Retired September 2025

jklmnop96 · ‎January 14, 2026

I retired September 15, 2025. I turned 65 October 14, 1960. I am currently drawing a monthly pension, from which income taxes are being withheld. I'm waiting until October 2027 to begin drawing Social Security. I have a mix of tax-deferred and ROTH IRA investments that are not currently utilized. What impacts will the OBBB have on my situation and are there related actions I should take now in preparation? Also, do I need pay quarterly taxes; if so, when do I need to begin paying and how do I go about doing so?

RobertB4444

In your current situation the only real impact that the OBBBA has on you is an increased standard deduction now that you're 65. Since you're waiting until 2027 to draw social security then it won't be until then that anything will change.

And all of your tax deferred investments don't come into play until you're 75 because of your birthday (which is a change due to the OBBBA) so you don't have to take required minimum distributions until then.

As far as estimated payments go as long as the folks managing your pension are pulling enough out then you should be covered just fine. Once you start drawing social security you can have tax withheld from that instead of making estimates. And then once you start pulling from your IRAs then you can have tax withheld from those as well. So you shouldn't have to do estimated payments.

TurboTax has some additional tax tips for retirement here but it sounds like you are already doing everything right!

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View solution in original post

RobertB4444

In your current situation the only real impact that the OBBBA has on you is an increased standard deduction now that you're 65. Since you're waiting until 2027 to draw social security then it won't be until then that anything will change.

And all of your tax deferred investments don't come into play until you're 75 because of your birthday (which is a change due to the OBBBA) so you don't have to take required minimum distributions until then.

As far as estimated payments go as long as the folks managing your pension are pulling enough out then you should be covered just fine. Once you start drawing social security you can have tax withheld from that instead of making estimates. And then once you start pulling from your IRAs then you can have tax withheld from those as well. So you shouldn't have to do estimated payments.

TurboTax has some additional tax tips for retirement here but it sounds like you are already doing everything right!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

VolvoGirl

Since you turned 65 you will also get the new Enhanced Senior Deduction.

The maximum deduction is $6,000 for each person 65. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI but with some Foreign items from Form 2555 added back in. See Schedule 1-A at top, Part 1 for MAGI.

On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. This deduction is intended to provide tax relief for seniors and is in addition to the existing Standard Deduction or your Itemized Deductions. Expires December 31, 2028.

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Retired September 2025