Retirement and Your Finances: New Tax Laws and Savings Opportunities in 2025

Rod Yancy
July 15, 2025

For those in retirement, or nearing it, understanding shifts in tax laws, healthcare policies, and credit reporting is vital for maintaining financial security and peace of mind. 2025 brings several changes that could impact your retirement planning. Here’s what these updates might mean for you.

The "One Big Beautiful Bill" (OBBB) Act of 2025: Key Considerations for Retirees

The OBBB Act (H.R. 1), signed into law on July 4th, introduces various policy changes, with particular relevance for retirees.

The "Trump Accounts" for Newborns

While directly impacting newborns, the discussion around "Trump Accounts" (birth-based custodial accounts) highlights a broader national conversation about long-term savings and wealth accumulation. These accounts, designed to give a financial head start to a new generation, underscore the power of early investing and compound growth. For retirees, this initiative might spark conversations about intergenerational wealth transfer and how to support younger family members' financial futures.

FICO's Evolving Credit Score Models: "Buy Now, Pay Later" Data

Later in Fall 2025, FICO will roll out new credit scoring models that incorporate "buy now, pay later" (BNPL) data. While BNPL has typically been more prevalent among younger demographics, its inclusion in credit scores means that payment behavior on these short-term installment loans can now influence your FICO score. For retirees, this serves as a general reminder of the importance of managing all financial obligations responsibly. Even if you're not a frequent BNPL user, understanding how all forms of credit can impact your score remains important for things like qualifying for loans, insurance, or even housing in retirement.

Proactive Planning in 2025

The year 2025 presents a dynamic environment for financial planning, especially for those navigating retirement. Changes in healthcare policy, new tax deductions, and evolving credit scoring models all highlight the importance of staying informed and adaptable.

Disclaimer: This blogpost provides general information about estate and financial planning and is not intended as legal or financial advice. It’s essential to consult with a qualified estate planning attorney and financial advisor to discuss your specific needs and create a plan that’s right for you.

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