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Your email address will not be published.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 *

Search

Latest Posts

  • Trump's Signature Is About to Appear on U.S. Dollar Bills — Here's What That Means
  • Drowning in $10,000+ of Credit Card Debt? Here’s the "No-Shame" Way Out in 2026
  • Social Security Alert: Up to $5,181 Hitting Accounts This Week
  • A senior couple reviews their household budget on a laptop in a bright, modern kitchen. Social Security's 2027 COLA Could Be the Smallest in Years
  • A person showing a digital discount coupon on their phone to a pharmacist at a bright, modern pharmacy counter. TrumpRx Is Here - But Will It Actually Lower Your Drug Costs?
  • A happy couple shopping with a full cart at a warehouse club in 2026. Top 10 Sam's Club Deals You Can't Ignore in 2026
  • A couple shopping for high-end deals at a modern warehouse store. 12 Costco Deals Shoppers Are Jumping on for 2026
  • A high-end desk setup with a Social Security card and a gold pen, representing presidential financial benefits. Is Trump on Social Security? A Look at Presidential Benefits
  • A person thoughtfully choosing a card from their wallet at a checkout counter. 5 Places to Avoid Using Your Debit Card and 3 Safe Spots
  • A mature couple looking at a tablet together on a sunny patio, appearing confident about their financial future. Married or Divorced? Don't Miss This Social Security Tip That Could Increase Your Checks

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

refund

All About Tax Refunds: 7 Important Things You Need To Know

A woman uses a stylus and tablet to review financial documents, staying organized to avoid…

Read More →
A graph showing the comparison between a standard deduction amount and itemized deductions for a retired couple, illustrating which option results in lower taxable income.

10 Overlooked Tax Deductions for Retirees

4. Taxable Social Security: Understanding Provisional Income This section is not about a deduction, but…

Read More →
A person reviewing tax documents on a laptop in a bright, modern home office.

Tax Season Warning: How IRS Budget Cuts May Affect Your Refund

The 2026 tax season faces new challenges from IRS budget cuts. Discover how funding changes…

Read More →
A woman smiling at her phone in a bright kitchen, representing the relief of receiving a tax refund.

When Will Your 2026 Tax Refund Arrive? IRS Timeline Explained

Wondering when your 2026 tax refund will arrive? Check our estimated IRS schedule, learn about…

Read More →
tax breaks for homeowners

7 Tax Breaks for Homeowners and Home Buyers

Owning a home is a key part of the American Dream. Whether you fancy a…

Read More →
experts stealth

Can’t Pay Your Taxes? Experts Shared 3 Solutions for You

A person writes in a notebook, outlining a strategic plan to manage tax debt and…

Read More →
income retire stealth

10 Types of Retirement Income Tax You Need to Know About

Selling Stocks, Bonds, Mutual Funds If you decide to sell stocks, bonds, or even mutual…

Read More →
A confident woman working on her taxes at a bright, organized home office desk.

IRS Alert: 6 Mistakes That Could Inflate Your Tax Bill

Tax season 2026 is here with new laws and higher deductions. Avoid these 6 costly…

Read More →
income tax, change

These 9 States Have No Income Tax

Everyone wants to have their tax rates reduced. But this isn’t as impossible as some…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.