Retirees face significant tax changes in 2025 under the OBBBA, including a $40,000 SALT deduction cap. Tax expert Bob Keebler advises careful planning and coordination with a CPA to navigate potential pitfalls. Bunching itemized deductions and Roth conversions become more complex under the new tax rules, requiring strategic testing. Keebler suggests a bunching strategy for itemized deductions and warns of the $150,000 MAGI threshold for the new $6,000 senior deduction. Planning decisions like selling securities or making conversions could affect eligibility for this benefit. Keebler recommends staying below the $150,000 threshold to maximize deductions and avoid phaseouts. 1. The stock market saw a significant drop today, with the S&P 500 falling 2%. Investors are concerned about inflation and rising interest rates, leading to a sell-off in tech stocks.

2. The CDC has announced that fully vaccinated individuals can now go without masks outdoors, except in crowded settings. This comes as more Americans receive the Covid-19 vaccine.

3. President Biden signed an executive order to increase cybersecurity measures across federal agencies. This move comes after the recent cyberattack on the Colonial Pipeline, highlighting the importance of protecting against cyber threats.

Read more at Yahoo Finance: Expert breaks down the 2025 tax changes retirees should know