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Joe Lucey

5 Things Retirees Need to Know About Recent Tax Changes

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The Passage of The One Big Beautiful Bill Act (OBBBA) has dramatically shifted the tax landscape and could significantly impact your retirement planning strategy. Many of these changes open new opportunities for tax savings, especially for seniors. But there are also new complexities that will require careful planning to take advantage of the benefits.

If you’re approaching retirement, or already retired, it’s crucial to understand these new provisions. Especially since several are only available for a limited time. You’ll need to act quickly, and strategically, if you want to see the benefits. Time is of the essence, so let’s get started!

1. Enhanced Standard Deduction for Seniors

OBBBA introduces a bonus deduction specifically for older Americans. Taxpayers age 65 and older can now claim an additional $6,000 deduction through 2028.

This provision is available to all qualifying seniors, not just those who itemize, making it particularly valuable. This could mean significant tax savings without the complexity of tracking itemized expenses.

The key consideration for you? This benefit expires in 2028, so you’ll need to plan around the temporary advantage to maximize your deductions.

2. Auto Loan Interest Deduction

Did you know that nearly 40% of all new vehicle purchases in the U.S. are made by those 50 or older? Under OBBBA, taxpayers can now deduct up to $10,000 in auto loan interest payment through 2028. This could provide you with substantial savings, especially if you’re planning to purchase a vehicle for retirement travel or need to replace your older car.

However, there are important limitations:

  • Final vehicle assembly must take place in a U.S. factory
  • Income restrictions apply

Deductions phase out for individuals earning over $100,000 or couples earning over $200,000. The deduction decreases by $200 for every $1,000 of income above these thresholds

3. Increased Estate Tax Exemptions

It will now be easier to transfer wealth under OBBBA’s new estate tax provisions. This policy would permanently increase the estate and gift tax exemption starting in 2026, with automatic inflation adjustments. 

Here’s what this means practically:

  • For individuals: You could give away or leave behind up to $15 million in your lifetime without your heirs paying federal estate or gift taxes on it.

  • For married couples: You could transfer up to $30 million combined without triggering these taxes.

4. Expanded State and Local Tax (SALT) Deduction

One of the most significant changes affects the state and local tax (SALT) deduction. Previously capped in 2017 at $10,000, the new law temporarily increases this limit to $40,000 (for taxpayers with modified adjusted gross income below $500,000).

This change could be particularly beneficial if you:

  • Own a home in a high-tax state
  • Have significant property tax obligations
  • Are considering relocating in retirement

If you’re 65 or older, chances are you own your own home. Which means this provision could provide you with significant tax relief in your retirement years. However, the limit increase is temporary, so plan carefully to maximize your benefits today. 

5. Healthcare Implications

While these new tax provisions could bring exciting opportunities to your retirement, it’s important to note that with benefits come cuts to Medicaid and Affordable Care Act subsidies. These changes include:

  • Stricter Medicaid eligibility reviews for long-term care
  • New asset-verification rules by 2026
  • Reduced Affordable Care Act (ACA) subsidies

For retirement planning, this means healthcare costs could become a larger expense category. You’ll need to adjust your retirement savings strategies to prepare for any new, unexpected medical costs. 

Maximize Your Benefits with Professional Guidance

These new tax law changes create both opportunities and challenges for retirement planning. What you need to know is how these provisions interact with your personal retirement strategy, then take action before any beneficial provisions expire. This means working with a qualified financial adviser is more important than ever. 

Ready to make the most of these new tax benefits? Contact Secured Retirement today to schedule a consultation. Our team of experts can help you take full advantage of these valuable tax opportunities while they’re available. Your retirement future depends on acting now. 

Let’s talk about how you can secure your financial future today. 
Give us a call at 952-460-3290.

Your Retirement, Your Rules

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Last weekend, I made my way to Wilmot, South Dakota for something that’s become one of my favorite traditions: my annual Marine Corps reunion. This will be our 19th reunion and I’ve only missed one in all these years. What started as just three guys getting together has grown into a yearly gathering of twenty brothers. 

We’re all getting a bit grayer around the edges, so, naturally, this year’s most popular topic of conversation was retirement. As you can imagine, they all had a few questions for me. I love talking about all things retirement, from savings strategies to tax implications, but there’s one thing that always surprises me.

Every single one of these guys had a completely different vision of what retirement should look like. Some were dreaming of cabins up North, fishing trips and grandkid visits. Others wanted to travel the country. There was even one guy who was planning to turn his woodworking hobby into a part-time business. 

And then there’s me. I’m probably the odd one out. Because honestly? I love what I do so much that I don’t want to step away anytime soon. My ideal “retirement” looks like working 24/7 (that’s 24 hours a week, seven months a year). Still engaged, still helping people, just with a rhythm that allows for more time with family, and maybe a trip to the Kentucky Derby.

Your idea of retirement is unique to you, so why should you follow the exact same retirement planning advice as everyone else?

