Retirement Income under the OBBA: 9 Key Provisions Explained

Are you confused about the recently-passed One Big Beautiful Bill Act (OBBA) and what it means for you? You’re not alone. There is a lot to digest in the almost 900-page bill that was signed into law on July 4th. 

Of greatest concern seems to be the impact on Social Security income for retirees. 

So today I am going to break down the key measures affecting retirees and their families in this special bonus episode of The Retirement Fix, a podcast for less stress and more success in your go-go retirement years.

I’m your host, John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and I’m here to be your guide to keeping more of your hard-earned money by making smart financial decisions in retirement. This podcast is for people nearing or in retirement who want to learn more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection.  After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.

It is important to understand that the 2017 Tax Cuts and Jobs Act, passed during President Trump’s first term, was scheduled to sunset at the end of this year, bringing back higher tax rates and lower estate tax exemptions, among other provisions. The so-called “One Big Beautiful Bill Act,” signed into law by President Trump on July 4th creates an extension of the TCJA, making many of the tax cuts permanent, while increasing spending for border security, defense, and energy production.

The bill contains several controversial provisions and passed by razor-thin margins in both the House and the Senate, but today I want to try to avoid the politics and just answer the most pressing question I get from clients – and that is “How will this affect my income, especially in retirement?”