Medicare enrollment for 2026 opens on October 15. Do you know what you earned two years ago? Your 2024 income will determine if you’ll pay the Medicare surcharge, or income-related monthly adjustment amount (IRMAA), next year. If taxable income exceeds certain thresholds, Medicare and Medicare Advantage beneficiaries must pay IRMAA plus standard premiums. IRMAA also applies to any prescription drug coverage. Medicare premiums are expected to rise by a near record dollar amount next year and eat a chunk o ...

I'm 71 years old and my current Thrift Savings Plan (TSP) balance is $315,000 after withdrawing $60,000 this year. This is putting me in a higher tax bracket and I must pay a large amount of federal/state taxes. In addition, my monthly Medicare premium will increase. Will the Medicare premium increase permanently or only the year of withdrawal? Is it too late to develop a strategy to reduce taxes? I don't need the money right now. What should my withdrawal strategy be? – Joyce I’m sorry to hear about the t ...