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Sitting With an Empty Can
Written by Steve | Published: |
Last week my wife had ordered another package of baby formula for our 8 month old cutie. Although the package she ordered was more expensive than other brands she felt good about it knowing that our baby would be getting the best nutrition possible.
When the box came and she opened the first can, she was quite surprised when it was only about 5% full. “What a rip off” she said.
You might be saying the same thing when you start to receive your social security because of the impact IRMAA has on the size of your check.
Over the course of your working years you will pay 6.2% (12.4% if you are self employed) per year up to the social security tax limit and an additional 1.45% (2.9% if you are self employed) per year for medicare tax. That’s 7.65% – 15.3% tax per year and that’s not even talking about income tax yet.
The hope is that you will be able to have social security paid to you in your retirement years.
However, have you ever looked into the Social Security Administration’s IRMAA provisions?
In 1984 there was a “Hold Harmless Act” stating that no retiree who is enrolled in Medicare and Social Security can have their Social Security benefit decreased due to Medicare Part B increases.
In 2009 that was changed and now you are subject to the Medicare IRMAA limits.
Since this has become such a hot topic for my clients, me and my business partner have put together an instant online training webinar you can go and watch.
On the training you will discover:
Why maximizing your social security could end up being a costly mistake.
Why you may get a letter from the social security administration that tells you your social security benefit has been eliminated. Like this:
How you could end up paying the government instead of getting a check from Social Security!
The 3 different ways your 401(k) could be taxed.
How IRMAA is a blatant redistribution of wealth.
Why your spouse could be taxed on income she never receives.
Why it doesn’t matter what the stock market or real estate does, all that matters is what the government is planning to do to your retirement income.
How the government plans to take from those who have paid the most in taxes and shore up social security with your retirement savings.
I am urging you to go watch this training as soon as possible.