The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most significant reform of the U.S. tax code in over 30 years. Before we get into the details, you should be aware that almost everything listed below expires after 2025, and the tax structure reverts to its current form in 2026 unless Congress acts between now and then. However, the corporate tax rate cut from 35 percent to 21 percent does not expire.
In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums.
Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans, help may be available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks.