The Takeaway
- A new $6,000 “senior bonus” deduction starts in 2025, but phases out at certain income levels.
- Higher standard deductions and a bigger SALT cap could mean more money in your pocket.
- Watch your income thresholds to avoid Medicare IRMAA and extra Social Security taxation.
- Possible future tax breaks for home sales could be worth tracking if you plan to move.
As 2025 marches on, retirees and older adults have several opportunities to trim their tax bills—if they plan ahead. According to a Kiplinger report, “Retirees Should Watch These Four Key Tax Changes in 2025,” seniors can take advantage of new deductions, expanded limits, and other potential breaks, but timing and income planning are key.
Here’s what to know, and what to do before the year is over.
