Understanding the Impact of the New Budget Bill on Retirement

June 10, 2025 - 22:35

As the current budget bill proposed by the Trump administration progresses through Congress, many individuals are concerned about its potential impact on their retirement finances. Key provisions within the bill, particularly those related to taxes and Social Security, are under scrutiny.

In a recent discussion, financial expert Lisa Featherngill, the national director of wealth planning at Comerica Bank, shed light on the implications of these changes. She emphasized the likelihood of certain deductions remaining intact, which could provide some relief for taxpayers. However, the ongoing conversation about the solvency of Social Security raises alarms for retirees who depend on these benefits for their financial stability.

Featherngill also highlighted the necessity for retirees to reassess their spending habits in light of these potential changes. As the legislative process unfolds, it is crucial for individuals to stay informed and adapt their financial strategies accordingly to secure their retirement futures.