Trump’s Big Beautiful Bill: What Retirees Need to Know Now

Whether you’re watching the massive tax legislation known as “One Big Beautiful Bill” wind its way through Congress with hope or trepidation, one thing’s for sure: the outcome will ripple across the income spectrum.

On this episode of Java With Josh, we’re breaking down the parts of the bill that matter most to retirees—and what they could mean when it comes to timing IRA conversions or deciding whether to take the standard deduction next year.

Josh Bretl, President of FSR Wealth, is closely tracking the variables as the Senate takes its turn with the bill. What should you be doing now? Take a breath. No sudden moves. With so many unknowns still in play, this is a time for strategy, not speed.

You’ll also hear why—once the bill becomes law—it’s go-time for reviewing your asset withdrawal game plan and estate planning documents.

Most important takeaway? Plan for legislative uncertainty. Staying in control of your retirement plan means staying nimble—regardless of which way the political winds blow. That’s why at FSR Wealth, we focus on building resilient strategies that help protect your hard-earned assets and deliver real peace of mind through the best years of your life.

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Here's what we cover in the show
0:00 - Introduction

02:42 - Tune in to catch the theme: this episode is all about big and beautiful—starting with Dave’s glorious hair, a guitar debut by Josh’s son Alex, and a clutch baseball bracket win for Landon.

07:40 - Our compliance disclaimer + the heart behind Java with Josh and FSR’s mission.

10:48 - Don’t miss FSR’s special live event: Maximize Social Security, happening at Arlington Lakes Golf Club – July 15th (11:30a or 6:30p) or July 16th (6:30p).

13:55 - Drum roll! See how 70+ live viewers weighed in on how Trump’s “One Big Beautiful Bill” might impact taxes on retirees.

15:32 - An inside look at FSR’s “Own Your Retirement” process + today’s focus on tax planning strategies.

18:00 - What’s in the bill so far, based on actual numbers—not headlines.

19:26 - Here’s what’s likely to actually affect retirees’ financial lives.

22:00 - Tax bracket changes: how they might shake up your tax situation.

23:00 - A deeper dive on the standard deduction—how it works and why a bump could be good news.

27:35 - All the buzz around SALT: why a proposed quadrupling of deductions matters (especially in high-tax states).

29:10 - Where the Senate stands and what’s up for negotiation: SALT, tip taxes, Medicare/Medicaid funding, green credits, small biz perks and more.

31:07 - What should you be doing right now? Josh has thoughts.

33:20 - Got questions or need a follow-up? Call 630-993-8200 or email [email protected].

34:17 - Dave keeps it real: Emotions can’t run the show when legislation’s in flux. (Oh—and please like & subscribe. It helps more than you know!)

About FSR Wealth
We are tax-focused retirement strategists and partners, delivering a smart, simple plan so you can spend and live with confidence, freedom, and comfort. Our purpose is to help make retirement the best part of your life. With a supportive and authentic team by your side, we turn financial complexity into a clear path—freeing you to focus on what truly matters most.

Resources mentioned in the show
Experience the awesome Chicago music venue Schuba's for yourself. Info here: https://lh-st.com.

Don’t miss our upcoming Java With Josh dates heading into the new year: Wednesdays, July 9th, August 13th and September 10th.

And no weekend is complete without tuning in to Josh’s morning show on WLS 890 AM. “The Own Your Own Retirement Show” takes place each week from 7a-8a. You can also stream it anytime here: https://academy.fsrwealth.com/radio/

Watch the Schoolhouse Rock classic, “I’m Just a Bill,” here:
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Standard disclaimer
FSR Wealth Management is a registered investment advisor located in Elmhurst, Illinois. Information and opinions contained in this video have been arrived at by FSR Wealth advisors. All information herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, a solicitation or recommendation to purchase any security. FSR is not providing legal, tax, accounting, or financial planning advice in this video. These views are as of the date of this publication and are subject to change.