People in or near retirement are likely familiar with Medicare premiums and IRMAA - Income-Related Monthly Adjustment Amount. IRMAA can substantially increase the Part B and Part D premiums. IMRAA is calculated based on the prior-prior year's income. So it’s possible to request a reduction using Form SSA-44 if your current year income falls due to specific "life-changing events," which include:

1. Death of a spouse
2. Marriage, Divorce or annulment
3. Work reduction or Work stoppage
4. Loss of income-producing property
5. Loss or reduction of certain kinds of pension income
6. Receipt of settlement payment from a current or former employer