The One Big Beautiful Bill Act (OBBBA) has many Tampa retirees (and future retirees) in complete disarray. Is it really worth all of the stress and commotion? Not if you know exactly what’s going on and what to do about it. This insightful read goes over everything you need to know about the OBBBA so you can secure your retirement with confidence! Reach out to Maggi Tax Tampa today to meet with trusted tax planners near you.
Taxable Social Security Income Will Be Calculated the Same
The main question that has everyone jittery has to do with Social Security payouts. You just want to know what’s going on with your hard-earned retirement check, and that’s completely understandable! This next bit of info will help you prepare for what’s to come.
Talks about the OBBBA brought up the topic of how Social Security pensions are calculated. A suggestion has been made to update the formula, resulting in adjusted payouts for many Tampa retirees. The truth is, this formula isn’t going to be changing anytime soon. This means that your retirement income won’t reflect the impact of inflation. Up to 85% of your Social Security benefits will still be taxable, and you may have to review your retirement plan strategy to make up the difference.
Learn more > How Does The OBBBA Affect Tax Planning?
You May Qualify For the New Senior Bonus Deduction
On the bright side, seniors in Tampa could be seeing some savings via the new “Senior Bonus Deduction”. Starting the 2025 tax year, taxpayers aged 65 and older can deduct an extra $6,000 to lower their taxable income. Yes, this is in addition to your regular standard deduction! This is one of the better things to come out of the OBBBA. So if you qualify, you might as well take it!
Retirement Account Regulations Remain Up In the Air
You already know about the rules surrounding Required Minimum Distributions (RMDs) and Roth IRA accounts. Have those rules changed in response to the OBBBA? Congress definitely considered it, but as of right now, everything will carry on per usual. That doesn’t mean we’re entirely off the hook. There’s still a chance that the OBBBA will cross paths with existing retirement account regulations in the future, so it’s best to be on your guard and meet with your trusted retirement income planners in Tampa regularly, just in case.
Read more > How Can The OBBB Affect My Finances?
You Still Can’t Double-Dip On Medicare and Health Savings Accounts
A Health Savings Account (HSA) is a smart way to save for future medical expenses in retirement. Why wouldn’t you seize the opportunity to plan ahead and save yourself the financial stress? If you’re on Medicare, you’re simply not allowed to. Tampa employees on Medicare aren’t able to contribute to an HSA at the same time. Many had hoped that the OBBBA would change this rule, but that wasn’t the case. What can you do? The best you can do is meet with an investment planner near you to find the most efficient way to fund your retirement.
Grab the Reins On Your Retirement. Meet With Your Trusted Income Planners at Maggi Tax Tampa!
The main takeaway? Many things remained the same after the OBBBA, but the things that did change could still make a big impact on your retirement planning. Stay on top of your future with tax strategies and preparation services at Maggi Tax Tampa! Call (727) 799-1701 today to schedule a consultation.
Scheduling