna Retirement is all about breaking down complex financial concepts into language you can actually understand.
Now here's the co founder of American Federal Benefits Consultants, Reyna Reyes.
[00:00:40] Speaker B: So there's a song you may or may not be familiar with and it says the more money we come across, the more problems we see. And that may be true for you. Maybe you're making too much money. And when you retire, you may be asked to pay more money for Medicare part be because of all the money you made two years ago.
But there are some things we may want to talk about. So what does this even mean? Many of y' all may know a woman named Irma and she's not who I'm talking about. I'm talking about the income related monthly adjustment amount from Medicare that says if you made too much money two years ago and you won Medicare Part B today, you're going to have to pay a little more than the standard. Here's the grid. It's going to show you exactly what those thresholds are. And if you are an individual and you make less than 109 two years ago, then you're good. You're only going to pay the 20290 this year, 20, 26. If you're married and the two of y' all made $218,000 or less two years ago, you're good. You're just going to be paying the 20290 per month per person for Part B. But you should reach out to us anyway, see what your options are. Because sometimes we can save you some money.
Save you some money. I think there's a car advertisement that I used to watch all the time. I want to save you money. He's yelling at you. I want to save you money. So go ahead and put me in that category. I want to save you some money. But if you did, let's call it bust like blackjack. If you went over those numbers and you made more than 109, check these thresholds out. Uh, you could be paying another $81 a month. You could be paying another.
Who knows? Good grief. You could be paying another $202 a month. You could be Paying double, you could pay another 300. 404. 87 all the way up. If you made over 500 two years ago as an individual or if you made over 750 between the two of y' all two years ago, you may have to pay $689 per month per person.
Unless you know some of the cool inside baseball like I do. And there's a magical form we can look at. So what does this mean? Once you get a letter that says, hey, you got to pay some more money, you can grab an SSA 44. That is a Social Security Administration form number 44. And there's a few reasons you can make these changes. They're life events.
Marriage, divorce, work reduction, loss of income, loss of pension, employer settlement, death of your spouse. But my favorite one, and the one we're going to be using is the work stoppage. That is one of the best words ever, work stoppage. So I didn't make this up. This is what they use.
You know, if I have a plumbing problem, I call the plumber and say I've got a stoppage. But in this example you got an income problem because you had a stop stoppage of work and you'd like them to calculate based on your new post retirement income rather than the income you made two years ago while you were working.
So you don't have to, you know. This is a form you can grab use but you cannot submit it until you've already received that IRMAA alert and you can respond to that with this form.
So understand I can help you with this reach out.
All is not lost. We can help you with all of these steps and Medicare is connected with it. We'll talk to you soon.
[00:04:05] Speaker A: Thanks for listening to Reyna Retirement. With a strong commitment to ethical standards, Rayna works hard to find the right solution for each individual or family who reaches out for advice. To contact rena directly, call 850-450-6500. That's 850-450-6500. Or to reach the team at American Federal Benefits consultants consultants, call 1-800-872-8857. That's 1-800-872- 8857. You can also go online to americanfederal.org not affiliated with the United States Government. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. The information is intended to be educational in nature and does not provide a guarantee or specific result. All copyrights and trademarks are the property of their respective owners. American Federal Benefits Consultants is an independent organization, not a government agency or affiliated with the Federal Government or any state government. The terms CSRs, FERs, FELI, and FEHB are all registered trademarks of the U.S. office of Personnel Management. American Federal Benefits Consultants, Agents, Consultants, or any independent contractors do not provide tax, legal, legal, or investment advice and do not engage in the solicitation or sale of securities. Consult with your tax advisor or attorney regarding specific situations.
