Did you know the premiums for Medicare are deducted directly from your Social Security benefits? This can pose a challenge in planning for retirement because most people are expecting their Social Security benefits to be the amount listed on their statement. The reality is that for most people Medicare can reduce their Social Security benefits by as much as $300/month per person.
The costs of Medicare vary depending on the plan purchased as well as the type of income being received. IRA distributions, dividend income, capital gains, and even tax-free municipal bond income will affect the amount you pay for Medicare as well how much tax you may owe on your Social Security benefits.
Montini & Farrah Tax Advisory Group is happy to provide this FREE educational PDF with an ample amount of Medicare information you need to know.
Click here to read and download The 7 Things You Need To Know About Medicare.
This free download has all the information you need as you prepare to file for Medicare. Contact our office if you have any questions or would like to learn more.