The One Big Beautiful Bill affects retirees in many ways. But how will it change Medicare? Although it’s too early to tell, there will be some immediate changes and several potential long-term impacts you need to be aware of.
We provided a broader overview in our article, "How the One Big Beautiful Bill Affects Retirees." Now we’re going to discuss how this new law impacts Medicare and what you can do to prepare.
There’s a ton of noise out there regarding the One Big Beautiful Bill. But how does it affect retirees? For many retirees, there won’t be any major game changers, but there are some key changes you need to know.
Fortunately, there are no significant changes to tax bracket structures. However, there were several changes to standard and itemized deductions, as well as increased gift and estate tax exemptions. We also get some new deductions, lose others, and see many modified credits, deductions, and phase-outs.
Rising costs and running out of money are a huge worry for many retirees. However, moving forward, you may be eligible for a new “tax freeze” on your Missouri personal property bill. Every little bit helps!
You need to be aware of many different rules and procedures. It’s also important to note that not all counties in Missouri are implementing this new benefit. You’ll need to check your specific county to see what applies to you.
The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!
We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.
There are many rising costs senior citizens have to contend with, but your property taxes might not be one of them anymore. We took a look at programs affecting the Kansas counties surrounding Kansas City to see how you can save on property taxes. The ability to “freeze” or lock in your current property tax costs using the Homestead Act is one potential option.
You may also be eligible for other programs to assist with your property tax bills. However, there are rules and restrictions to qualify. If you’re on the Missouri side of Kansas City, check out our article on Kansas City, Missouri programs.
We’re headed for another recession. At least, that’s what people are saying, both on the news and elsewhere in the media. However, with an economy that’s thriving right now, where is all of this recession talk coming from?
While we’re not going to dive into the many variables that are included in modern economics, one element that has financial analysts shook is the inverted yield curve. However, outside of stock exchanges and broker offices, chances are that you don’t understand what this curve is and what it means for the economy.
Check out our Ultimate Health Savings Account Guide Infographic. We think it's pretty awesome and sums up the true power of an HSA. For more information, check out our Ultimate Guide to Health Savings Accounts.
