Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

6 New Ways Retirees Can Save on Taxes This Season

January 20, 2023 · Taxes
save
Photo by hareluya from Shutterstock

#5 Make more contributions to your retirement account in order to reduce the taxable income

If you are close to retirement age or you will be retiring later this year, it is a great idea to make more contributions to your retirement accounts before this tax season in order to reduce your taxable income. This means that if you have a 401(k), 403(b), or traditional IRA, you can easily cut down on the final sum you are going to get taxed on.

The contributions to these types of accounts are generally made with pre-tax dollars, so if you have some money and you add it as a contribution to either of those three savings accounts we mentioned, you will be reducing the final sum of your taxable income.

Not to mention, if you are over the age of 50, you can make what are called catch-up contributions (check your plan to see how they define it and what the limitations are), and thus you can reduce between $1,000 and $7,500 depending on the type of account. Look into what types of extra contributions you can make, and you will see how easy it is to save more money. After all, not only are you adding more money to your nest egg, but you are also spending less in taxes!

Pages: 1 2 3 4 5 6 7

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Holiday Scam 10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!
  • 5 Costco Products That Cost More Due to Trump’s Tariffs
  • protect your wallet from inflation 6 Bills That Changed After Trump Returned to Office
  • Amazon Are You Eligible For a Refund From Amazon? Find Out Here!
  • social security, income 7 Social Security Benefits That Will Change SOON

Related Articles

Holiday Scam

10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!

Fake IRS Accounts and Help Offers Another evolving scam involves fraudsters offering to help you…

Read More →
stealth

7 Stealth Taxes that Can Destroy Your Retirement

Widow’s income tax penalty The widower’s income tax is definitely the healthiest tax of them…

Read More →
death taxes

13 US States With the Highest Death Taxes

5. Maine Estate tax: Yes Estate tax rates: 8% – 12% Estate tax exemption level:…

Read More →

Did You Know About These 5 Veteran Tax Breaks?

There are special tax breaks that are available for veterans only! Whether you are a…

Read More →
tax burdens stealth return

7 States With Largest Tax Burdens for Middle-Class Families

Which states have the biggest tax burden for the middle class? If you made the…

Read More →
check, tax your social security

You’re Free! These 5 States Won’t Tax Your Social Security

5. Florida The Sunshine State has been one of the top spots for retirees over…

Read More →
florida

Florida Tax Guide: What Retirees Will Have to Pay (and What They Won’t)

How is property taxed in Florida? Property tax in the Sunshine State is a county…

Read More →
tax documents

7 Important Tax Documents to Never Throw Away

There are some important tax documents most people end up getting rid of or misplacing…

Read More →
tax breaks for retirees

Over 65? Check Out These 5 Tax Breaks!

If you want to save some money, you need to know that there are many…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Explore

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2025 The Money Place. All rights reserved.