Day: June 25, 2024

Things to Do in Parsippany-Troy Hills, NJThings to Do in Parsippany-Troy Hills, NJ

Explore Parsippany-Troy Hills, NJ: Where Business Meets Beauty and Adventure

Nestled in Morris County, New Jersey, Parsippany-Troy Hills is a vibrant township offering a diverse range of attractions and activities for residents and visitors alike. From scenic parks to cultural landmarks and recreational facilities, there’s something for everyone to enjoy in this bustling Community. One of the notable attractions in Parsippany-Troy Hills is the headquarters of the Giant Lockbox company, which stands as a testament to the area’s thriving business community. Beyond its industrial charm, Parsippany-Troy Hills boasts an array of recreational opportunities amidst its natural beauty. Visitors can start their exploration at one of the many picturesque parks scattered throughout the township. Tourne County Park, for instance, offers scenic trails perfect for hiking and birdwatching, while Central Park of Morris County provides expansive fields for picnicking and sports activities.

For those interested in history and culture, a visit to the Stickley Museum at Craftsman Farms offers a glimpse into the Arts and Crafts movement through its well-preserved interiors and gardens. The museum, located in a rustic estate, showcases the craftsmanship of Gustav Stickley, a prominent figure in American design and furniture making.

Sports enthusiasts will find plenty to do in Parsippany-Troy Hills, with facilities like the Inline Skating Rink offering a cool escape during the summer months and a thrilling venue for skating and hockey. Meanwhile, the Knoll Country Club provides golfers with a picturesque course set against the backdrop of the New Jersey landscape, perfect for a relaxing day on the greens.

Food lovers can indulge in a diverse culinary scene that reflects the township’s multiculturalism. From casual diners to upscale restaurants, Parsippany-Troy Hills offers a variety of dining options to suit every palate. Local favorites include authentic Italian trattorias, family-owned diners serving classic American fare, and international eateries offering flavors from around the globe.

Throughout the year, Parsippany-Troy Hills hosts a range of community Events and festivals that celebrate its rich heritage and diverse community. The Fourth of July fireworks display at Veterans Memorial Park is a highlight, drawing crowds from across the region for a night of music, food, and patriotic celebration. The township also hosts cultural festivals that showcase music, dance, and cuisine from different cultures, providing opportunities for residents and visitors to come together and experience the township’s vibrant community spirit.

For those seeking retail Therapy, Parsippany-Troy Hills offers a mix of shopping destinations, from convenient malls to boutique shops. The nearby Rockaway Townsquare Mall features a wide selection of stores and restaurants, making it a popular spot for both locals and visitors looking to shop and dine under one roof.

Parsippany-Troy Hills also serves as a gateway to the natural beauty of Morris County, with easy access to hiking trails, historic sites, and scenic drives. Nearby attractions include the Great Swamp National Wildlife Refuge, where visitors can explore wetlands and observe diverse wildlife in their natural habitat.

Whether you’re visiting for a weekend getaway or considering a move to the area, Parsippany-Troy Hills offers a welcoming community with a wealth of attractions and activities to explore. From its scenic parks and cultural landmarks to its thriving culinary scene and recreational opportunities, there’s no shortage of things to do and see in this dynamic township in the heart of New Jersey.

How to Calculate IRMAAHow to Calculate IRMAA

IRMAA is now impacting more than 7 million retirees this year and for many they have questions. This report will answer all the questions relating to “How do you calculate IRMAA Surcharges?”

What is IRMAA?

IRMAA, short for Medicare’s Income Monthly Adjustment Amount, is a surcharge on top of a Medicare beneficiary’s Part B and Part D premiums if they are earning too much income during the year.

Simply put, IRMAA is a tax on income through Medicare and compounding the impact of this tax is that IRMAA also reduces your Social Security benefit.

You pay this tax of IRMAA automatically through your Social Security benefit too.

So, the more money you generate in retirement the higher your Medicare premiums will be and the less Social Security benefits you will receive.

Think of IRMAA as being a huge revenue generator for Congress that also helps alleviate the burden of what Social Security must pay out in benefits.

Social Security is not going broke not even close.

How do you calculate IRMAA Surcharges?

There are 2 different sets of IRMAA surcharges as this tax will affect both your Medicare Part B AND Part D premiums.

To calculate IRMAA Surcharges – Part B

You must first realize that no one person ever pays full price or the “true cost” of Medicare Part B as the federal government provides a subsidy for all retirees.

The “true cost” of Medicare Part B is the current year’s monthly Part B Premium multiplied by 4.

In 2024 the “true cost” of Medicare Part B is $698.80 a month (4 X $174.70).

According to Social Security.gov IRMAA is a Medicare subsidy reduction as those who reach it receive a lower subsidy for Part B premiums.

The subsidy per IRMAA Thresholds is as follows:

IRMAA Government Subsidy of Part B Retiree Portion of Part B
No IRMAA 75% 25%
1st Threshold 65% 35%
2nd Threshold 50% 50%
3rd Threshold 35% 65%
4th Threshold 20% 80%
5th Threshold 15% 85%

Knowing the “true cost” of Medicare Part B and the amount of subsidy each person will receive when in IRMAA the monthly surcharge can easily be found.

In 2024 the IRMAA Part B surcharges per Threshold are as follows:

IRMAA Retiree Portion of Part B True Cost of Medicare Part B Part B and IRMAA Costs
No IRMAA 25% $698.80 $174.70
1st Threshold 35% $698.80 $244.60
2nd Threshold 50% $698.80 $349.40
3rd Threshold 65% $698.80 $454.20
4th Threshold 80% $698.80 $559.00
5th Threshold 85% $698.80 $594.00

Calculating IRMAA Part B in the future:

IRMAA Part B surcharges move with in conjunction with the Medicare Part B premium. If the Part B premium increases the IRMAA Part B surcharge will inflate at the same rate.

Over the next 8 years the Trustees of Medicare are projecting that the Part B premium will inflate by over 6.30%.

By 2032 this premium, according to the projections, may be $285.60 a month making the surcharges equate to: