Social Security Survivor Benefits Case Study (Part 3): IRMAA & Roth IRA Conversions | Nick DeVito, CFP

This week on Financial Planning: Explained, host Michael Menninger, CFP®, and Nick DeVito, CFP®, continue their Social Security Survivor Benefits case study series with Part 3, focusing on three critical retirement planning strategies: IRMAA, the Rule of 72, and Roth IRA conversions. Building on the previous episodes, Mike and Nick explore how income planning, taxes, and investment decisions all work together when creating a successful retirement strategy. They break down how the Income-Related Monthly Adjustment Amount (IRMAA) can impact Medicare premiums, why proactive tax planning matters, and how retirees can potentially avoid unexpected increases in healthcare costs. The conversation also dives into the Rule of 72, a simple but powerful financial concept that helps investors understand how long it may take their money to double over time. Mike and Nick explain how this rule can provide perspective when evaluating growth, inflation, and long-term retirement planning decisions. A major focus of this episode is Roth IRA conversions and how they can be used as a tax-planning tool. They discuss when conversions may make sense, how tax brackets impact conversion decisions, and why strategically managing taxable income throughout retirement can help preserve more wealth for the future. Through this real-world financial planning case study, viewers will learn why Social Security, Medicare, investment management, and tax strategy should all be coordinated as part of a comprehensive retirement plan — especially during major life transitions like becoming a surviving spouse. Whether you're approaching retirement, managing inherited assets, navigating Medicare decisions, or looking for ways to reduce future taxes, this episode provides practical retirement planning insights to help you make more informed financial decisions. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com