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.