Month: July 2025

Trump said on the campaign trail that he planned to eliminate federal income taxes on Social Security benefits. However, the reconciliation process through which the budget and tax legislation was passed prohibits changes to Social Security. So instead, the “big beautiful bill” includes a $6,000 additional deduction for certain older Americans ages 65 and over, which is being called a "senior bonus". Here’s it works:

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Can you settle an argument between me and my spouse? I have always moved my 401(k) plans into an IRA just to keep paperwork simple so I don’t have to watch too many accounts. My wife has three 401(k) plans from old jobs and she doesn’t want to move them because she said she likes how they have performed. I think over time her expenses will be lower if she consolidated. What do you think? Click for the answer.

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