April 2016 Newsletter Your client has lost their spouse.  Part of modifying their retirement income plans involves the adjustment to collecting only one Social Security Benefit. That Social Security benefit may be significantly smaller than expected. Retirees who begin receiving their Social Security benefit quickly become aware of two reductions from their benefit: Medicare Parts B and D.  Many also learn that these Medicare Premiums are means tested, meaning that upper income households pay a higher amount for this Medicare coverage. Medicare calls this an Income Related Monthly Adjustment Amount (IRMAA) and is detailed in the chart below. The unexpected surprise that hits the widow is triggered by changing her joint…