In Washington, the House has passed the Big Beautiful Bill, and within it, some significant tax language that could reshape the way you’re thinking about retirement.
WHY IT MATTERS
Here’s a small glimpse into why it matters to you as a future retiree or wealth-builder:
• Tax Stability: If the bill becomes law, as currently proposed, lower tax rates from the TCJA of 2017 would continue, avoiding sharp tax hikes for 62% of taxpayers. 1
• Wealth Gains: Increased estate tax exemptions and standard deductions for seniors could mean more money in your pocket. 2
THE CHALLENGE
Many of these benefits might not last. A number are set to expire in 2029 unless extended, leaving a potential gap in long-term planning 3. ALSO, the Senate hasn’t passed this Big Beautiful Bill yet, so a lot still must play out and things may change.
WHAT CAN BE DONE NOW?
While it may be too soon to make any changes at this point, it’s good to know what you might want to be prepared for. For instance, you may want to:
• Review your income sources and withdrawal strategy for tax efficiency
• Reassess your legacy plan in light of the proposed exemption increase
• Reconfirm your retirement goals to help ensure you’re still on track
If your current advisor isn’t keeping you informed, or if you’re going without a plan, now is the time to take control. I’d love to help you explore these changes and build a plan that’s proactive, not reactive. Together, we can craft a tax-efficient, resilient strategy for your financial future.
Warmly,
Barry
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“The secret of success is constancy to purpose.”
-Benjamin Disraeli