FINANCIALLY FOCUSED

September 2025 Newsletter

SOCIAL SECURITY TAX BREAKS: WHAT’S REALLY IN THE BIG BEAUTIFUL BILL?

If you’ve heard that Social Security benefits are now tax-free, not so fast. A recent USA Today article, Social Security tax breaks: What the ‘Big Beautiful Bill’ really means for 88% of retirees, breaks down the facts behind this widely misunderstood part of the bill and what it really means for retirees.

WHAT THE NEW LAW ACTUALLY DOES

The “One Big Beautiful Bill Act” doesn’t eliminate taxes on Social Security. Instead, it introduces a new deduction for Americans 65 and older: $6,000 for individuals and $12,000 for couples. That deduction begins to phase out for those earning over $75,000 and joint filers over $150,000.

While this may reduce or eliminate federal income taxes for many people, it’s not the same as making Social Security benefits tax-free. In fact, the deduction is temporary and will expire after 2028.

MISINFORMATION AND CONFUSION

Much of the confusion started when the Social Security Administration (SSA) sent emails and posted on its blog saying benefits were now tax-free. That information was later removed or edited after experts pointed out it wasn’t accurate.

SSA hasn’t issued corrections or clarifications to recipients, raising concerns about transparency and public trust.

WHAT RETIREES SHOULD KNOW

While the new deduction offers some tax relief, many retirees will still owe taxes, especially on other income. The takeaway: don’t assume your Social Security is tax-free. Talk to a financial services professional to better understand your situation.

SOURCE

https://www.usatoday.com/story/money/personalfinance/retirement/2025/07/08/social-security-tax-breaks-big-beautiful-bill/84502185007/

WHAT WE’RE READING

There have been some terrific and illuminating articles from many of our favorite financial news sites lately! Here’s some of the best:

• A USA Today article, Tough job market? Gen Z responds with gig work and entrepreneurship, which breaks down how Generation Z is responding to the current hiring environment by embracing an entrepreneurial mindset to create their own opportunities.
• This timely Kiplinger article, You Need to Have This Financial Talk With Your Spouse, notes that women will inherit a vast amount of wealth from their husbands and explains how they can prepare for this transition.
• Cutting back on purchases is one of the hottest financial trends of the year, and a Yahoo Finance article, How the ‘No Buy 2025’ trend could help you get your budget on track this year spells out the pros and cons.
• If you’re curious about what other Americans think they’ll need to maintain their lifestyles in retirement, an Investor’s Business Daily article, How Much Americans Say You Need To Comfortably Retire, offers some interesting insights.

ALMONDS AND PEACHES ARE RELATED

Almonds are in the botanical family Prunus, which also includes plums, peaches, cherries, and apricots. The almonds that we typically eat are the inner seed of the almond fruit pit, known as a drupe. Not only are they delicious but they are good for you!

SOURCE

https://info.maisiejanes.com/almonds-are-fruit-should-you-eat-them

MAGIC CHEESECAKE BARS

Get your sweet tooth ready for a decadent cheesecake bar experience! These magic cheesecake bars are the best iteration of any cheesecake dessert with a buttery graham cracker bottom, chocolate chip bits intertwined in rich cheesecake, and topped with toasted coconut and walnuts.

Get Cooking!

Jeffrey Bird, Ronald Bird and Andrew Bird offer Investment Advisory Services through Gradient Advisors, LLC (Arden Hills, MN 877-885-0508), an SEC Registered Investment Advisor. Gradient Advisors, LLC and its advisors do not render tax, legal, or accounting advice. Financial Concepts, Inc is not a registered investment advisor and is independent of Gradient Advisors, LLC. Insurance products and services are offered through Jeffrey Bird, Ronald Bird and Andrew Bird, independent agents.

This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, retain, copy, or disseminate this memo or any part of it. If you have received this memo in error, please notify the sender immediately by Email or fax, and destroy all copies of this communication. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT Act, and similar laws, any communication in this e-mail is subject to regulatory, supervisory, and law enforcement review.

Financial Concepts, Inc, Jeffrey Bird, Ronald Bird, Andrew Bird and Gradient Advisors, LLC are not affiliated with or endorsed by the Social Security Administration or any government agency.

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