How the New Tax Law Could Impact Your Retirement (Ep. 65)
Tax law changes might not sound exciting, but these updates could have a powerful impact on your retirement plans.
In this episode, I unpack the top provisions from the new One Big Beautiful Bill Act and how they may affect retirees, especially women planning for long-term income.
I break down tax deductions, clarify what’s changing (and what’s not), and offer timely planning strategies you can apply before 2028.
Key points:
- The new $6,000 bonus tax deduction for those age 65 and over, and how it stacks on top of standard or itemized deductions
- The deduction’s income limits, expiration in 2028, and how to plan around it strategically
- Changes to the SALT cap and how high-tax-state residents may benefit from a significant increase in deductible amounts
- The importance of reevaluating Social Security filing decisions and leveraging Roth conversions
- Charitable giving options, widow tax planning, and long-term income strategies to reduce lifetime tax liability
- And more!
Resources:
- Get Your FREE Simply Retirement Roadmap
- Bill Text – One Big Beautiful Bill Act
- Social Security Press Release – Tax-free Benefits
- #47 – Three Game-Changing Social Security Strategies
- #48 – How to Pay Taxes in Retirement: What You Need to Know
- #54 – How Social Security Gets Taxed: What You Need to Know
Connect with Eric Blake:
- www.TheSimplyRetirementPodcast.com
- Join the Simply Retirement Newsletter
- Ask a Question or Suggest a Topic for the Podcast
- Blake Wealth Management
- YouTube
Converting a traditional IRA or other tax-deferred account to a Roth IRA is a taxable event and may increase your current-year tax liability. Roth conversions cannot be undone.
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