Social Security Tax Breaks: What’s Really in the Big Beautiful Bill?

Written By Eric Mastrodonato

Welcome to this month’s edition of Financially Focused, where we share timely financial insights, trending articles, and even a sweet recipe to try at home. Let’s dive into the highlights for September 2025.

Social Security Tax Breaks: What’s Really in the Big Beautiful Bill?

There’s been a lot of buzz around Social Security benefits recently, with some reports claiming they’re now completely tax-free. Unfortunately, that’s not quite accurate.

The “One Big Beautiful Bill Act” introduces a new deduction for Americans age 65 and older:

  • $6,000 for individuals

  • $12,000 for couples

However, this deduction begins to phase out for individuals earning over $75,000 and joint filers earning over $150,000. Importantly, this provision is temporary and will expire after 2028.

Much of the confusion stemmed from the Social Security Administration (SSA) initially posting online that benefits were tax-free—a statement later corrected after experts pointed out inaccuracies. Still, SSA has not sent clarifications to recipients, raising transparency concerns.

Key takeaway for retirees: Don’t assume your Social Security is tax-free. Many retirees will still owe taxes, especially if they have additional sources of income. Speak with a financial services professional to understand your specific situation.

Read the full USA Today article ›

Currency Volatility: Will the U.S. Dollar Regain Its Strength?

The global currency landscape remains in flux. Current insights suggest:

  • U.S. economic moderation and tariffs could weigh on the dollar.

  • The euro outlook is bullish, supported by German fiscal policies.

  • The British pound may remain weak against the euro, despite potential dollar gains.

  • The Japanese yen, although weaker against most G10 currencies, could see modest strength versus the dollar, according to J.P. Morgan Global Research.

Read J.P. Morgan’s full analysis ›

What We’ve Been Reading

Here are a few standout articles our team has been following:

  • Tough Job Market? Gen Z Responds with Gig Work and Entrepreneurship – How Gen Z is adapting to today’s hiring climate by building their own opportunities. Read on USA Today ›

  • You Need to Have This Financial Talk with Your Spouse – Kiplinger highlights the importance of financial planning for women who will inherit significant wealth. Read on Kiplinger ›

  • The ‘No Buy 2025’ Trend – Yahoo Finance breaks down the growing movement of cutting back on purchases to get budgets on track. Read on Yahoo Finance ›

  • How Much Americans Say You Need to Comfortably Retire – Investor’s Business Daily shares survey insights on retirement expectations. Read on Investor’s Business Daily ›

Fun Fact: Almonds and Peaches Are Related

Did you know almonds are part of the Prunus family, which also includes plums, peaches, cherries, and apricots? The almonds we eat are actually the seed of the almond fruit pit, known as a drupe. Not only are they delicious, they’re also nutritious!

Learn more about almonds ›

Recipe of the Month: Magic Cheesecake Bars

Looking for a sweet treat? These Magic Cheesecake Bars combine a graham cracker crust with creamy cheesecake, chocolate chips, coconut, and walnuts.

Ingredients

  • 9 graham crackers (4.5 oz.)

  • 4 Tbsp. unsalted butter, room temperature

  • 1 ½ tsp. granulated sugar

  • 2 (8 oz.) packages cream cheese, room temperature

  • 2 large eggs

  • ⅔ cup sweetened condensed milk

  • ¾ tsp. pure vanilla extract

  • ¼ tsp. kosher salt

  • 1 cup semisweet chocolate chips

  • 1 cup shredded sweetened coconut

  • ⅓ cup crushed raw walnuts

Directions

  1. Preheat oven to 350°F. Line an 8x8 baking pan with parchment.

  2. Pulse graham crackers, butter, and sugar in a food processor until combined. Press into pan.

  3. Beat cream cheese until soft, then add eggs, milk, vanilla, and salt. Mix until smooth.

  4. Pour mixture over crust and sprinkle with chocolate chips, coconut, and walnuts.

  5. Bake 35–40 minutes, until firm and golden brown. Cool for 1 hour, then refrigerate 2+ hours before serving.

Get the full recipe on Delish ›

Sources

Eric Mastrodonato
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