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What the New Tax Cuts and Jobs Act Means for Retirees

Cheapism Logo By Mia Taylor of Cheapism | Slide 1 of 13: Many of the initial provisions in the GOP tax bill that were aimed specifically at retirement income were removed from the plan before it went to a final vote. But that doesn't mean it's time for retirees to breathe a sigh of relief. The Tax Cuts and Jobs Act of 2017 will still have a significant impact on those in their golden years. For this demographic, there are both pros and cons to the new tax law. Understanding what the changes are and how to make the most of them will be key to navigating the years ahead.Note: Most of the changes introduced by the law went into effect on Jan. 1, 2018, and will not affect 2017 taxes.

NEW RULES

Many of the initial provisions in the GOP tax bill that were aimed specifically at retirement income were removed from the plan before it went to a final vote. But that doesn't mean it's time for retirees to breathe a sigh of relief. The Tax Cuts and Jobs Act of 2017 will still have a significant impact on those in their golden years. For this demographic, there are both pros and cons to the new tax law. Understanding what the changes are and how to make the most of them will be key to navigating the years ahead.

Note: Most of the changes introduced by the law went into effect on Jan. 1, 2018, and will not affect 2017 taxes.

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