President Trump signed the OBBBA into law, affecting most Americans. The bill includes tax code modifications for those over 65, offering a bonus deduction of $6,000 for single filers and $12,000 for joint filers, with phase-outs for higher incomes. Other deductions include car loan interest and SALT payments up to $40,000.

However, the bill also cuts federal spending on Affordable Care Act and Medicaid, potentially causing 11.8 million people to lose health coverage by 2034. The OBBBA makes changes to SNAP eligibility, requiring able-bodied adults under 65 to work, attend school, or be in a training program to qualify. This, along with delays in SNAP payments, impacts millions.

Despite some tax relief measures in the OBBBA, these benefits are temporary. Seniors should maximize savings to counteract reduced federal support for benefits. Building an emergency fund, considering a Wealthfront Cash Account with a 3.90% APY, and comparing auto and home insurance rates can help maximize savings.

Older adults have a limited window to benefit from the OBBBA’s tax relief. It’s crucial to plan for retirement independently, diversifying investments with assets like gold. Opening a gold IRA with Priority Gold can help secure retirement savings with potential perks like free silver and storage.

It’s important for seniors to be informed about the changes in the OBBBA and how they could impact financial security. Seeking advice from a financial advisor can help navigate the bill’s positives while protecting against potential negatives. Comparing insurance rates and building retirement funds are essential steps for financial stability.

Read more at Yahoo Finance: Taxes are going to change for retirees under Trump’s ‘big beautiful bill’. Here’s why you can’t afford to waste time