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Your email address will not be published.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

  • amazon prime, money Here’s How to Get Your Refund From Amazon’s $2.5B FTC Settlement
  • social security, Social Security task Who Will Receive Social Security Payments on January 14, 21, and 28?
  • 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

Related Articles

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 →
tax deductions, save

Top 9 Most Hassle-Free Deductions on Taxes

Moving expenses Even if the majority of taxpayers have lost their ability to deduct moving…

Read More →
Kamala Harris taxes

Will Kamala Harris Raise My Taxes?’ Let’s Find Out!

Vice President Kamala Harris revealed some of her ambitious proposals as part of a future…

Read More →
property taxes

Here Are 10 States With the Most Favorable Property Taxes

5. Colorado Average House Value in 2022: $545,794 Effective Property Tax Rate in 2019: 0.52%…

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 →

Warning: 9 Reasons The IRS Can Audit You Anytime

6. Reporting too many losses on a Schedule C This is directly connected to self-employment.…

Read More →
experts stealth

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

What do experts suggest to do when you cannot pay your taxes? Life works in…

Read More →
stimulus check

2023: Will You Get a Stimulus Check? Let’s Find Out!

Stimulus checks in 2023 Should we rule out the possibility of receiving government stimulus checks…

Read More →
tax tricks

8 Tax Tricks Rich People Use—and They Work!

Learn the tax tricks that might help you save money, just like the wealthy! For…

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

© 2026 The Money Place. All rights reserved.