4 Things All Successful Retirees Do, #287
Retire With Ryan
In this episode, I’m helping you kick off 2026 by reflecting on financial habits that pave the way for a successful retirement. As we set our goals for the year ahead, I share the four key traits I’ve observed in successful retirees, drawn from years of experience working with people from all walks of life. You’ll hear practical advice on how to work hard and invest consistently, the importance of living within your means, and ways to avoid common investment pitfalls that can derail your progress. Whether you’re just starting your retirement planning or fine-tuning your financial...
info_outline
6 Stock Market Predictions For 2026, #286
Retire With Ryan
As we turn the calendar to 2026, I reveal my forecasts for the stock market, interest rates, and top asset classes, and take a look back at how my 2025 predictions stacked up against reality. From the S&P 500’s rollercoaster performance to the ongoing rivalry between growth and value stocks, and even a showdown between bitcoin and gold, I break down what the numbers were, where I hit the mark, and where I missed. You’ll also hear my insights on international versus U.S. stocks, the outlook for small caps, and what the Federal Reserve might do with interest rates in the year ahead. Get...
info_outline
Most Asked Financial Questions of 2025, #285
Retire With Ryan
2025 has been a year of significant highs and lows, a bittersweet time marked by personal loss but also tremendous growth in our community of listeners and clients. As we wrap up the year, I wanted to take a moment to reflect and, more importantly, to give back by answering the most pressing questions on your minds. In this episode, I’m tackling the top 10 most asked financial questions I received in 2025 from both clients and listeners. From the future solvency of Social Security and the reality of rising inflation to the specifics of Bitcoin and long-term care, we are covering the topics...
info_outline
Top 5 Tax Benefits of 529 Plans, #284
Retire With Ryan
529 college savings plans are a favorite tool for families looking to fund education, but recent updates have made them even more compelling. With the passing of the One Big Beautiful Tax Act in 2025, there have been some exciting changes to what you can use 529 funds for, including expanded coverage for K-12 tuition, test fees, vocational programs, and support for learning differences. I also discuss the various tax advantages of contributing to a 529 plan, like state tax deductions, tax-deferred growth, and even the ability to roll leftover funds into a Roth IRA for your child. He offers...
info_outline
4 Ways To Receive A Tax Deduction For Charitable Contributions in 2025 and 2026, #283
Retire With Ryan
In the season of giving, we’re discussing making charitable contributions in 2025 and 2026. Americans are known for their generous donations to worthy causes, but understanding the best ways to give and maximize your tax benefits is key. This episode covers four effective strategies for making charitable contributions, from utilizing Qualified Charitable Distributions (QCDs) from your retirement accounts to cash donations, gifting highly appreciated stock or real estate, and using donor-advised funds. I also break down recent and upcoming tax law changes that impact your ability to itemize...
info_outline
2026 Medicare Part B Premium Surprises, #282
Retire With Ryan
Healthcare planning is a huge part of getting ready for your retirement. In this episode, I tackle one of the most pressing updates for retirees: the latest changes to Medicare premiums for 2026, including important surcharges, deductibles, and strategies to help you manage your healthcare expenses. I’m helping you understand the significant increases in Medicare Part B premiums and deductibles, the impact these changes will have on your Social Security benefits, and why waiting to claim Social Security might pay off. Listen in to get helpful strategies for appealing IRMAA surcharges...
info_outline
7 Year End Tax Moves For Pre-Retirees in 2025, #281
Retire With Ryan
As 2025 comes to a close, we’re here to help you make the most of year-end tax planning. I’m explaining seven actionable strategies to help you minimize your tax liability and optimize your retirement savings before the New Year. From maximizing retirement plan contributions and exploring Roth conversion opportunities to using donor-advised funds for charitable giving and getting the most from your health savings accounts, this episode is packed with practical advice. The insights I’m sharing in this episode will guide you through the essential moves you need to consider before...
info_outline
Major Changes Coming To 401K, 403B, and 457 Retirement Plans in 2026, #280
Retire With Ryan
There are important changes coming to 401 (k), 403 (b), and 457 retirement plans in 2026, so I’m focusing on how these updates may impact catch-up contributions for individuals over age 50. With the Secure Act 2.0 on the horizon, higher earners will soon have to make their catch-up contributions as Roth (post-tax) rather than pre-tax contributions, potentially affecting their take-home pay and tax strategies. Tune in as I walk you through what you need to know, how to prepare for these new rules, and actionable steps to make the most of your retirement savings. You will want to hear...
info_outline
Mapping Out A Plan For Roth Conversions, #279
Retire With Ryan
If you’ve spent any time on social media or read personal finance blogs, you’ve likely encountered a buzz around Roth IRAs and, specifically, Roth conversions. This week I’m discussing the details of Roth conversions, what they are, how they work, and why they’re crucial for those looking to optimize their retirement finances. Roth IRAs hold a special appeal: the promise of tax-free income in retirement. And most people would agree that having tax free income in retirement is preferable over having taxable income. Yet, for many people, especially those in their 50s and older, most of...
