There’s been a lot of talk recently about the One Big Beautiful Bill Act, and no matter how we may or may not feel about it, there are some tax-and-personal-finance-related items in there that will affect you and me.

Let’s check out some of the main features of this bill and how they may affect us.

A common piece of advice is to max out your pre-tax 401(k) while you work. You'll get a tax break now and then pay taxes on the money during retirement when you'll be in a lower tax bracket.

But, is that actually true?

For those of you who pay attention to how much gets deposited into your checking account from your paychecks, you may have noticed that your pay randomly goes up at some point during the year.

There's a good chance it's due to Social Security.