What does the "Big Beautiful" bill mean for your Social Security as a retiree - and how can you plan for the potential changes ahead?

Older Americans can now benefit from a "senior bonus" tax deduction, but it largely depends on their income. SACRAMENTO, Calif. — A new temporary tax deduction for older Americans, dubbed the “ senior bonus ,” is now in effect but financial experts say eligibility depends largely on your income.

In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.

The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees,

Roughly 600,000 retirees in Oklahoma are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026.