July 28, 2025 • 8 mins
Gary Mattson with Mattson Financial joins Talk of the Town to discuss the Big, Beautiful Bill.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And welcome to Talk of the Town on Wood Radio.
I'm Steve Kelly. You know Gary Matson is a founder
advisor for METS in Financial Services and co host of
Money Mentors Saturdays at ten Sundays at eleven am on
Wood Radio. Good morning, Gary.
Speaker 2 (00:14):
Good morning, Good morning to you and to everyone who's
joining us.
Speaker 1 (00:17):
They call it the big Beautiful Bill, But the spending
package that's now law in Washington includes a lot of
little details from Congress. So what do you see in
this new legislation that could impact our finances.
Speaker 2 (00:29):
Well, the biggest one is for retirees that are getting
Social Security. It doesn't fully stop taxes on Social Security,
but it does give us an extra deduction of up
to six thousand dollars for a single person or twelve
thousand dollars per married persons that have income and also
(00:50):
Social Security. It does zero out at one fifty, one
hundred and fifty thousand dollars per couple. But that's a
big change coming up that people get to utilize. One
thing I want to caution everybody on is that's not
a permanent that actually expires in twenty twenty eight, So
once again, make sure you're using that getting with your CPA,
making sure that you're taking advantage of that.
Speaker 1 (01:12):
Yeah, and that's another reason we talk about experts, about
financial advisors like Gary Mattson and your group, about getting
an actual CPA and a real lawyer. There's stuff you
can do online, but man, if it's new and it's changing,
and even if it's a liquid thing that may claw
back or something. Boy, I'm one of those people that
like an expert. Let's talk about another point, Gary, eighty
(01:35):
eight percent of beneficiaries could owe zero federal taxes on benefits.
Speaker 2 (01:39):
Yeah, and that's a huge number when you think about that.
That's one in ten actually, out of ten Social Security recipients,
that's nine are going to have that benefit. So once again,
you want to make sure that you're taking advantage of
that and what going to mean to the rest of
your income. So if you don't need this, how you're
going to handle that extra money and zero taxes that's there.
(02:03):
So once again you want to sit down with somebody
and really make a plan for those assets.
Speaker 1 (02:09):
Talk to us a little bit about required minimum distributions
and what that means for the average investor and how
that might change when it comes to what's been signed
into law.
Speaker 2 (02:21):
Well, right now, the R and D change hasn't taken
It hasn't changed or anything since the Cure Act two
point zero. Again, requirement of distributions start at seventy three
to seventy five, whether path you're on. But here's the
big one. The new bill instructs the Treasury to study
the imposition of R and d's requirementum distributions on raws
(02:45):
iras and large four one key balances. This is kind
of really spooking planners like myself because we don't have
any idea what that means, but we know we know
the imposition is going to be is that they want
start taxing it. So if you're not using it, they
want to tax it. And if you do use it
(03:05):
as a distribution, how does that work out? And if
they're going to impose that on you. So those are
two things that are big changes, just like the state tax.
They state tax a big change. Now that went from
fourteen million dollars to fifteen million dollars per person are
now thirty million dollars per couple. That's a huge change
and that's going to stay there permanently. So once again
(03:26):
we have some that aren't permanent changes, and some that
are long term permanent changes.
Speaker 1 (03:31):
Yeah, so older adults who are undertaking legacy planning might
have an actual rare opportunity, right, So that's something you
definitely want to keep your eye on.
Speaker 2 (03:41):
Yeah. It's kind of funny because people say, well, I
don't have that much money, you know, thirty million dollars,
but if you have a company or real estate holdings,
all things that add up, you may fit into that.
And you really want to make sure you don't go
over that because the penalty is severe, and you have
things you can do now to actually make that so
you don't go over that. So you can do different
(04:03):
buckets like trusts or real estate trust and things you
can do planning wise to make sure you're not going
over those estate levels.
Speaker 1 (04:12):
We're talking to Gary Matson, a founder and advisor with
Mattson Financial. Remember you will hear Money Mentors Saturdays at
ten am and Sundays at eleven am here on Wood Radio.
