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...
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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...
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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,...
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What is a Fiduciary Advisor and Why It Matters, #277
Retire With Ryan
With the term “financial advisor” being used so broadly these days, it’s harder than ever for retirees and investors to make sense of who’s actually guaranteed to act in their best interest. So let’s talk about the key responsibilities of fiduciaries, explore the differences between fee-only advisors and those who earn commissions, and go through why full disclosure and ongoing advice matter so much in your financial planning relationship. I share practical tips on how to vet potential advisors, whether you’re unhappy with your current one or searching for the right fit for the...
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Switching Plans and Saving Money During Medicare’s Annual Open Enrollment, #276
Retire With Ryan
Every year, Medicare Open Enrollment presents an important opportunity for retirees and individuals enrolled in Medicare to review, update, and make changes to their health and prescription drug coverage. If you’re on Medicare or approaching retirement, understanding the enrollment period and your options is crucial to ensuring comprehensive and cost-effective health care. I’m sharing the seven essential things you need to know to make the most of this important window. Whether you’re already enrolled in Medicare or want to stay ahead of your retirement planning, I explain key dates,...
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Key SECURE Act Insights on Avoiding 25 Percent Penalties on Inherited IRAs, #275
Retire With Ryan
This episode is essential listening for anyone who’s inherited an IRA, especially in light of the game-changing SECURE Act. If you’ve inherited a retirement account from a non-spouse since 2020, this episode is packed with details you need to know to avoid unexpected tax bills and penalties. I explain the new rules for inherited IRAs, explaining the requirements and options for non-designated, non-eligible, and eligible designated beneficiaries. Whether you’re figuring out minimum distributions or seeking smart tax-planning strategies, you’ll get clear guidance on how these updates...
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Seven Essential Tips to Maximize Your Lifetime Social Security Benefits, #274
Retire With Ryan
You might have seen those viral articles promising a mysterious multi-thousand-dollar Social Security “bonus,” but are they actually legit? On the show this week, I separate fact from fiction, debunking the myths and sharing seven actionable strategies to help you get the most out of your Social Security over your lifetime. Whether you’re curious about how working longer, delaying your benefits, checking your earnings record, or understanding tax implications can impact your retirement paycheck, this episode is packed with valuable tips to help you make sure you’re not leaving...
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What Retirees Need to Know About The Social Security Fairness Act, #273
Retire With Ryan
The Social Security Fairness Act, which was signed into law at the start of 2025, has been in effect for about nine months since this game-changing legislation repealed both the Windfall Elimination Provision and the Government Pension Offset, restoring and increasing Social Security benefits for millions of retirees, especially teachers and public employees who worked in jobs exempt from Social Security. In this episode, I discuss exactly who qualifies for these newly restored benefits, explain how the Social Security Administration is handling the rollout, and give you a step-by-step guide...
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Is a Million Dollars Enough to Retire? #272
Retire With Ryan
It’s one of the most frequently asked questions by my clients as they prepare for retirement. And while a million dollars may sound like a lot, the reality is a bit more complex. There are several key factors to consider when planning your retirement, including factoring in taxes, evaluating withdrawal strategies, and understanding the cost of living where you plan to retire. Let’s break down how you can determine whether your nest egg will support your ideal retirement. You will want to hear this episode if you are interested in... [01:57] Evaluating if a million dollars is enough to...
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Avoid These Seven Medicare Enrollment Mistakes and Protect Your Finances, #271
Retire With Ryan
Are you turning 65 soon or starting to think seriously about healthcare in retirement? This week, I discuss the complicated world of Medicare—with a focus on the seven most costly mistakes people make when enrolling. From missing crucial deadlines and underestimating penalties, to overlooking the true costs Medicare doesn’t cover and getting tripped up by income-related surcharges, I give practical advice to help you avoid expensive pitfalls and make confident choices for your health and your wallet. Whether you’re working past 65, exploring Medicare Advantage and Medigap, or just...
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
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