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Retirement: How Tax Rules Change as You Age

Started by Epoch-Times-Bot, Jan 04, 2023, 10:45 AM

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Epoch-Times-Bot

Jan 04, 2023, 10:45 AM
Retirement: How Tax Rules Change as You Age

By Rocky Mengle
From Kiplinger’s Personal Finance
Your life changes in many ways when you get older. But there's something else that changes as you age that you might not have considered before—your taxes.
There are different tax breaks that you can claim when you're older, and the types of income you're likely to receive are taxed differently than wages.
Here's a quick rundown.
Your 50s:
When you hit 50, you can squirrel away even more money as "catch-up" contributions to tax-advantaged retirement accounts. For 2023, you can put an extra $1,000 in your IRAs and an extra $7,500 in a 401(k) plan....

Source: Retirement: How Tax Rules Change as You Age

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