We're talking a little bit about ramifications of the Big
Beautiful Bill which is now law. Talk to us a
little bit about how healthcare cuts could possibly raise out
(04:32):
of pocket costs for investors.
Speaker 2 (04:35):
Yeah, the real change here is on the Medicaid side
of the bill. They're really looking to cut out some
of those things that are structured for those people that
really do have money and they've been taking advantage of
the situation. And again I am one of those that
instruct my clients to do just that. So in other words,
(04:55):
if you're not sixty five and at Medicare level, there's
subsidy for health insurance, and we want to use those
for our clients, because if you don't have to pay
for it, we want to make sure you're not paying
for it. And they're looking at again phasing some of
those things out as well as Medicaid. A lot of
people don't realize that you may not qualify for Medicaid,
(05:17):
but you can get what they call a Medicaid waiver
and get assistance for long term care and other things
like that. So those things are on the shopping block
as well.
Speaker 1 (05:26):
To that point, let's talk a little bit about tax breaks,
as many marquee tax breaks will expire in twenty twenty
eight and that'll be here before you know it.
Speaker 2 (05:35):
Yes, and that's really what you really want to look at,
making this summer kind of a check up for yourself.
Is you really want to look at rebalancing your portfolio,
look at areas that haven't recovered, because we have most
of that growth come from precious metals, growth stocks and
tech kind of lead the way. So where's the next
recovery coming. You want to be in a position take
(05:57):
advantage of that. And we know that when the hairf
deal is handled and interitrate starts coming down, those other
stock areas are going to grow, So you want to
be in a position for those. I think another thing
that's really important is really look at what's changed for
your expenses. That's something that we've held a lot of
clients with and how to curb those rising costs. You know,
(06:19):
we've had people say that travel has cost more, or
that their services for phone or internet or even fuel's
gone up, and so we talk to them about using
credit cards, like for airlines, using that credit card on
a regular basis, get those mile ages so you can
use that to actually pay for a lot of your travel.
The same thing for fuel. And you might want to
(06:40):
start couponing or shopping like at Myers or other stops
that they do a great thing on Wednesdays, a lot
of discounts are in the grocery stores on Wednesday because
that's when they start stocking shelves of the weekend and
they give a lot of discounts for that. So you
can actually mitigate some of the higher costs that are
going on by just taking to pay attention a little
(07:01):
more to your budget and where you're spending money.
Speaker 1 (07:03):
Talk to us a little bit finally about how your
overall philosophy with helping those investors at Madson Financial Services
is individual. So we just talked about seven things that
are in the Big Beautiful Bill. Two three of them
might affect another person more than another person, but it's
all about the future and you specifically and what it
(07:24):
is that you hope to get out of retirement is important.
Speaker 2 (07:26):
With Madson absolutely, and that's where it comes down to.
You know a lot of people are trained in our
industry the first year and every year they keep doing
the same thing to the same people, you know, type
of clients, and really what you get is nothing advancing
for yourself. For us, I mean, like with a big
beautiful bill or things going on every year, our clients
(07:48):
are getting an update because things change, you know, family
dynamics change, you know, meaning that you might need to
go into long term care, or you might need to
help your children. Now, you might be in a situation
where you are traveling and somebody's health changes and so
you can't travel anymore, but you still want to have
family over you, so you might want to pick up
a second home or home on the lake and change things.
(08:11):
So your plan's got to be really flexible, and you
really need an advisor, a trusted advisor that can keep
up with the changes and how they affect you and
your plan. And that's as they do a massive financial services.
Every year, all our clients come back in they get
a review and sometimes it's two or three times a year,
depends on upon the client.
Speaker 1 (08:31):
You will hear more each weekend here on Wood Radio
Saturdays at ten, Sundays at eleven. That is Gary Matson
of Madson Financial Services, host of money Mentors, along with others.
They're at MATST, including your daughter. Thank you so much
for your time today.
Speaker 2 (08:48):
Thank you, and thank you the listeners.
