How the One Big Beautiful Bill Act Changed Retirement Planning for the Next Decade

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces significant changes for retirement planning including a new $6,000 senior tax deduction for individuals 65+ ($12,000 for married couples), raises the SALT deduction cap to $40,000 through 2029, permanently extends lower tax brackets from the 2017 Tax Cuts and Jobs Act, and creates a new 'Trump Account' custodial investment account for children with tax-deferred growth in low-cost index funds.