Hidden Tax Breaks for Retirees

IRA Contributions

Max out your IRA before filing your taxes is a great idea. After all, your IRA contributions are tax-deductible.

“If you’re married, and your spouse is still working, he or she can contribute up to $6,500 a year to an IRA that you own [if you’re age 50 or older]. If you use a traditional IRA, spousal contributions are allowed up to the year you reach age 70 ½,” Hryck said.

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