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Your email address will not be published.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

  • An older East Asian man walks along a coastal dirt path lined with green foliage and ocean waves at sunset. 13 States Where Retirees Have the Longest Lives
  • Senior couple relaxing in wooden rocking chairs on a porch overlooking a sunny yard. The Only 10 States Where Retirees Likely Won’t Run Out of Money (and Why)
  • Mature woman in a cardigan holding a steaming mug on a sunny outdoor deck beside a patio table with glasses and a notebook. 7 Expenses You Should Eliminate When You Retire
  • An older man sits thoughtfully at a wooden kitchen table, looking down at paperwork beside a coffee mug and eyeglasses. 15 Things Retirees Confess They're Most Financially Bitter About
  • Illustration of stepped colored paper tabs labeled Schedule 1 Adjustments and Standard Deduction beside a tax form. 5 Expenses You Can Still Deduct in 2026 - Even If You Take the Standard Deduction
  • A doctor in dark blue scrubs and a stethoscope sits on a bench in a sunlit hospital corridor reading a clipboard. The Highest-Paying Job in Every US State
  • Empty megachurch auditorium with rows of stadium seating, broadcast video cameras, monitors, and an illuminated stage. 10 Richest Pastors in America
  • Illustration of a 22nd Amendment ballot in a voting booth beside a pocket ledger, tax forms, and a calculator. The Leading Republican Candidates Who Could Win the Presidency in 2028
  • Estate administration documents, handwritten notes, folders, eyeglasses, and a coffee mug arranged on a wooden table. 8 Mistakes People Make When Splitting an Inheritance
  • A wooden table with an official election ballot, tax form, "I Voted Today" sticker, pen, and coffee mug. 10 Things Most People Get Wrong About How Elections Actually Work

Newsletter

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

Related Articles

experts, reduce, change, taxes, home, income

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

5. Check if you’re eligible for an Earned Income Tax Credit There are people who…

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 →
Gouache illustration of a couple nurturing a golden plant protected by a glass dome labeled Tax-Free Shield.

The Retirement Planning Move That Pays Off Later

Discover the ultimate retirement planning move: using strategic Roth conversions and HSAs to protect your…

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 credits, reduce, veteran, climate return

8 Legal Ways in Which You Can Reduce Your Taxes

A hand inserts a coin into a slot, surrounded by icons for housing, healthcare, and…

Read More →

Did You Know About These 5 Veteran Tax Breaks?

A smiling veteran couple reviews exclusive tax breaks on a tablet while relaxing on their…

Read More →
tax

7 Random Things You Will Get Taxed For

5. Unemployment Benefits Millions of Americans have received unemployment benefits during the coronavirus pandemic—many for…

Read More →
check

Social Security SSI $994 Payment for September 2026: Deposit Date, Eligibility, and Who Qualifies

Why This Payment Matters in 2026 In the current economic environment, SSI payments are more…

Read More →
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 →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.