Ray's Retire Right Report Retire Right — Retire Smart! Raymond T. Martin, Retirement Coach and Medicare Planning
March 2025 This month hosts St. Patrick’s Day and Dr. Suess’ birthday. Check out the Irish toasts and Suess fun facts. (Also, turn your clocks ahead March 9th!)
March is "Mad for Plaid Month" March 1st – 7th is "National Write a Letter of Appreciation Week" And March 2nd is "Dr. Seuss Day"
A Royal Faux Pas In 1934, Cunard Cruise Line was planning to name its new flagship ocean liner the Queen Victoria, after the English queen who reigned from 1837 to 1901. Thinking it would be a prudent to ask the reigning monarch (and grandson of Queen Victoria) before they proceeded, the company contacted King George V whose wife was Queen Mary. The question was posed by Cunard’s director, Thomas Royden, if the company could have his blessing to name the ship “after the greatest queen this country has ever known.” King George replied, “That is the greatest compliment ever paid to my wife. I’ll ask her.” Based on this miscommunication, Cunard had no choice but to christen the new ship the Queen Mary, not the Queen Victoria as planned. (The ship is now docked in Long Beach, California as a tourist attraction.)
Why does a pelican breathe through its mouth?”
Part B IRMAA: Now that it's 2025, Medicare is using your 2023 Modified Adjusted Gross Income (MAGI) to determine your Part B premium. To find your MAGI, add line 11 + 2A from your 1040 tax return. Most people pay the base Part B premium of $185/month, but if your MAGI exceeds certain thresholds, you’ll pay more for both Part B and Part D. This additional charge is called IRMAA (Income-Related Monthly Adjustment Amount). We often get questions about sudden Part B premium increases. For example, if someone received a generous retirement package or sold their business in 2023, their Medicare premiums would likely spike this year. The good news? If you’ve had a life-changing event since 2023, you may be able to appeal IRMAA to reduce your premium. Qualifying events include:
Retirement or reduced work hours
Loss of pension or income-producing property
Marriage, divorce, or death of a spouse
Unfortunately, capital gains from the sale of a property or lottery winnings typically don’t qualify. To appeal, file Form SSA-44 (Medicare IRMAA Life-Changing Event) with Social Security.
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