Stay Wealthy Retirement Podcast 5 Ways the 'One Big Beautiful Bill' Impacts Your Retirement
Jul 10, 2025
Curious about the impact of the new 'One Big Beautiful Bill Act' on your retirement? Discover five key takeaways that simplify complex tax changes and clarify misconceptions. Learn how reduced tax brackets and increased deductions influence your financial planning. Explore recent legislative shifts affecting high-income individuals and health savings accounts for Medicare enrollees. Finally, navigate the political noise with insights on proactive engagement for a secure retirement. Pour yourself a drink and get ready to reshape your financial future!
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Permanent Extension Of 2017 Tax Cuts
- The 2017 tax cuts and higher standard deduction were permanently extended by the bill.
- Standard deductions increased for 2025 to $31,500 (MFJ), $15,750 (single), and $23,625 (HOH).
Social Security Taxes Remain
- The bill did not eliminate federal taxation of Social Security benefits.
- The outdated taxability thresholds still cause more Social Security to become taxable over time.
Use The Senior Bonus Deduction Now
- Claim the new senior bonus deduction if age 65+ between 2025–2028 and watch phase-outs.
- Combine it with the standard and additional senior deductions to maximize tax savings now.