Most-Overlooked Tax Breaks for Retirees and People Over 65

If you're over 65, don't miss out on these overlooked tax breaks for retirees.

group of seniors gathered in park
(Image credit: Getty Images)

For retirees over age 65, it's more important than ever to take full advantage of every available tax break. That's especially true if you're on a fixed income. After all, some retirees have to stretch out their retirement savings to help cover finances for the rest of their lives. 

But holding on to your money during retirement is easier said than done. That's partly because of how different types of retirement income are taxed. As a result, retirees, who sometimes miss valuable tax-saving opportunities, must pay close attention to their tax situation. Learning about common but often overlooked tax breaks for retirees over age 65 can help.

Related: IRS Tax Breaks That Get Better With Age

Kevin McCormally
Chief Content Officer, Kiplinger Washington Editors
McCormally retired in 2018 after more than 40 years at Kiplinger. He joined Kiplinger in 1977 as a reporter specializing in taxes, retirement, credit and other personal finance issues. He is the author and editor of many books, helped develop and improve popular tax-preparation software programs, and has written and appeared in several educational videos. In 2005, he was named Editorial Director of The Kiplinger Washington Editors, responsible for overseeing all of our publications and Web site. At the time, Editor in Chief Knight Kiplinger called McCormally "the watchdog of editorial quality, integrity and fairness in all that we do." In 2015, Kevin was named Chief Content Officer and Senior Vice President.
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