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Kiplinger
Kiplinger
Business
Andrew Rosen, CFP®, CEP

Your Golden Years Just Got a Tax Break, But There's a Catch

Social Security SEC OBBB Diversified LLC Building Wealth Diversified Tax Deduction
An older serious-looking couple look at a tablet together while sitting on their sofa.

The One Big Beautiful Bill (OBBB) has been making the rounds in the news, and one part in particular has caught retirees' attention — so‑called "tax‑free Social Security."

Before you plan how to spend those tax savings, let's clear something up: This is not making Social Security tax‑free. What it does is create a special tax deduction for certain retirees starting in 2025. (However, there is a separate bill in Congress now, called the You Earned It, You Keep It Act, that could end taxes on Social Security as soon as next year.)

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