Too many people get one-size-fits-all advice that doesn’t match their actual dreams and goals. They’re told to save a certain percentage, retire at a certain age, and follow a certain withdrawal strategy, without anyone ever asking what they actually want their retirement to look like.

When my Marine buddies ask me for financial advice, I always tell them the same thing: find an advisor who takes the time to understand your unique retirement goals. Because the strategy that works for someone who wants to retire at 62 and never work again is completely different from someone who wants to ease into semi-retirement while pursuing a passion project.

Your retirement planning should be customized to your retirement dreams. So before you start crunching numbers or comparing investment options, take a step back and get crystal clear on what you actually want your retirement to look like. Then find a financial advisor who listens to those dreams and builds a plan around them.

Because at the end of the day, the best retirement plan isn’t the one that looks good on paper. It’s the one that helps you live the life you’ve always imagined.

Let’s make sure you’re set for your retirement dreams – whatever those dreams may be. Call us: 952-460-3260.

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.

Back into the Swing of Things

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It’s been a couple of months since my last update, and miraculously, the markets are not far off from the highs of early 2025. Secured Retirement’s Market Forecast updates are part of our ongoing market monitoring and an element of our due diligence to our clients. We’re happy to report that the tariff turmoil of April has largely settled and there are some positives to note – namely, the framework agreement on trade between the U.S. and China. While the terms are limited to six months, it’s a step forward. China is also set to resume their shipments of rare earth materials and magnets.

Gross Domestic Product (GDP)

In Q1, we noted that negative GDP numbers were driven by trade imbalances. When you remove government purchases, inventories, and international trade, the data would have been positive. Call it extraordinary circumstances with the massive shift in trade policy.   

In Q2, we’re not booming, even though previous models (like those from the Atlanta Federal Reserve) were tracking above long-term averages. After the June Federal Open Market Committee meeting, caution on future growth is warranted, especially when considering their Summary of Economic Projections downgraded 2025 growth from 1.7% to 1.4%. On the bright side, net federal tariff revenue is almost double the year-to-date amount from last year.

Consumer Confidence

Consumer sentiment jumped to 60.5 in June, up from 52.2 in May. For now, future price increases are not a major concern. The M2 money supply, a measure of the total amount of cash and other liquid assets in the economy, has remained flat since 2022, and overall spending has remained level. Should consumers pay slightly more for certain goods, those costs do even out in other areas. The labor market continues to provide strong support.

Inflation

Personal Consumption Expenditures (PCE) came in at 2.1% in April, right in line with the Fed’s target. The annual estimate, excluding food and energy, has been raised to 3.1%. It remains unclear how much of the tariff burden will be absorbed by foreign producers versus passed on to consumers. So far, import prices are up 0.8% for the year, but there is not yet an indication of how far they will go. With a decline in the trade-weighted dollar, foreign producers are earning less in their own currencies – another factor to watch.

Outlook for Rate Cuts

The Fed maintained its target range for the federal funds rate. Depending on the source, projections still suggest two rate cuts in 2025, and only one in 2026. The number of committee members leaning toward no easing has increased since spring.

Looking Ahead

While markets have held relatively steady, ongoing shifts in trade policy, inflation dynamics, and Fed decisions will continue to shape the second half of 2025. As always, we’re keeping a close eye on the data and helping clients stay focused on long-term goals. If you have questions about how these developments may affect your own plan, I’m here to help. Give us a call: 952-460-3260.

Jacob McCue

Investment Strategist/Advisor
Secured Retirement

What’s Your Tax Plan B?

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There’s something about summer that stirs up that little travel bug within our Minnesotan hearts. Whatever your preference – cabin weekend, road trip, or flight to the coast – ‘tis the season to pack up and go!

Of course, summertime travel around here means one thing: construction. Even a route you’ve traveled a thousand times over may require a detour. Suddenly, traffic’s backed up and you’re searching for another way. 

As any good traveler knows, flexibility is your friend. You adjust. And sometimes, if you’re lucky, you’re onto a better adventure than the one you’d originally planned. Maybe that’s a scenic overpass, the best burger joint in town, or The Biggest Ball of Twine.

It’s always smart to have a Plan B to accompany your Plan A.

The same principle applies to your retirement planning; especially right now, as a new tax bill winds its way through the legislature. While things are still being added and removed, Trump’s proposed legislation would make some significant portions of the 2017 Tax Cuts and Jobs Act permanent. Things like the larger standard deduction, lower tax brackets, and higher gift and estate tax exemptions could be here to stay.

For retirees in particular, that could mean some welcome tax relief, especially when it comes to Social Security benefits.

However, as you may have seen this week, negotiations are still underway, and details will change. So, while we’re hopeful about what’s ahead, we just don’t know how next year’s tax situation will shake out. Your finances are going to need a Plan B to accompany your Plan A.

At Secured Retirement, we’re already working with clients to model both possibilities. What if the tax cuts are extended? What if they’re not? What if your taxable income shifts? What if your deductions change? We’ll walk you through each scenario and help you build a plan that holds up either way. 

Tax strategies are about timing, flexibility, and positioning your assets to weather the unknowns.

