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
healthcare. save
Photo by create jobs 51 from Shutterstock

#2 Boost up that HSA account!

This one is easier to do if you are already on an HDHP (a high-deductible health plan) and you are still employed; otherwise, it may be a bit more difficult. But either way, you can still look into accessing an HSA (a health savings account), which is going to help you save money when you have to pay out of pocket for medical expenses.

Not only is this one of those things that are going to help you in the long run when it comes to having to pay for things that are not covered by your insurance or by Medicaid, but it can also be a way to save some money on your taxes.

HSA accounts made through payroll are going to grow not only with pre-tax money, but they are also growing tax-free, and if you have to make any withdrawals, those aren’t going to be taxed either! So you will not be losing money but saving in the long run, and it is a great way to do things even if you are only a few years away from retirement.

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Your email address will not be published.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

  • 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
  • Risks, Emergency Fund New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)
  • credit card Medical Debt Relief: States That Act vs. States That Don’t

Related Articles

companies credit card

15 Companies That Will Take Care of Your Student Loans

These 15 Companies Will Pay Your Student Loans: The problem with student loan debt is…

Read More →
retirement

10 Ways to Cut Down on Taxes in Retirement

Retirement is meant to be easy, but with inflation rising, the overall situation is more…

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 →
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

1. The Higher Standard Deduction for Seniors This is one of the most straightforward and…

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 →
check, tax your social security

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

2. California You may have thought that California would be among the states that tax…

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 →
experts, reduce, change, taxes, home, income

Want to Reduce Your Taxes? Here Are 7 (Necessary) Tips 

2. Don’t forget about your retirement account Experts say that another easy way to lower…

Read More →
tax deductions, change

10 Tax Deductions to Benefit From if You’re Self-Employed

As a self-employed person, you must handle your own taxes, or you can hire an…

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.