A major tax overhaul from the Trump administration is poised to reshape financial planning for seniors across the country—and in Indiana, about 1.2 million retirees could be among the beneficiaries. The One Big Beautiful Bill Act (OBBBA) includes a provision being dubbed the senior deduction,

If your income exceeds $150,000 for a single adult or $250,000 for a married couple, you won't qualify for the $6,000 senior deduction. However, you're still eligible to claim your standard deduction and the $2,000 senior deduction that was already in place before the BBB passed.

Roughly 3.3 million New York retirees will see their Social Security income shielded from federal taxes starting in 2026 under Trump's OBBBA.