Tax breaks aging taxpayers may be eligible for

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Tax breaks aging taxpayers may be eligible for

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Growing older comes with many perks for those who are open to exploring the benefits. In addition to senior discounts on movies, meals and more, moving into one’s golden years could offer some breaks when it comes to taxes and finances. It is always best to go over tax- and finance-related plans with an accountant or certified financial planner to figure out what is in your best interest. However, generally speaking, here are some potential age-related tax perks. INCREASE RETIREMENT SAVINGS Older individuals can contribute more to employer-sponsored retirement accounts and Roth or traditional individual retirement accounts (IRAs), according to AARP. For 2023, the contribution limit for employees who participate in 401(k) and 403(b) programs, most 457 retirement savings plans and Thrift Savings Plan through the U.S. Federal Government can increase their contributions to $22,500 — a jump of $2,000 from last year. Those over age 50 can maximize contributions even more, up to a total…

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