And about Social Security. When you turn 65 I think you need to start paying Medicare premiums even if you don’t take Social Security benefits. And if your income was high the previous year (or 2 years prior) you pay an increased Medicare premium called IRMAA. Which I got hit with because we cashed in a lot of savings bonds. The Medicare premium was $174 and I had to pay another $174 and so did my husband. So $348 each.
IRMAA uses your AGI plus tax exempt interest on 1040 line 2a.
SSA - POMS: HI 01101.010 - Modified Adjusted Gross Income (MAGI) - 01/05/2024