Speaker 1 (08:50):
This is Talk of the Town on Wood Radio.
And welcome to Talk of the Town on Wood Radio.
I'm Steve Kelly. You know Gary Matson is a founder
advisor for METS in Financial Services and co host of
Money Mentors Saturdays at ten Sundays at eleven am on
Wood Radio. Good morning, Gary.
Speaker 2 (00:14):
Good morning, Good morning to you and to everyone who's
joining us.
Speaker 1 (00:17):
They call it the big Beautiful Bill, But the spending
package that's now law in Washington includes a lot of
little details from Congress. So what do you see in
this new legislation that could impact our finances.
Speaker 2 (00:29):
Well, the biggest one is for retirees that are getting
Social Security. It doesn't fully stop taxes on Social Security,
but it does give us an extra deduction of up
to six thousand dollars for a single person or twelve
thousand dollars per married persons that have income and also
(00:50):
Social Security. It does zero out at one fifty, one
hundred and fifty thousand dollars per couple. But that's a
big change coming up that people get to utilize. One
thing I want to caution everybody on is that's not
a permanent that actually expires in twenty twenty eight, So
once again, make sure you're using that getting with your CPA,
making sure that you're taking advantage of that.
Speaker 1 (01:12):
Yeah, and that's another reason we talk about experts, about
financial advisors like Gary Mattson and your group, about getting
an actual CPA and a real lawyer. There's stuff you
can do online, but man, if it's new and it's changing,
and even if it's a liquid thing that may claw
back or something. Boy, I'm one of those people that
like an expert. Let's talk about another point, Gary, eighty
(01:35):
eight percent of beneficiaries could owe zero federal taxes on benefits.
Speaker 2 (01:39):
Yeah, and that's a huge number when you think about that.
That's one in ten actually, out of ten Social Security recipients,
that's nine are going to have that benefit. So once again,
you want to make sure that you're taking advantage of
that and what going to mean to the rest of
your income. So if you don't need this, how you're
going to handle that extra money and zero taxes that's there.
(02:03):
So once again you want to sit down with somebody
and really make a plan for those assets.
Speaker 1 (02:09):
Talk to us a little bit about required minimum distributions
and what that means for the average investor and how
that might change when it comes to what's been signed
into law.
Speaker 2 (02:21):
Well, right now, the R and D change hasn't taken
It hasn't changed or anything since the Cure Act two
point zero. Again, requirement of distributions start at seventy three
to seventy five, whether path you're on. But here's the
big one. The new bill instructs the Treasury to study
the imposition of R and d's requirementum distributions on raws
(02:45):
iras and large four one key balances. This is kind
of really spooking planners like myself because we don't have
any idea what that means, but we know we know
the imposition is going to be is that they want
start taxing it. So if you're not using it, they
want to tax it. And if you do use it
(03:05):
as a distribution, how does that work out? And if
they're going to impose that on you. So those are
two things that are big changes, just like the state tax.
They state tax a big change. Now that went from
fourteen million dollars to fifteen million dollars per person are
now thirty million dollars per couple. That's a huge change
and that's going to stay there permanently. So once again
(03:26):
we have some that aren't permanent changes, and some that
are long term permanent changes.
Speaker 1 (03:31):
Yeah, so older adults who are undertaking legacy planning might
have an actual rare opportunity, right, So that's something you
definitely want to keep your eye on.
Speaker 2 (03:41):
Yeah. It's kind of funny because people say, well, I
don't have that much money, you know, thirty million dollars,
but if you have a company or real estate holdings,
all things that add up, you may fit into that.
And you really want to make sure you don't go
over that because the penalty is severe, and you have
things you can do now to actually make that so
you don't go over that. So you can do different
(04:03):
buckets like trusts or real estate trust and things you
can do planning wise to make sure you're not going
over those estate levels.
Speaker 1 (04:12):
We're talking to Gary Matson, a founder and advisor with
Mattson Financial. Remember you will hear Money Mentors Saturdays at
ten am and Sundays at eleven am here on Wood Radio.
