If you’re a retiree or thinking about life down the road, you may be considering Social Security and Medicare as two separate systems that will impact your finances.
“That’s a costly mistake,” said Andrew Lokenauth, from Fluent in Finance. “Your Social Security claiming decision directly impacts your Medicare costs through IRMAA, or Income-Related Monthly Adjustment Amount. During my time on Wall Street, I watched high-earning professionals get blindsided by this connection.”
