Robert Brokamp

speaker

4,411 appearances 40 recordings 3 series first heard Oct 2025 last heard 19 Sep

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 40 in all, peaking in Aug 2026 with 5.

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Motley Fool Hidden Gems Investing · In Retirement, More Spending Leads to Higher Taxes · 8 Aug 2026 podcast

First up, Social Security. matched

Now, the good news is that not all of your Social Security benefits will be taxed. matched

Exactly how much is added to your taxable income will depend on your so-called combined income, also known as your provisional income, which is calculated by adding 50% of your Social Security benefit to your other income sources, which includes interest from otherwise tax-free municipalities. matched

pacial bonds, but not qualified withdrawals from Rolf accounts. matched

The level of your combined income determines the percentage of your benefits that will be included in your taxable income according to the Social Security tax brackets. matched

Now, it should be said that these brackets don't adjust for inflation. matched

So they're pretty low. matched

And I suspect that most people listening to this podcast will be in the top bracket. matched

But it is one other way that higher spending in retirement could lead to a higher tax bill. matched

And now we come to that other government retirement benefit, Medicare. matched

Every year, the monthly premiums charged for parts B and D are adjusted. matched

Higher income retirees pay an extra fee known as the income-related monthly adjustment amount or IRMA. matched

These extra surcharges are based on your modified adjusted gross income from two years prior. matched

So the amounts that retirees are paying in 2026 are based on their 2024 tax returns. matched

This year, these IRMA charges kick in for six. matched

singles who had a twenty twenty four modified adjusted gross income above $109,000, and it's twice that amount or two hundred and eighteen thousand dollars for buried joint filers. matched

Less than 10% of retirees actually pay the Irma surcharges, since most retirees actually get by on pretty modest incomes. matched

However, it often comes as a surprise to retirees who generally don't pay the surcharge, but make a large withdrawal in a single year, maybe to make a large purchase like an RV, second home, or a family vacation, as happened to someone I know who sold stocks to take his entire family on a cruise for his 80th birthday. matched

Again, this is another way that higher spending in retirement could have other financial consequences. matched

So what should you do with all this information? matched

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