We're talking a little bit about ramifications of the Big
Beautiful Bill which is now law. Talk to us a
little bit about how healthcare cuts could possibly raise out
(04:32):
of pocket costs for investors.
Speaker 2 (04:35):
Yeah, the real change here is on the Medicaid side
of the bill. They're really looking to cut out some
of those things that are structured for those people that
really do have money and they've been taking advantage of
the situation. And again I am one of those that
instruct my clients to do just that. So in other words,
(04:55):
if you're not sixty five and at Medicare level, there's
subsidy for health insurance, and we want to use those
for our clients, because if you don't have to pay
for it, we want to make sure you're not paying
for it. And they're looking at again phasing some of
those things out as well as Medicaid. A lot of
people don't realize that you may not qualify for Medicaid,
(05:17):
but you can get what they call a Medicaid waiver
and get assistance for long term care and other things
like that. So those things are on the shopping block
as well.
Speaker 1 (05:26):
To that point, let's talk a little bit about tax breaks,
as many marquee tax breaks will expire in twenty twenty
eight and that'll be here before you know it.
Speaker 2 (05:35):
Yes, and that's really what you really want to look at,
making this summer kind of a check up for yourself.
Is you really want to look at rebalancing your portfolio,
look at areas that haven't recovered, because we have most
of that growth come from precious metals, growth stocks and
tech kind of lead the way. So where's the next
recovery coming. You want to be in a position take
(05:57):
advantage of that. And we know that when the hairf
deal is handled and interitrate starts coming down, those other
stock areas are going to grow, So you want to
be in a position for those. I think another thing
that's really important is really look at what's changed for
your expenses. That's something that we've held a lot of
clients with and how to curb those rising costs. You know,
(06:19):
we've had people say that travel has cost more, or
that their services for phone or internet or even fuel's
gone up, and so we talk to them about using
credit cards, like for airlines, using that credit card on
a regular basis, get those mile ages so you can
use that to actually pay for a lot of your travel.
The same thing for fuel. And you might want to
(06:40):
start couponing or shopping like at Myers or other stops
that they do a great thing on Wednesdays, a lot
of discounts are in the grocery stores on Wednesday because
that's when they start stocking shelves of the weekend and
they give a lot of discounts for that. So you
can actually mitigate some of the higher costs that are
going on by just taking to pay attention a little
(07:01):
more to your budget and where you're spending money.
Speaker 1 (07:03):
Talk to us a little bit finally about how your
overall philosophy with helping those investors at Madson Financial Services
is individual. So we just talked about seven things that
are in the Big Beautiful Bill. Two three of them
might affect another person more than another person, but it's
all about the future and you specifically and what it
(07:24):
is that you hope to get out of retirement is important.
Speaker 2 (07:26):
With Madson absolutely, and that's where it comes down to.
You know a lot of people are trained in our
industry the first year and every year they keep doing
the same thing to the same people, you know, type
of clients, and really what you get is nothing advancing
for yourself. For us, I mean, like with a big
beautiful bill or things going on every year, our clients
(07:48):
are getting an update because things change, you know, family
dynamics change, you know, meaning that you might need to
go into long term care, or you might need to
help your children. Now, you might be in a situation
where you are traveling and somebody's health changes and so
you can't travel anymore, but you still want to have
family over you, so you might want to pick up
a second home or home on the lake and change things.
(08:11):
So your plan's got to be really flexible, and you
really need an advisor, a trusted advisor that can keep
up with the changes and how they affect you and
your plan. And that's as they do a massive financial services.
Every year, all our clients come back in they get
a review and sometimes it's two or three times a year,
depends on upon the client.
Speaker 1 (08:31):
You will hear more each weekend here on Wood Radio
Saturdays at ten, Sundays at eleven. That is Gary Matson
of Madson Financial Services, host of money Mentors, along with others.
They're at MATST, including your daughter. Thank you so much
for your time today.
Speaker 2 (08:48):
Thank you, and thank you the listeners.
Speaker 1 (08:50):
This is Talk of the Town on Wood Radio.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.