Ep. 210 – Paul Fenner – Maximizing Benefits Under the One Big Beautiful Bill for Retirees
Do you know how the new “One Big Beautiful Bill” will impact you during your retirement years?
I’m wrapping up my One Big Beautiful Bill series by exploring the unique challenges and opportunities of financial planning for retirees. I walk you through the key highlights of the new legislation and what it means for those who are already in retirement, as well as for those helping parents and loved ones navigate these waters.
From expanded senior deductions to strategic Roth conversions and increased estate tax limits, I explain why retirees stand to benefit the most from these new changes. You’ll learn about crucial tax strategies, the ins and outs of leveraging deductions, how to make the most of gifting, and even ways to maximize after-tax returns in your golden years.
Whether you’re just starting planning for retirement or living it now, this episode is packed with actionable insights for you and your family. If you’re looking to simplify your financial future or want to help your parents or kids avoid costly mistakes, this conversation provides you with the guidance you may need.
As we close out this informative series, don’t forget to share the episode with anyone you know who could benefit from comprehensive financial planning.
Connect with Paul
Contact Paul here or schedule a time to meet with Paul here.
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And feel free to email Paul at pfenner@tammacapital.com with any feedback, questions, or ideas for future guests and topics.
ADDITIONAL RESOURCES YOU MAY LIKE
1 Big Idea to Think About
One insightful takeaway from this episode is that retirement planning isn't just about maximizing your savings—it's about strategically managing income, deductions, and tax implications to make the most of benefits like the expanded senior deduction and new estate tax thresholds, especially as legislation evolves.
1 Way You Can Apply This
Maximize your retirement tax savings by taking advantage of the expanded senior deduction—if you’re 65 or older, ensure you’re claiming the additional standard deduction available through 2028. Managing your modified adjusted gross income to stay within qualification limits can help you benefit fully from this deduction, reducing your taxable income and making your financial plan in retirement more efficient and rewarding.
1 Question to Ask
Am I taking full advantage of the available retirement-related tax deductions and strategies, like the expanded senior deduction or Roth conversions, to maximize my after-tax income and minimize my tax liability?
Key Moments From the Show
00:00 Financial planning series wraps up with retirement stage; generational family approach at Tama.
01:22 Retirees benefit most from the Big Beautiful Bill; locked-in tax brackets aid planning.
02:28 Standard deduction increase for seniors 65+; catch-up contributions and permanent estate tax limit at $15M.
03:35 Increased individual gifting limits support retirement priorities.
05:12 Expanded senior deduction through 2028; standard vs. itemized deduction explained.
06:17 Phase-outs of deductions for higher incomes; Social Security and RMDs impact thresholds.
07:46 Roth conversions’ unique income treatment; planning opportunities discussed.
08:50 Vehicle interest deduction for new, US-assembled cars may help retired, lower-income buyers.
10:52 Pros for retirees: stable tax rates, estate exemption, senior deduction, and vehicle deduction.
12:36 Planning actions: use Roth strategies, manage adjusted gross income, maximize after-tax returns.
14:03 Sequence withdrawals between accounts for tax efficiency; importance of having funds in multiple buckets.
15:01 Lock in health care funding; review estate and gifting strategies annually.
15:59 Charitable giving: donor-advised funds and new universal charitable deduction for standard filers.
17:39 One Big Beautiful Bill impacts all life stages; encourages sharing info with other family and friends.
18:22 Closing thoughts: tax code “simplification” adds complexity, but offers planning opportunities; open offer to connect.