Ira B Kleban Irmaa Certified Planner Email and Phone Number

✨If you are investing for retirement, you may be told to delay paying taxes today and allow your savings to grow tax-deferred. However, the reality is that you will still have to pay taxes later on, and you may not necessarily be in a lower tax bracket. This can lead to several tax traps that you may not have planned for.✔Tax Trap #1: at age 72 you will have to make a required minimum distribution (RMD). This RMD will be taxed as ordinary income.✔Tax Trap #2: this RMD will be added to half of your Social Security benefit. If your provisional income is between $25,000 and $34,000, up to 50% of your Social Security benefits may be subject to taxation. If your provisional income is above $34,000, up to 85% of your Social Security benefits may be subject to taxation. (Single tax filer)For those filing as married filing jointly, if your provisional income is between $32,000 and $44,000, up to 50% of your Social Security benefits may be subject to taxation. If your provisional income is above $44,000, up to 85% of your Social Security benefits may be subject to taxation.✔Tax Trap #3: your taxable Social Security benefit will be added back to your RMD to determine if you reach an IRMAA threshold, which will increase your Medicare premiums for part B and part D.✔Tax Trap #4: The higher Medicare premiums automatically reduce your Social Security benefit that you are already paying tax on.If you are subject to IRMAA, it could be considered a hidden tax on your income. It may be a good idea to speak with a Certified IRMAA Planner to see how you can mitigate your exposure and avoid a Medicare premium surcharge.

I served four years active duty as a member of a Fire Direction Center in an Artillery Battery. I did Basic training at Fort Sill, Oklahoma, then was stationed for two years in Bamberg, Germany. I finished my time as a Sergeant, E-5. I was Chief of Section for a Field Artillery, Fire Direction Center at Fort Sill, Oklahoma.