📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

Many retirees are caught off guard when they discover Medicare isn’t always truly “free.” If your income is too high, you could face a hidden surcharge called IRMAA (Income Related Monthly Adjustment Amount), that can potentially reduce your Social Security check by thousands each year. In this episode, Wade breaks down what IRMAA is, who it impacts, and how to plan ahead so it doesn’t derail your retirement income.

We’ll explain the income thresholds that trigger IRMAA, why widows often get hit harder, and the types of income that can push you into higher Medicare costs. He also shares strategies to help minimize the impact, from Roth conversions and QCDs to charitable giving techniques and tax diversification.

For this week’s Kingdom Minute, Wade reflects on Jesus’ words in Luke, warning us to “be on guard against all covetousness.” True security comes not from collecting more, but from aligning our money and choices with values that last. Instead of striving for more, we’re called to use what we have with wisdom and purpose, investing in things that truly last.

Here’s some of what we discuss in this episode:

🧾 IRMAA: a hidden Medicare surcharge based on income

💸 Who is most likely to be impacted by IRMAA penalties

🔄 Strategies to avoid paying extra premiums

🌱 Tax diversification may help minimize surprises

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.