Let’s make sure you’re set for the road ahead – whatever detours may come. Call us: 952-460-3260.

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.

Financial Advice for the Grad in Your Life

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Graduation season is here, and it’s likely you’ve been to (or even hosted) a grad party or two. Whatever your relation to the graduate – parent, grandparent, or close family friend – it’s always a heartwarming moment to watch a young adult finish college. Naturally, it offers us the opportunity to reflect on our own youth, our graduations, and the start of our careers. Grad season reminds us of how far we’ve all come in our journeys.

Post-grad life is a step into the “real” world and while every generation hits the mean streets sooner or later, this year’s grads might face a hard place to launch. High prices, rising interest rates, a shaky job market, and global uncertainty are all working together to make it a difficult atmosphere for new grads to get their footing. More than that, the average public university graduate leaves school with around $33,000 in student loan debt – and often even more.

If starting out financially “underwater” wasn’t enough, many grads will be managing their money on their own for the first time. Suffice to say, it can be an overwhelming financial period in one’s life. While we don’t advise that you barge in and give the grad in your life a real talking-to about all things financial, we do want to offer a few tidbits that you could pass on to a young person entering the world – a little sage advice from financial experts, spoken through a trusted adult on the other side of their career journey. 

Here are a few non-overbearing, actually-helpful things you might thoughtfully convey to the younger generation this grad season.

1. Spend with Purpose

When new grads do eventually land that first post-grad job, their eyes are going to pop when payday comes along! But simply having money doesn’t mean they’ll have the tools to manage it well. Encourage them to envision a realistic budget for themselves that covers their essentials, savings goals, and a little fun. It’s a good opportunity to share any zany or useful money-saving tips you found helpful when you were starting out. It’s important to stay financially grounded as you start to build habits for the future.

2. Save Something – Anything – Now

It’s hard to save when you’re just starting out, but the habit matters more than the amount. If you can develop the reflex of taking a part of a paycheck and putting it in a safe account separate from what you spend out of, that can be really helpful! Suggest that your grad set aside even a small amount each month – maybe even $50 – toward an emergency fund. Having a few months of expenses saved can be a real lifeline if they face a job change, a sudden car repair, or a doctor’s visit.

3. Start Investing – Even If It’s Small

One of the best gifts you can give a new grad is an understanding of compound interest. As boring as it sounds, the earlier they start investing, the more their money can grow – even with minimal contributions.

Workplace retirement plans (like a 401(k)) are a great way to get rolling on investments. Encourage them to simply contribute to the level their employer matches, if offered. If not, helping them open a Roth IRA or traditional IRA now could make a huge difference in a few decades. You might even consider a small financial gift to get their first investment account going and pair it with a little note about long-term financial goals.

4. Protect Their Credit (and Their Future)

Credit cards are not typically taught about in school and they are rarely as straightforward as they seem. Remind your grad that money mistakes involving credit can follow them for years. A missed payment here or a maxed-out credit card there may not seem like much but it can hurt their insurance premiums, ability to rent, and even their employment opportunities, depending on the field, to name just a few. Helping them ask the right questions about credit can guide them in the right direction as they work toward a healthy financial future.

Today’s grads are facing real financial challenges in this market, but with a good head on their shoulders and a few smart moves in their back pocket, they’ll be a-okay. They also have time, energy, and curiosity on their side!

As someone nearing retirement, you’ve likely learned many of these lessons firsthand, either from the guidance of a loved one or from mistakes you made along the way. One of the greatest financial gifts you can offer a new graduate isn’t the check in your congratulations card – it’s perspective.

For more financial advice for all-ages, stay connected with Secured Retirement.

The Power of “To”

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Summer is here. The world is green and the birds are singing! I’m looking forward to getting outside, gathering ‘round the grill, and reconnecting with friends again, as I’m sure many of you are, too.

As we all step into the summer social scene, it’s quite possible that the conversation will turn to retirement – what you’re most dreaming of, what you’re worried about, and how it’s all going to work out. These conversations are natural and the sort of thing we hear all the time at Secured Retirement.

Oftentimes, people are asked what they are retiring from. And that makes sense, it’s polite conversation when you meet someone new – What do you do for work? What was your career like? Questions about how you spend your time.

But what if we flipped the question? What if we asked instead: What are you retiring to? That small shift in language can unlock a big shift in perspective. It’s what I like to call The Power of “To.”

It looks at retirement not as an escape from something but as a window to a new chapter in a beautiful story. Retirement affords a new rhythm to life filled with purpose, curiosity and joy.

So many people spend their years counting all the things they won’t have to do anymore once they retire. And sure, there’s comfort in leaving some things behind. But don’t forget to think about what you want to do more of. Because what comes next should be exciting.

I can help you prepare financially for retirement. But only you can decide how you’ll invest your most precious asset – your time. What will your retired days look like? What is gonna give you purpose and structure your life?

This summer, while you’re kicking back at the lake and daydreaming about retirement, try asking, “What am I retiring to?” instead of just what you’re retiring from.

The answers might just surprise and inspire you!

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.