When major legislation like the One Big Beautiful Bill Act of 2025 (OBBBA) becomes law, it doesn’t take long for the questions to start rolling in from both clients and advisors.
The One Big Beautiful Bill Act of 2025 (OBBBA 2025) has passed. It affects several key areas of the tax code, especially provisions set to expire at the end of 2025 under the previous tax law. We’re preparing software updates and expect those to be finalized in all versions of both Tax Clarity® and Income InSight® by July 18.
Each year, the Social Security Trustees Report provides a snapshot of the health of the trust funds that support benefits for millions of Americans. The 2025 Social Security Trustees Report, just released, offers a mix of reassurance and urgency—and it's essential that we, as financial advisors, help clients interpret the headlines correctly.
When it comes to retirement income planning, taxes matter, a lot. Yet tax planning is often overlooked or oversimplified. The truth is, your clients’ tax exposure in retirement doesn’t just depend on how much they withdraw each year, but how and from where those withdrawals happen.
At Covisum, we’re always looking for ways to equip financial advisors with the tools, insights, and connections they need to thrive. That’s why I’m excited to introduce something new — something created for advisors, by advisors.
One of the key elements in retirement income planning is understanding the role of Social Security. Many clients may view Social Security simply as an income source, but savvy advisors recognize its potential as a unique asset that can significantly shape a well-rounded retirement strategy. By effectively integrating Social Security into the planning process, clients can enhance their overall financial security in retirement.
As we navigate the ever-evolving landscape of financial regulation, staying informed is crucial for financial advisors looking to provide the best guidance to their clients. Last month, I had the privilege of being interviewed on Impact Partnership's podcast, "Impactful Conversations," where we dove deep into a topic that is set to reshape the retirement landscape for many: the Social Security Fairness Act.
The Social Security Fairness Act was passed by both the House of Representatives and the Senate. President Biden is expected to sign the bill into law. The Act repeals the Windfall Elimination Provisions (WEP) and Government Pension Offset (GPO) for payments payable in January of 2024 forward.
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