info_outline
Social Security 2026 Cost Of Living Update, #278
Retire With Ryan
Retirement planning is an ever-evolving process, and staying informed about changes to Social Security, Medicare, and tax limits is crucial to making the most of your golden years. On this episode of Retire with Ryan, I’m sharing important updates on the 2026 Social Security cost of living adjustment (COLA), projected changes to Medicare Part B premiums, and strategies for managing income in retirement. The newly announced cost-of-living adjustment (COLA) for 2026 will see benefit checks rise by 2.8%. I break down how the yearly adjustments are calculated, why they matter for seniors,...
info_outlineThe One Big Beautiful Bill Act, signed into law on July 4th, brings about several important tax changes. I’m discussing what these updates mean, especially for retirees, and sharing practical advice on how to take advantage of new deductions and avoid unexpected tax hits.
From permanent adjustments to tax brackets and an increased standard deduction, to special benefits for those aged 65 and older, I cover everything you need to know to optimize your retirement strategy.
Whether you're curious about Social Security taxation, itemized deductions in high-tax states, or planning smart Roth conversions, this episode is packed with insights to help you make informed financial decisions for your golden years.
You will want to hear this episode if you are interested in...
- [00:00] An overview of the One Big Beautiful Bill Act (OBBBA).
- [06:13] Roth conversion tax implications.
- [07:29] Additional deductions for those over 65 increase total deductions.
- [11:35] TCJA and SALT deduction changes.
- [13:43] Strategies to lower taxable income for retirees.
Key Tax Changes Every Retiree Needs to Know About the One Big Beautiful Bill Act
One of the most impactful provisions of the OBBBA is making existing federal income tax brackets permanent. The 2017 TCJA tax brackets —10%, 12%, 22%, 24%, 32%, 35%, and 37% —had been set to expire after 2025, which would have led to higher rates.
The new act not only locks these rates in place but also indexes the brackets for inflation. While there are minor changes in the income thresholds at the lower brackets, the net result is stability for taxpayers, and retirees can now plan with confidence, knowing their marginal tax rates aren’t set for an imminent hike.
Higher Standard Deductions
Standard deductions also see positive changes, rising to $15,750 for individuals and $31,500 for married couples filing jointly. Previously, these figures were $15,000 and $30,000, respectively.
With higher deductions, more retirees may find it beneficial to take the standard deduction rather than itemizing, saving time and potentially reducing taxable income.
Extra Deductions for Retirees 65+
Perhaps the most significant impact for retirees: From 2025 through 2028, filers aged 65 and up can claim an additional $6,000 deduction per person.
For couples where both spouses are over 65, that’s a $12,000 boost, on top of the already existing extra deduction for seniors ($2,000 for individuals, $3,200 for couples).
So, if both spouses are over 65 and income is below the required threshold, the combined standard deduction could reach $46,700.
There is a catch, though: this extra deduction phases out as income rises, disappearing entirely for individuals making $175,000 or more and couples earning $225,000 or more in modified adjusted gross income (MAGI).
The deduction is reduced by 6% for every dollar over $75,000 (for individuals) or $150,000 (for couples). For example, if a couple’s MAGI is $200,000, they’d lose $3,000 of the $6,000 deduction per spouse.
Timing IRA distributions or Roth conversions helps you stay under these thresholds and maximize deductions.
Social Security Taxation
Although there was political talk about ending Social Security taxation, the OBBBA preserves the old rules. How much of your Social Security benefit is taxable depends on your combined income, still calculated as adjusted gross income plus 50% of your Social Security benefit.
The deduction enhancements may help lower your taxable income, keeping more Social Security benefits untaxed, but there are no direct changes here. Being mindful of when and how you draw taxable income can keep more of your Social Security out of the IRS’s reach.
Itemized Deductions and SALT Cap Changes
For high-tax state residents and those with larger itemized deductions, another headline is the increase in the state and local tax (SALT) deduction cap. Temporarily, from now through 2029, the cap rises from $10,000 to as much as $40,000 (with phase-outs for high earners, those over $500,000 in MAGI lose this benefit, and it disappears after $600,000).
This can provide significant relief for homeowners or retirees in states with high property or state income taxes. The mortgage interest deduction rules remain unchanged, and when combined with the higher SALT cap, could make itemizing more attractive for some.
The One Big Beautiful Bill Act creates opportunities and considerations for retirees. Take the time to review your financial plan, explore new deduction limits, and coordinate with tax and financial professionals. Thoughtful adjustment now can lead to years of improved after-tax retirement income.
Resources Mentioned
- Retirement Readiness Review
- Subscribe to the Retire with Ryan YouTube Channel
- Download my entire book for FREE
Connect With Morrissey Wealth Management
www.MorrisseyWealthManagement.com/contact