Increase in SS for those on it.

[ARtraveler]

This is what I found:


What is the Income-Related Monthly Adjustment Amount (or IRMAA)?
If you are a person who has higher annual earnings, the Income-Related Monthly Adjustment Amount (or IRMAA) is an additional amount that you pay for your monthly Medicare Part D prescription drug plan . . .

 

[Gwolf]

This is what I found:


What is the Income-Related Monthly Adjustment Amount (or IRMAA)?
If you are a person who has higher annual earnings, the Income-Related Monthly Adjustment Amount (or IRMAA) is an additional amount that you pay for your monthly Medicare Part D prescription drug plan . . .

Yeah, that is basically what it is. When you are disposing of investments you made 40 or 50 years ago so you could live well in retirement, they tax you on the capital gains and then turn around and take more out of the social security you paid in all your life to penalize you for making good investments.

 

[wyliec]

The wife and I are already planning next years cruise.ray:

We'll be planning two vacations since my military pay is also increasing.

 

[UtahPete]

Yeah, that is basically what it is. When you are disposing of investments you made 40 or 50 years ago so you could live well in retirement, they tax you on the capital gains and then turn around and take more out of the social security you paid in all your life to penalize you for making good investments.

Medicare, not SS. Different.

 

[Gwolf]

Medicare, not SS. Different.

They take the Medicare payments out of the SS before you get it.......... same difference. SS is still light that amount when you get it.

 

[h0gr1der]

https://medicare.com/about-medicare/what-are-medicare-part-d-irmaa-and-part-b-irmaa/

It looks like part B (Medical) costs $135.50 (I think it's increasing in 2020) for all income brackets.

 

[IdahoMtnSpyder]

https://medicare.com/about-medicare/what-are-medicare-part-d-irmaa-and-part-b-irmaa/

It looks like part B (Medical) costs $135.50 (I think it's increasing in 2020) for all income brackets.

For 2020 it's $144.60 plus an additional amount for high income beneficiaries ($85,000/$170,000 for single/married). According to Medicare that's about 5% of beneficiaries.