1.) Making contributions to a specific account
2.) Automatically calculating your Required Minimum Distribution
3.) The ability to spend or save a yearly surplus and direct which account you are saving to.
4.) You can now customize your withdrawal order and specify which accounts you are withdrawing from.
The Enhanced Senior Deduction is a new tax benefit introduced by the One Big Beautiful Bill Act (OBBBA) beginning in 2025. It provides an additional $6,000 deduction per person age 65 or older, with income-based phase-outs starting at $75,000 for individuals and $150,000 for married couples filing jointly. This blog post explains how the new deduction works and includes a simple Enhanced Senior Deduction Calculator to help you estimate how much of the deduction you may qualify for under the new rules.
7 Simple exercises to help you plan the best year of your life