Robert Brokamp

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4,580 appearances 41 recordings 3 series first heard Oct 2025 last heard yesterday

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

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Recordings per month over the last 12 months — 41 in all, peaking in Sep 2026 with 5.

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

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

Well, first off, I do want to make it clear that I don't think you should spend your retirement pinching pennies just so you could stick it to the IRS. matched

You saved and invested for decades in order to have a fulfilling retirement and you should enjoy it. matched

However, I do think it's important to understand the full cost of additional spending in retirement. matched

Right? matched

Whenever we buy something, we always look at the price tag. matched

And it's important to know that any purchase in retirement that requires a bigger withdrawal from an IRA or a taxable brokerage account. matched

that true cost of that purchase is gonna actually be higher than what you see on that price tag. matched

Furthermore, you can limit your post-work tax bill by contributing more to Roth accounts or converting traditional accounts to Roth accounts. matched

And here's one final consideration. matched

Make it a goal to pay off your debts before you retire. matched

Nowadays, Americans are more comfortable going into retirement with debt. matched

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