The proposed House and Senate tax reform bills that lawmakers are currently merging into one would mean tax cuts for most Americans. Nevertheless, change—even good change—can bring about uncertainty.

Retirees may be the most concerned about what tax reform will mean for them, as most rely on relatively fixed incomes.

But in fact, the proposed reforms are mostly good news for retirees. For the most part, they would be less affected than other Americans, as the proposed reforms would not change the way Social Security and investment income are taxed.

Many retirees would in fact benefit from the tax bills’ doubling the size of the standard deduction.

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