In this episode of Dollars to Dreams, host Tyler Hafford is joined by Hannah Tackett, Chief Operations and Compliance Officer at Penobscot Financial Advisors, to unpack what’s new with Social Security in 2025. Social Security touches almost every American household, and the 2025 updates include headline-making changes and some lesser-known details. The changes include a 2.5% COLA, updates to earnings limits, and a rise in taxable wage caps. They also discuss how working affects benefits, projected Medicare premium increases, and how to plan around IRMAA (Income-Related Monthly Adjustment Amounts). With practical examples and planning strategies, this episode helps you make sense of the numbers and gives clear next steps to optimize your retirement strategy. The message is simple but powerful—don't go it alone, and don't make Social Security decisions in a vacuum.

YOU'LL LEARN:

-- Cost-of-Living Adjustments (COLA) – What the 2.5% increase really means and how it reflects the broader economy.

-- Earnings Limits and Taxable Wages – New income thresholds for 2025 and how they impact benefit eligibility and withholding.

-- Medicare and IRMAA Impacts – How rising premiums and income-related surcharges affect retirees.

Tyler Hafford and Hannah Tackett of Penobscot Financial Advisors break down the real meaning of a recession—how it’s defined, how it feels, and what the current economic data is signaling in 2025. The episode offers historical context and practical insight, from reflections on COVID’s sharp downturn to today’s tariff-fueled uncertainty. It delivers a calm, clear-eyed strategy for navigating potential economic storms. Tyler and Hannah offer tactical advice like building emergency savings, managing high-interest debt, and staying diversified. They also focus on retirement readiness, encouraging pre-retirees to stress-test their income plans and insulate part of their portfolios from market volatility. Whether you’re anxious about market headlines or nearing retirement, this episode gives you actionable tools to build resilience and stay financially grounded.

YOU’LL LEARN:

– Understanding Recessions: Definitions, triggers, and why they’re a normal part of the business cycle.

– Recession Readiness: Practical financial steps to take before and during an economic slowdown.

– Market Resilience: Why downturns vary in shape and speed, and how strategic planning helps weather them.

Tyler Hafford and Hannah Tackett break down key updates every investor should know—from Secure Act 2.0’s game-changing provisions like Roth 401(k) matches and 529-to-Roth transfers, to the fast-approaching 2025 expiration of current tax laws. With timely insights and practical examples, they show how to leverage today’s rules to minimize future taxes and why proactive planning now could pay off big later.

1. Secure Act 2.0 Updates – What’s changed with RMDs, Roth employer contributions, and 529 plans.

2. 529 Plans Reimagined – Why these accounts are now more flexible and powerful than ever for family financial planning.

3. 2025 Tax Law Expiration – What may change, what to watch for, and how to plan proactively before tax rates increase.

• [03:05] – “The RMD age has increased again—now 73, and heading to 75 by 2033.” – A longer runway for tax planning.

• [06:12] – 529 to Roth IRA rollovers explained – After 15 years, unused 529 funds can support retirement savings for your child.

• [09:50] – “That bank account’s not keeping up with inflation—especially college inflation.” – Hannah unpacks missed opportunities in common college savings approaches.

• [17:35] – 2025 Tax Sunset overview – Brackets may rise, deductions may shrink, and estate tax exemptions could be halved if Congress doesn’t act.

• [20:48] – “2024 and 2025 are your years for Roth conversions and gifting strategies.” – Use the current low-tax environment to your advantage.
  

Got questions? We can answer them with clear, actionable strategies. Contact us at PenobscotFA.com